The sun., 1918-12-05

will not be less important to the Gov
eminent and to the nation In facilitat-
Ing the readjustment from war basis
to peace basis and to assist and
Foster thereafter the development of
agriculture, industry and commerce
under normal peace conditions"
Mr.. McAdoo dealt at length with
the accomplishments Of the War Risk
Insurance Bureau. which has built up
an organization of $4,000 employees,
necessary for the issuance Of about q
million checks every month to soldiers
or their dependents for allotments al
lowances, disability compensation and
insurance.
ut is certainly one of the greatest
business enterprises in the world" he
said, "and Individually the largest life
insurance concern on the globe, hav-
ing nearly $4,000, 100000 Of life in
surance in force"
Federal Farm Loans.
Referring to Federal farm loans
amounting to $11S.52S.00O during the
year ending last September 30, the re-
port said: "The existence OF this sys-
tenn operated under Government
supervision. granting long term loans
at reasonable rates Of interest, has
unquestionably saved the farmers of
the United States from many exac-
lions, foreclosures and denial Of flnan-
cial accommodations during this pc
Rod. The system has been a harbor
of refuge for the borrowing farmer
Through its competition with other
loaning agencies it has reduced inter-
est rates almost everywhere in the
United States and has saved the
farmer in large measure from those
financial troubles which otherwise
must have beset him. 1t has consti-
tuted the greatest Governmental
agency for financing the basic indus
try of the United States-that of ag-
riculture.'
The report also dealt with the
Treasury's activities in licensing and
supervising the liquidation of enemy
insurance compsnies operating in the
United States; the Public Health Ser
vices tremendous accomplishments in
combating the influenza epidemic and
maintaining sanitary conditions about
camps: the International High Com
missions success in promoting uni
formity of commercial regulations be-
tween the United States and Latin
American countries and the tasks i'm
posed on the customs service in con-
nection with the policing of harbors
during the war.
The United States public debt last
June 30 was s12 100000, without
taking into consideration the $1.319.-
100000 free balance in the Treasury
to partially Offset the debt. The pub
lie debt has been increased since then
by the Fourth Liberty Loan OF nearly
$1,000, 100000 and by Treasury o,:-
tifcates OF Indebtedness amounting to
several hundred million dollars.
Protection of Liberty Bonds.
The report disclosed for the first
time the activities OF the Treasury S
sinking fund to buy up Liberty bonds
In an effort to keep their price from
falling far below par. Up to Novem-
Der /, II is shown, s2i4.036,5o0 worth
Of bonds, face value, had been pur-
chased on the open market for 1884,
10000, or at an average price of about
96 per cent, and subsequently held by
the Treasury. or this sum, Sl72 ,445.-
900 were Second Liberty Loan bonds
of both and Al per cent. issues;
S70.935,000 were Third Liberty Loan
bonds. and SOS, 500, 900 were First Lib
erty Loan converted bonds.
The report also showed that the War
Finance Corporation, UP to October 81,
lad made loans amounting TO S67,716,-
900. of which s29.S63, 900 had been re-
paid. leaving advances outstanding
S37.S52, 900. Most Of the loans, or
$64. 900, went directly to war In
dustries. Public utilities were the
principal borrowers, while lumber
companies. coal operators, manufac-
turers and stock rsisers rank next in
number OF applications.
Mr.. McAdoo took the occasion to
emphasize again the importance of
Fastening enactment Of the revenue
bill now pending in Congress.
Unless the measure becomes n law
in the near future" he said, 'it will
not be physically possible for the
Treasury to frame the necessary reg