El Paso herald. (El Paso, Tex.) 1901-1931, 1918-12-05
NJ ADOO GIVES
FINANCE REPORT
Pays Tribute to Patriotism
of the Americans Who
Helped Win War.

/ Washington. D. c.. Dec. 5.-The fl
nancial history Of Americas part in
! the war is set forth by secretary Nc
Adoo in his annual report drafted be-
I fore his resignation. and made public
today by the treasury. It is the his
tory of how the American people paid
/ billions in taxes. raised four great
liberty loans and created a tremend-
/ out pool Of credit with which the
treasury through its many war agen-
cies paid the bills of the army and
navy. the shipping board and other
government departments, loaned bill
lions to the allies and millions to war
industries, helped support the families
of soldiers and sailors and tided farm
ers over periods Of financial string
ency.
The payment into the treasury of
vast sums in war taxes and from bond
sales" says secretary McAdoo. and
the transformation OF our varied and
complex economic life to the supreme
task of winning the war have been
accomplished without shock or fl
nancial disturbance. The credit and
business structure of the nation rel
mains sound and strong. The results
of the four Liberty loans are a tribute
to the ustriOtism Of the American peo-
pie and to the economic strength Of
the nation"
Account OF Stewardship.
The report constitutes secretary
McAdoos final accounting Of the
stewardship before retiring as the ma
tons finance minister Throughout
the report Mr. McAdoO refers repeat
edly to the remarkable achievements
Of Americas civilization population in
providing the money and materials
n nd q - N a
ond line OF defence"
Commenting on the showing Of fl
nancial arrangements in great detail
by the document treasury librarians
recalled that the financial history OF
the civil war is buried in a great !
stack OF musty Iedgers. and probably !
never will be officially complied
Cost of War.
For the Is months ending last June
so secretary McAdOo estimated that /
the actual cost of the war. with al /
lowances for the governments ordin- /
airy expenses in ordinary times, 4
amounted to 81. 900. 600. Nearly I
half OF this, or $6,499. 00O, 000. went in
to permanent investments. in the
form Of ships, shipyards, war vessels,
army camps, buildings. and In loans /
10 allies or to American war indus
tries. OF the years expenses Bis per-
cent came from taxation
The civil establishment OF the gov
eminent during the year spent $780,
600. 600, while the war department
spent s5.6S4, 100000 and the navy, ST.
SIS. 900. 10000 For support Of the army
alone the government paid out SHE
000, 900. The naval expenditures in
cluded the construction of new yes
sells. machinery armament. equipment
and improvements at navy yards To-
tai ordinary disbursements for the
year amounted to SS,966, GOO, goo and
ordinary receipts. excluding money
received from Liberty loans. amount
ed to S4.174, 900. 600 Loans TO allies
during the year amounted 10 S4,a5s.-
000, 000 additional
Coming Expenses.
Looking forward, secretary McAdoo
found great difficulty in forecasting
expenditures for the current fiscal
year which ends next June 30. on &C
count of thu sudden coming OF peace
Estimates which he presented are
based on calculations Of each depart
ment in advance Of reyisions since the
signing Of the arnistice and he does
not consider them reliable. With this
explanation Mr.. McAdoo forecast ex-
Denditures for this year at S2o-6S1,-
oO0, GOO for government purposes and
81 1875. 900. 90 for loans to allies and
s.. $40. 10000 for redemption Of out
shtanding certificates and other debt
cancellation. Total estimated dis
1ursements fo- the year were put at
So. us, 000, 600.