Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1918-12-04

from prospective issuers of securities
aggregating about s2,S5O, 100000.
About 20 per cent. of these ap-
plications were disapproved," said
the report, 'and these were mostly
OF character involving new extern
sions which would not be contribu-
tory to the winning of the war. The
prevention of approximately $780,
OOO,OOO OF unnecessary issues which
could be postponed was an import
ant contribution to the conservation
OF the nations resources"
Urges Haste on Congress
Mr.. McAdoo took the occasion to
emphasize again the importance of
hastening enactment of the revenue
Dill now pending in Congress.
unless the measure becomes law
in the near future" he said. ut 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-
forcement of the law will necessarily
be imperiled.
THE wisdom of such action is en-
phasized by every sound economic
consideration and wise tax policy. 1t is
desirable and necessary from the
viewpoint of the Treasury in condens-
ing the period of readjustment, and
from the viewpoint oflabor and in
dustry generally"
Mr.. 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 advance of loan receipts.
He said the war savings movement
had resulted not only in gathering in
sSS4,00O,0G0 for war purposes up to
November 1, but it had helped t. teach
the American people thrift and econ
omy.
Lnuds Wnr Savings Certificates
This wartime experiment has
been so successful" he commented.
that it is hoped war savings certif-
Gates will become a continuing fca-
ture of the. nations financing, even
after the restoration of peace"
The report explained at length .nat
feature of the Treasury's policy in
distributing the SSH 900, 900 credits
to allies during the year mas been to
stabilize foreign exchange rates end
bring the dollar nearer par in euro
pean 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
s631, 275,000 for Army purchases.
Great Britain established similar
credits of $115,633,O00 and Italy $5,-
2S4.0O0.
Turning to the enormous task of
collecting $3,694 619, 900 in taxes dur
ing the last fiscal year. or more than
1,
year previous, the Secretary empha-
sized that this had been accomplished
largely through the co-operatlon of
business interests and individual tax
payers.
Collects Worlds Largest Tax
During the fiscal year 1915" said
the report, the Bureau OF Internal
Revenue has been able to collect the
largest tax ever collected by any
country, an amount which represents
a larger proportion of the nations
war budget than any other belligar-
ent engaged in the present war has
been able to defray from tax reve-
nues."
From would-be tax dodgers the
revenue bureau now expects to collect
several hundred million dollars aqdi-
tional taxes.
Federal Reserve Systems Part
Concerning the tremendous nart
played by the Federal Reserve system
during the war, Secretary McAdoo had
this to say:
"The Federal Reserve system has
permitted the enormous transactions
connected with the financing OF the
war to be carried through without
shock or disturbance and it's services
will not be less important to the Gov
ernment cnd to the nation in .facili-
tating the readjustment from war