Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1918-12-04
M'ADOO SWAN SONG
SOUNDS BIG SUMS;
REVIEWS THE YEAR
Credit and Business Structure of Nation Remains Sound
and Strong in Spite of Great Call Treasury For
Money to Pay Cost of War

Washington, Dec. 4.-The finan-
! cial history of Americas part in the
war is set forth by Secretary Me-
Adoo in his annual report drafted
| before his resignation, and made
public to-day by the Treasury. 1t is
the history of how the American
people paid billions in taxes, raised
four great Liberty Loans and Great
ed a tremendous pool of credit with
which the Treasury through its
many war agencies paid the bills of
the army and navy, the Shipping
Board and other government depart
ments, loaned billions to the Allies
and millions to war industries, help
ed support the families of soldiers
and sailors and tided farmers over
periods of financial stringency.
Nation Stands Firm
"The payment into the Treasury
of vast sums in war taxes and from
bond sales" said Secretary McAdoo,
"and the. transformation of our var
led and complex economic life to
the supreme task of winning the
war have been accomplished with
out shock or financial disturbance.
The credit and business structure of
the nation remains sound ana
strong. The results of the four Lib
eIlN "lyOluS are a u lbulS W tAAS -
triotism of the American people and
to the economic strength of the ma
ton"
The report constitutes Secretary
McAdoo's final accounting of his
stewardship before retiring as the
nations financial minister. Through
out the report, Mr. McAdoo refers
repeatedly to the remarkable
achievements of Americas civilian
population in providing the money
and materials for war, and acting as
the eager second line of defense"
Commenting on the showing of
financial arrangements in great de-
tail by the document, Treasury Ii
brarians recalled that the financial
history of the Civil War is buried in
a great stack of musty ledgers and
probably never will be officially COM
piled.
For the fifteen months ending last
June 80, Secretary McAdoo estimat-
ed that the actual cost of the war,
with allowances for the governments
ordinary expenses in ordinary times,
amounted to $13,222, 100000. Nearly
half of this, or So, ,499, 100000, went
into permanent investments, in the
form of ships, shipyards, war ves-
sells, army camps, buildings and in
loans to Allies or to American war
industries. OF the years expenses
31.6 per cent. came from taxation.
The civil establishment of the gov
ernment during the year spent ST.
5O7, 100000, while the War Depart
ment spent $5,6S4, 100000 and the
navy $1,36S, 100000. For support of
the army alone the government
paid out $4,412,0 100000. The naval
expenditures included the construc-
ton of new vessels, machinery,
armament, equipment and improve
ments at navy yards. Total ordinary
disbursements for the year amount
ed to $S,966,O 100000 and ordinary
receipts, excluding money received
from Liberty Loans, amounted to
S4,174, 100000. Loans to Allies dur
ing the year amounted to $4,739,-
600, 900 additional.
Peace Interrupts Pogram
Looking forward Secretary Nc
Adeed found great difficulty in fore
casting expenditures for the cur
rent fiscal year which ends next
June 80, on account of the sudden