The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1918-07-03
s5O,oOo,ooo DAY
IS US. war BILL
Government Closes Its Books
Covering the First Year
of the War.
$1,000, 100000 IN June
Enormous Outlay Necessary to Meet
the Multitude Of Big Bills Run
for the Army and
the Navy.

| hHC NdNJs
Washington, July 1.-The govern
ment closed its books for the fisca
year Just ending-the first full fisca
year In the war-and on Monday will
open new annual records. Cabinet
members and other heads of depart
ments will make reports to President
wilson covering their stewardships of
FUNDS and responsibilities for the year
closing June 30.
In government financial history the
year Will 20 down rs a period of ex-
pense hardly dreamed of decade ago.
More than S12,G00OO is the actual
outlay since July |, 1917, to meet the
multitude of big bills run up for the
army and the navy, the shipbuilding
program, airplane construction, coast
defense requirements, other govern
mental activities and the needs of the
allies for American loans to finance
purchases of war materials in this
country. In peace times the govern
ment spent less than $1,000, OOO. 900 an
nually.
More Than Billion a Month.
with the addition of the 81 100000
which the government spent in tie
three months of war preceding this
fiscal year, the wars cost in money to
date has been S13,S0O,OOO,OO
War activities are now draining
about S50,OO0.OO0 day from the ma
tons public treasury and in June the
running expenses were greater than
ever before, though loans to allies
dropped to less than in any month
since the United States became a bel
ligerent in April, 1917. Including es-
Inmates for the last two days of the
month, not yet recorded. expenditures
for June were about S1,50O,OOO 900. or
approximately the same as the record
figure of May.
Ordinary war expenses for the
month amount to about 81 ,25S. 600 900,
n new high record. and payments to
allies were approximately S23G .0OO. 900.
less than half the S5OO.OOO,OOO which
the treasury usually has figured rs
necessary to finance the allied nur-
chaseS in the United States every
month. Use of ships to transport
troops to France, instead of for war
Is considered responsible
primarily for the reduction of allied
loans.
Enormous Receipts in June
Owing to the big inflow of income
and excess profits taxes this month,
receipts FOR June have cclipsed all for
ner records. From taxation and 9th
or minor sources of revenue receipts
are expected to amount to more than
50, ,000,000. Payments on Liberty
have yielded nearly 81 ,40O,O0O.O00.
Expenses for the entire fiscal year
were reported as follows:
Ordinary expenses for various gov
eminent departments. S7.5G7 100000;
payments to allies. S470S. 100000; in
terest on Liberty Bonds and other pub
lie debt items. S1T5.OOOOOO; federal
farm loans Ito be repaid). SGJ 900. 600;
Panama canal. Sl90O0,0O0 In addition.
Sc, al 100000 certificates issued ear
Her in the year were redeemed. S27,- |
$4,000 onc-year treasury notes were
paid and S21. 536,0OO national bank |
and federal bank notes were retired. |
From Loans and Excess Profits.
ltcceipts for the year, without rec |
ordS of the last two days, were re- |
ported MS follows: Liberty loans, ST. |
5G3.O0OO0O; income and excess profits |
taxes, S2,ll5,OOO,0O0 with probably |
J0O,OOOOOO or more yet to come in); |
internal revenue sources. |
1858 100000: War Savings and Thrift |
Stamps. S29j,OO0O00; miscellaneous |
revenue, 2S7,00OOOO; Panama canal
tolls. S5.St6000.
The government also took in IS. ifS,-
100000 from sale of certificates of in |
lehtedness redeemed later in the year;
Sl,O20,OOO from postal savings bonds;
$40, 100000 deposited for purchase of |
)ne year treasury notes under the fed
'ral reserve act, and $10,240,OOO depos-
ted for retirement of national bank
md federal reserve bank notes.
The big proportions of government
this year are shown sharp
y by comparison with records of the
preceding year, itself record. Then
ordinary expenses We're S1,147 100000
md loans to allies SS75, 100000, or a
otal of less than S2,000,0OOOOO. Ordl-
nary revenue receipts were S1,11S,
100000 and payments on the first Lib