The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1918-12-05
FISCAL REPORT
SHOWS NATIONS
WAR RECORD
Cost of Struggle $13,222,O0O,'
900, According to McAdoO
Statement
FEDERAL FARM LOANS

!FEDERAL r FARM LOANS
Washington, Dec. 5.-The financial
history Of Americas part in the war
is set forth by Secretary McAdoo in
his annual report drafted before his
resignation, and made public today by
the treasury. 1t is the history of
how the American people paid billions
in taxes, raised four great liberty
loans and created tremendous pool
of credit with which the treasury
through its many war agencies paid
the bills af the army and navy, the
shipping board and other government
departments, loaned Dillions to the
allies and millions to war industries,
helped support the families of sol.
diers and sailors and tided farmers
over periods of financial stringency.
"The payment into the treasury of
vast sumo in war taxes and from
bond sales," said Secretary McAdoo,
land the transformation of our varied
and complex life to the supreme task
of winning the war have been accom-
plished without shock or financial dis
turbance. The credit and business
structure of the nation remains sound
and strong. The results of the four
liberty loans are a tribute to the pat
riotism of the American people and
to the economic strength of the ma
tiOn.'
The report constitutes Secretary
McAuoos final accounting of his
stewardship gefore retiring as the ma
tion's finance minister. Throughout
the report, Mr.. 'McAdoo refers repeat
edly to the remarkable achievements
Of Americas civilian population III
providing the money and materials for
war, and acting as the "eager second
line of defense"
Commenting on the showing OF
financial arrangements in great detail
Wy the document, Treasury librarians
recalled that the financial history OF
the Civil War is buried in great
stack of musty ledgers, and probably
never will be officially compiled.
For the" fifteen months ending June
80, Secretary McAdoo estimated that
the actual cost of the waf, with allow:
ances for the governments ordinary
expenses in ordinary times, amounted
to 1922, 100000. Nearly half Of this,
or $6,499, 100000, went into permanent
investments. in the form Of ships,
shipyards, war vessels, army camps,
buildings, and in loans to Allies or to
American war industries. OF the
years expenses 31.6 per cent came
from taxation.
The civil establishment of the gov
ernment during the year spent S1,5O7,
100000, while the war department
spent $5,6S4 100000 and the navy 81,
36S, 100000. For support of the army
alone the government paid out $4,4l2,
100000. The naval expenditure in
cluded the construction Of new YES
sells, machinery, armament, equipment
and improvements at navy yards.
Total ordinary disbursements for the
year amounted to $S,966, 100000 and
ordinary receipts, excluding money re-
ceived from Liberty Loans, amounted
to S4;174, 100000. Loans to Allies dur
900 additional.
The report discloses that Liberty
Loan conversions have been made as
follows: First Liberty Loan 12 per-
cent bonds exchanged for per cent
bonds, $5S6,S29,000; First Liberty
Iona 8 1-2's and As exchanged for
4 1-4's, s1S3,S99,C0o; Second Liberty
Loan As exchanged for 1-2's, $1,541,
661 900. This indicates that most
bond buyers have failed to take ad-
vantage of the Treasury's offer to
convert past issues into bonds bearing
a higher rate of interest. 1t is now
too late to convert
referring to federal farm loans
amounting to $11S,528,0O during the
year ending September 80, the report
sand: "The existence of this system
operated under government super
vision, granting long term loans at
reasonable rates of interest, has un-
questionably saved the farmers of the
United States from many exactions,
foreclosures, and denial of financial
Accommodations during this period.
The system has been harbor of re-
fuge for the borrowing farmer.
Through it's competition with other
loaning agencies it has reduced inter-
est rates almost everywhere in the
United States and has saved the far
mer in large measure from those
must have beset him. 1t has consti-
tuted the gheatest governmental egen-
cy for financing the basic industry
of the United States-that of agri-
culture"
The report also dealt with the
Treasury's activities in licensing and
supervising the liquidation of enemy
insurance companies operating in the
United States; the Public Health
ments in combating the influenza
epidemic and maintaining sanitary
conditions about camps; the interfna-
tional High commissions success in
promoting uniformity of commercial
regulations between the United
States and Latin-American countries,
and the tasks imposed on the Gus
toms service in connection with the
policing of hartors during the war
TIES UP LINES.