Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-12-05

SHERATON and wise tax policy. It Is
desirable and necessary from the view
point OF the Treasury In condensing
the period OF reimbursement and from
, .ns ylew point of labor and industry
Mr.. MsAdoo reviewed tho financial
practices OF the year. including the
iloating of short-tcrm certificates or
erty loan to prevent the disturbing Of
the money market by the loans and 70
obtain the money needed by the Treas
ury in advance Of loan receipts. He
SAID the war savings movement had
resulted not only in gathering In S3i.-
o0o.0oo for war purposes up to Mo-
the American people thrift and eco
nomy
This wartime experiment has been
SO successful" he commented. that ].
IS hoped war savings certificates Will
become q continuing feature Of tho
nations financing even after the re-
The report explained mt length tina,
feature of the Treasury's policy in
distributing the s.l7l.oo0.00o 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 Treas
ury 10 accomplish this. In exchange
for credits, France gave the United
for army purchases. Great Britain es-
,ablished similar credits ofxsll5.G33,
900 and tally s5,2S4.00O.
MADE GREAT RECORD
IN COLLECTION OF TAXES
Turning to the enormous task or
ing the last fiscal year. or moro than
four times the record collection of the
year previous. the, secretary empha,
! largely through the cooperation or
business interests and individual tax
payers.
inn ha "a n
the report. ''the Bureau of Internai
Revenue has been able to collect the
try. an amount which represents a
larger proportion OF the nations war
budget than any other belligerent en-
s sbsea to defray from e1 tax rerenues 'ee"
From wouldbo tax dodgers the reve-
nue. bureau now expected to collect sew
eral hundred million dollars additional
taxes.
Concerning the tremendous part
| played by the Federal reserve system
during the war, Secretary McAdoo had
The Federal reserve system has per-
mittcd the enormous transactions con-
! TO be carried through without shock or
disturbance. and it's services Will not
| be less important TO the government
and TO the nation In facilitating the
REIMBURSEMENT from a war basis to a
peace basis ana to assist and foster
thereafter the development of agri-
normal peace conditions"
| Mr.. McAdoo dealt at length with the
accomplishments OF the War RISK In
an organization OF $4,000 employees
necessary for the issuance OF about
100000 checks eyery mont, H. to $50, SOL
| ments. allowances. disability conlpen-
! sation and insurance.
PROVES ONE OF GREATEST
ENTERPRISES or THE WORLD
| 1T Is certainly one of the greatest
business enterprises III the world" he
said. "and Individually the largest life
Ing nearly sac 900. 100000 Of iifo in
The report discloses that Liberty loan
| conversions have been made as fol-
| lows: First Liberty loan. 3 IL per
/ bonds. s56s.320.oo0; first Liberty loan.
| 3 les and As exchanged for l-4's.
sls5,sse.o9o; second Libefiy al lean ss1 od AS
/ This indicates that most bond buyers
have failed TO take advantage OF the
Sayd 70 rates
| Interest. 1t Is now too late.to convert.
Referring to Fedora! farm loans
1nar 70 last so me
| port said: "rhe existence of this sys-
| tenn operated under government SUI
| questionably saved the farmers OF the
/ United states from many eNactions,
| foreclosures and sninl OF financial &C
commodations during. this period. The
| system has been harbor of refuge
for the borrowing farmer; Through It's
composition with othe Roaming agen-
! cies IL has reduced insarest rates al
most 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 constituted the greatest GOV
| einmental agency for financing the
basic industry Of the United States
that OF agriculture.
The report also dealt with the Treas
| ury's activities in licensing and SUI
rervisng the liquidation of enemy in
| surance companies operating in the
| United States: the Public Health Serv-
ices tremendous accomplishments in
combating the influenza epidemic and
4 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 tho customs service in con-
nection with the policing of harbors
I during the war.