The Bridgeport times and evening farmer., 1918-12-07

McAdoo Urges Revenue Bill.
 MT. McAdoo took the occasion 70 | emphasize again the importance of hastening enactment of the revenue bill now pending in Congress.
 Unless the measure becomes 8 law in the near future," he said, 'it will not be physically possible for the Treasury to frame the necessary reg ulations and to print and distribute the necessary forms before the re- turns and taxes will be due. The en- Norcement of the law will necessarily be imperilled.
 ''The wisdom of such action is em- phasized by every sound economic consideration and wise tax policy. It is desirable and necessary from the viewpoint of the Treasury in condens- ing the period of readjustment, and from the viewpoint of labor and in dustIy generally"
 MT 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 and to obtain the money needed by the Treasury in advanace of loan re- cefpts. He said the war savings movement had resulted not only in gathering in $S34, 100000 for war pur- poses up to November 1, but it had helped to teach the American people thrift and economy.
 1 This wartime experiment has been so successful" he commented, that 1t Is hoped war savings certificates will become a continuing feature of the nations financing even after the restoration of peace"
 i Allies Received Huge Credits.
 The report explained at length that a feature of the Treasury's policy in distributing the $8,171, 100000 credits to allies during the year, had been to stabilize foreign exchange rates and
 bring the dollar nearer par in Flu ropean 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 $631, ,175, 900 for army purchases. Great Britain established similar credits of l$115, 633, 900 and Italy $5,284 900.
 Turning to the enormous task of col lecting $3,694, GOO in taxes during
 the last fiscal year, or nore than four times the record collection of the year
 previous, the Secretary emphasized that this had been accomplished large fly through the cooperation of bus mess interests and individual taxpay-
 CTS.
 During the fiscal year 1918,' said
 the report "the Bureal of Internal ! ato1h +lN bn
 largest tax ever collected by any
 country, an amount which represents
 a larger proportion of the nations
 war budget than any other belligerent
 enga ged in the present war has been
 able to defray from tax revenues"
 From would-be tax dodgers the rev.
 enue bureau now expected to collect
 several hundred million dollars addi-
 tional taxes.
 , Concerning the tremendous part played by the Federal Reserve sys-
 tenn during the war Secretary McAdoo , had this to say: "The federal reserve system has
 permitted the enormous transactions iconnected with the financing of the war to be carried through without shock or disturbance and it's services
 
 ernment and to the nation in facili- , tating the readjustment from a war
 basis to a peace basis and to assist and foster thereafter the development of agriculture, industry and commerce under normal peace conditions" MT. McAdoo dealt at length with the accomplishments of the War Risk , Insurance Bureau, which has built ur ASl,,, ,1o,-z . necessary for the issuance of abou
 a million checks every month to sol ' diers or their dependents for aIlot-
 ments, allowances, disability -compen. T. sation and insurance.
 = Tt is certainly one of the greatest
 business enterprises in the world, 2 he said, land indubitably the largest life insurance concern on the globe l. having nearly $36 ,OOO, ,OOO 900 life insur. n ance in force"
 l. Liberty Loan Conversions. a The report discloses that Libert! F Loan conversions have been made ai
 follows: First Liberty Loan 8 1-2 pe- s cent. bonds exchanged for per cent n ltbnds, S56S, ,S2O, coo; first Liberty Loa1 n 1-2's and As exchanged for 1-2s = S1S3, ,S99 900; second Liberty Loan A. Ia exchanged for 4 1-2's, $1,541, ,661 ,OOC
 This indicates that most bond buyer
 have failed to take advantage of tn Treasury's offer to convert past issue n into bonds bearing a higher rate o
 interest. It Is now too late to con s+ vert.
 ,t Referring to federal farm loan
 amounting to SIS, ,528, coo during tn lo year ending last September 30, tn
 
 " system operated under governmen lv supervision, granting long-term loan + at reasonable rates of interest, ha to unquestionably saved the farmers o
 the United States from many exac st tions, foreclosures, and denial c ,s financial accommodations during tn ls period. The system has been a har m bor of refuge for the borrowing far n- mer. Through it's competition wit If other loaning agencies it has reduce ed interest rates almost everywhere i ar the United States and has saved tn CT farmer in large measure from tIsos he financial troubles which otherwis ,OO must have beset him. It has const of tuted the greatest governmental ager } cy for financing the basic industry ,s the United States---that of agrtcu an ture."
 The report also dealt with the Trea.
 ury's activities in licensing and sl ar pervising the liquidation of enemy 1T er surance companies operating in tF r. United States; the Public Health Sc. en vices tremendous accomplishments np combating the influenza and mai 4 taining sanitary conditions abol ls- camps; the International High Con ci- missions success in promoting un