The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1918-12-27
POINDExTER OBJECTS TO
THE LEAGUE OF NATIONS
New Secretary of Treasury Outlines
the Financial Situation--Another
Liberty Loan Coming.

Carter Glass, the new Secretary of
the treasury, in telegram to Cover
nor James X. Lynch, of the Twelfth
Federal Reserve district, announces
that expenditures of the government
during the fiscal year beginning July
1, 1918, and including Dec. 16, 1918,
exceed nine billion six hundred mil
lion dollars, and that expenditures in
the month of November were nearly
$4,000, 100000 In the curren month
of December up to and including De-
cember Is, expenditures exceeded ST.
900 100000. 1t is estimated that the
total expenditures of the fiscal year
will be $4,000, 100000.
Secretary Glass favors short maturi-
ties for the Fifth Liberty Loan and
announces that the treasury depart
ment will continue the sale of War
Savings Stamps and Certificates in
most energetic manner.
In telegram to Governor Lynch he
says:
ain assuming the office of secretay
of the treasury, desire to say few
words to the American people, and
particularly to the splendid organiza-
tion of men and women whose un-
selfish labors, under the leadership of
my great predecessor, have made the
story of our war finance one of the
most glorious chapters in the history
of Americas part in the war.
"Millions of Americans have con-
tributed in the most vital, tangible and
necessary way to the winning of the
war. They have loaned their dollars
to their country with no small sacri-
flee of personal comfort and enjoy
ment, and have given largely of per-
sonal effort and service. For all time
we have disproved the SANDER that
Americans are money-loving people,
incapable of rising above materials
tic things. In the eighteen short
months of the war American people
subscribed for eighteen billion dollars
of Liberty Bonds and War Savings
Certificates.
"The banking institutions and the
people of the country financed the re-
ouirements of the war in anticipation
of the Liberty Loans and of the taxes
for the fiscal year ended June 30,
1918, by the purchase of a total of
S12,5O0, 100000 of Treasury Certifi-
Gates of Indebtedness, all of which has
been retired OF provided for out of
taxes or bond issues at the time the
armistice was signed.
"The expenditures of the govern
ment, excluding transactions in the
principal of the public debt, during
the current fiscal year beginning July
/, 1918, exceeded $4,000, 100000. Elk
penditures in the month of November
nearly equalled $2,000,000, 900, and in
the current month of December, to
and including Dec. is, exceeded one
billion dollars.
"The proceeds of the Fourth Liberty
Loan so far received have all been
spent, and the remaining installments
payable on subscriptions to that loan
will be needed to meet maturing treas
ury certificates Of Indebtedness issued
in anticipation of that loan, and as yet
unpaid. Since the arlnistice was
signed, Secretary McAdoo has esti-
mated that the cash outgo from the
treasury during the current fiscal
year ending June 30, 1919, will
amount to $1S,OO0,0o0,00O and much
more than half that amount has al
ready been expended in the five and
one-half months which have elapsed.
The treaty of peace has not yet been
signed, nor any part Of our army de-
mobilized. Production of war mater
ials and supplies had reached the
peak at the time the armistice was
signed and the bills incurred during
that period of maximum production
must be paid.
"The treasury must issue another
large loan before the end of the fiscal
year and | am entirely in accord with
the policy already outlined that this
loan should take the form of bonds
of short maturities.