The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1918-12-04

ENORMOUS FIGURES
SHOW WARS COST
The Secretary of Treasury
Makes Annual Report to
Congress
BILLIONS IN TAXES,
ENORMOUS CREDITS

cult the Forecasting of Expenditures /
for Next Year-13 Billions in IS
Months.
WASHINGTON, Dee 1.-The fuan-
cial 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. II is the history of how
the American people paid billions in
taxes, raised four great liberty loans
aud created tremendous pool Of cred
il with which the treasury through its
many war agencies paid the bills Of
the army and navy, the Shipping board
and other government departments,
loaned billions 10 the allies and mil
lions to war industries, helped support
the families of soldiers and sailors and
tidcd farmers over periods of financial
striugcucy.
''rhc payment into the treasury of
vast sums in war taxes and from bond
sales, said Secretary McAdoo, "and
the transformation of our varied and
complex economic life to the supreme
task of winning the war have been >ac-
complisLpd without shock or financial
disturbance The credit and business
structure of the nation remains sound
and strong The results of the four lib
crty loans are tribute 10 the patriot
ism Of the American people and to the
economic strength Of the nation.
a..
Adoo 5 fnal accounting of his steward
ship before retiring as the nations f.
nance minister. Throughout the report,
Mr.. McAdoo refers repeatedly 10 the
remarkable achievements of America S
civilian population in providing the mon
cv and materials for war, and acting
as the "cagcr second line Of defense.
Confronting on the showing Of finau-
cial arrangements in great detail by
the document. treasury librarians re-
called that the financial history of the
Civil war is buried in q great stack of
umstv lcdgers. and probably never will
be officially compiled.
For the fifteen months ending last
June 30 Secretary McAdoo estimated
that the actual cost of the war, with
allowances for the government 5 ordi
nary expenses in ordinary times
amounted to 9l3,222 100000. Nearly
half Of this, or S6,4g9. 000, 900, went in
10 permanent investments, in the form
of ships, shiryards, war vessels, army
camps, buildings. and I'm loans TO allies
or 80 American war industries. OF III,
years expenses 3l.6 per cent came from
taxation
The civil establishment of the GOV
Crumcnt during the year spent ~ ,507,
100000, while the war department Spcn
SJ,GSl 1000. 600 and the navy $l3GS,
0oo,000. For support of the army alon
the government paid out Si,tl2.U00OB
The naval expenditures included th
construction Of new vessels, machinery
armament, equipment, and improve
Iuents at navy wards Total ordinar
disbursements for he year amounte
to SS9GG000,00O and ordinary receipts
excluding money received from Libel
~ loans, amounted TO Sl17t.00O,0O
Loans 80 allies during the year amount
ed to Sl,739 .G00.OOo additional
Looking forward. Secretly Meade
found great difficulty i'm forccastin
expenditures for the current fiscal yea
which ends next June 80. on accoun
Of the sudden coming Of peace Est
mates which he presented are based 0
calculation Of each department in n,
vance Of reviSions since he signing Z
The aruistiee and he does not consid,
them reliable With this cxplanatio
Mr.. McAdoo forecast expenditures e
this year at $2O.GST 100000 for 90,
eminent purposes and $l.37j, 100000 f,
loans to allies and $2.J40,00O,00 e
redemption of outstanding ccrtifcat,
and Other deli cancellation. Total q
timatcd disbursements for the We;
were put AZ S@7,7lS,O0O0 900
Against this estimate which actu
expenses at the rate Of little mo
than billion and 4 half dollars
month to date, indicate is too high, NJ
McAdoo calculated that tho COVER
mcut will receive about S5,O00,O00,0
before the end Of the fiscal year ne
june 80, from income and profits to
Cs. Sl.lO0.0OO 900 from other tax,
Sl9O,O00000 from customs and $50,
100000 from miscellaneous sources,
GLIDING S100OO.O00 from increased po:
age, making estimated receipts fro
ordinary sources SG,SiG,000.000. In a
dltion. he figured roughly on lit
more than SJ.00O,000,00O from furth
issues Of Liberty bonds and $l.20
GOO,OO0 from war savings These fl
urcs added to receipts from Liber
Loan bonds already sold make Al
l6S,000000 the total of popular b,
rowings expected during the year. {
this basis total estimated receipts wor
I've $2i 900 100000 or S6.G9j 100000 /,
than tentative estimates of disbur
mcnts. Actual developments are exp
ted 10 change these calculations gre
Is.