Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1918-12-05

cations were disapproved, said the
report "and these were mostly of a
character involving new extensions
which would not be contributory 10
the winning of the war. The proven
ton of approximately $450,000,000 Of
unnecessary issues which could be
postponed was an important contri-
button TO the conservation of the ma
tons resources"
Asks Revenue Bill Hurried.
Mr.. McAdoo took the occasion TO
emphasize again the Importance of
hastening enactment of the revenue
bill now pending IN congress.
"Unless the measure becomes a Jaw
in the near future, he said, lit will
not be physically possible for the
treasury TO frame the necessary regu-
lations and to print and distribute the
necessary forms before the returns
and taxes viii be due The enforce
ment of the law will necessarily be
imperiled. &
THE wisdom of such action is em-
phasized by every sound economic
consideration and wise tax policy. 1t
is desirable and necessary from the
view point of the treasury i'm condens-
ing the period of reimbursement, and
from the viewpoint of labor and indus
try generally
Mr.. McAdoo reviewed the financial
practices of the year, including the
floating of short term certificates of
Indebtedness in advance OF every Lib
erty Loan to prevent the disturbing of
the money market by the loans aud TO
obtain the money needed by the treas
in a m Af NIX
said the war savings movement had
resulted not only in gathering in 1884,
1000 for war purposes up TO Novem-
Der l, but it had helped TO teach the
American people thrift and economy.
This wartime experiment has been
SO successful" he commented, that
it is hoped war SAVINGS certificates
will become a continuing feature of
the nations financing even after the
restoration of peace"
The report explained at length that
a feature of the treasurys policy IN
distributing the SSH, 600, 900 credits
to allies during the year, had been to
stabilize foreign exchange rates and
bring the dollar nearer par in Euro
pean countries, but did not mention
the specific acts undertaken by the
treasury to accomplish this. In ex-
change for credits, France gave the.
United States credit in France OF $63l,-
275,000 forrarmy purchases. Great
Britain established similar credits of
$1l5, 6S3,000 and Italy $5,2S4,O00
Turning to the enormous task of
collecting $3,694,619,000 in taxes dur
ing the last fiscal year, or more than
four times the record collection of the
year previous, the secretary empha-
sized that this had been accomplished
largely through the cooperation of
business interests and individual tax
payers.
During the fiscal year, 1915" said
the report "the bureau of internal
revenue has been able to collect the
largest tax ever collected by any coun-
try, an amount which represents al
larger proportion of the nations war
budget than any other belligerent en-
gagged in the present war has bee able
to defray fro mtax revenues
From would-be tax dodgers the rev.
enue bureau now expected to collect
several hundred million dollars addi-
tional taxes,
Federal Reserve System.
Concerning the tremendous part
played by the federal reserve system
during the war Secretary McAdoo hadi
this to say:
'The federal reserve system has
permitted the enormous transactionsI
connected with the financing of thel
war to be carried through without,
shock or disturbance and its services
will not be less important to the govfl
eminent and to the nation in faciitat- |
ing the readjustment from a war basis I,
to a peace basis and to assist and fossil
ter thereafter the development Of ag-I
riculture, industry and commerce un-
der normal peace conditions"
Mr.. McAdoo dealt at length with the
of the war risk in
surance bureau, which has built upl
an organization of fourteen thousand
employees. necessary for the issuance
of about million checks every month |
to soldiers or their dependents fori
allowances disability COM
pensation and insurance.
1T is certainly one of the greatest
business enterprises in the world" heI