The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1918-12-22
STATEMENT BY SECRETARY
OF THE TREASURY GLASS


tary Of the Treasury, l desire to say
a few words to the American people
and particularly to the splendid or
CARNATIONS Of men and women
whose unselfsh labors, under the
leadership Of my great predecessor
have made the story Of our war
finances one Of the most glorious
chapters in tho history of Americas
part in the war. Millions Of Ameri-
cans have contributed in the most
VITAL tangible and necessary way to
the winning Of the war. They have
loaned their dollars to their coun-
try with no small sacrifice Of per-
sonal comfort and enjoyment and
have given largely Of personal effort
and service. For all time we have
disproved the standard that Ameri-
cans are money loving people, in
capable of rising above materialis-
tic things. In the eighteen short
months of the war the American
people subscribed for $18,000,000,-
600 Of Liberty Bonds and War Saw
ings Certificates. The banking in
stitutions and the people Of the
country financed the requirements
Of the war in anticipation of the
Liberty Loans and of the taxes for
the fiscal year ended June 80, 1918
by the purchase Of total Of $12,-
500, 100000 of treasury certificates
of indebtedness all of which had
been retired or 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 1, 1918 to and including De-
cember 16, 1918 exceeded $9,6OO,-
100000. Expenditures in the month
of November nearly equalling 3d.
000,000,000 and in the current
month of December, to and includ-
ing December 16, exceeded $1,000
600, 700. The proceeds Of the Fourth
Liberty Loan so far received have
all been spent and the remaining in
stallments payable on subscriptions
to that loan will be needed to meet
maturing treasury certificates of in
debtedness issued in anticipation of
that Joan and as yet unpaid. Since
the armistice was signed, Secretary
McAdoo has estimated that the cash
outgo from the treasury during the
current fiscal year ending June 80,
1919 will amount to $4,000, 900, 900
and much more than half of that
amount has already been expended
in the five and one half months
which have elapsed. The treaty Of
peace has not yet been signed, nor
any important part of our army
demobilized. Production Of war
materials and supplies had reached
the peak at the time the armistice
was signed and the bills incurred
during that period of maximum pro-
duction must be paid.
The Treasury must issue another
large loan before the end of the
fiscal year and am entirely in az
cord with the policy already out
lined that this loan should take the
form of bonds of short maturities.
1t is vitality important that the
treasury should continue in a most
energetic way the sale of War Saw
ings Certificates and Stamps. Among
the valuable and much needed les
sons we have partly learned from
the war is that Of thrift and intelli-.
gent expenditure. Thrift helped to
win the war and will help US to take
full advantage Of a victorious peace.
1t is therefore imperative that we
do not relax into old habits of
wasteful expenditure and impera-
tive that the habit Of reasonable
living ION the part of those of both