Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-12-05
FINANCING OF WAR
is DESCRIBED IN
TREASURY REPORT
Secretary McAdoo Tells of
Americas Great Mon
ctary Achievement.
PAYS TRIBUTE TO PUBLIC
AND ITS PATRIOTIC EFFORTS
Vast Sums Raised Without the
Slightest Shock to Ma
TONS Business.
RECORD IN TAX COLLECTION
During Fiscal Year U. S. Government
RAISED Greatest Sum Ever
Realized by Taxation.

ASlilNGTON, December 1.-THE
financial history OF Americas part in
,bc far is set forth by Secretary Nc
his annual report drafted be-
T. resignation. and made public
- the Treasury. II is the HIS
to- how the American people paid
bili in taxes. raised four great
lihe loans and created n tremen-
dous pool OF credit with which the
Treasury through its many war agcn-
cics pEid tho bills of the army and
navy, the Shipping Boai- ana other
government departments, loaned bill
lions to the allies and millions to war
lies OF soldiers and sailors and t!ded
farmers over periods OF financial strin-
sency.
The payment into the Treasury OF
ast sums in wcr taxes and from bond
sales said Secretary McAdoo. and
me transformation, of our varied and
task OF winning the war have been
accomplished without shock or fnan-
ca! disturbance. The credit and bust
sound and strong. The results OF the
four Liberty loans are a tribute 10
the patriotism OF the American people
and 10 the economic strength of the
nation"
The repor, constitutes Secretary Nc
Ndoos final accounting Of his steward
ship before retiring as the nations
hnance minister. Throughout the re-
mort Mr.. McAdoo refers repeatedly 10
the remarkable achievement OF Amer
ica's cicrilian population in providing
the money and materials for war. and
acting as the eager second line OF de-
fense."
Commenting on the showing OF
nnancical arrangements in great detail
y lie ns lsTarians
The Ciyil War Is buried In a great stack
Of mus,y ledgers. and probably never
NH be officially compiled. sTG
xsz YNSr-a. N.yg>Us
WAR COST Si3,222, ,OO0. 900
For the fifteen months ending last
june 90. Secretary McAdoo estimated
that the actual cost OF the war. with
anisun,ed TO sis.aa2. 900 o' 'oao. Nearly ,n.fs:
half OF this. or s6,i9a.oo0. .occ, went into
nernaneni investments. in the form OF
hips. shiayards. war vessels. army
camps. buildings and in loans to al
les or TO American war industries. or
from taxation.
The civil establishment OF tho gov
oo"oeo ] whle the the sSa Var shees peeas,ment ne
spent s5.6S4, ,O00. 900 and the macy ST.
asS.oo0.0o0. For support of the army
alone ,ns, the .E .EEovernment paid omt s4.4l2.-
cluded the construction OF new. vessels.
machinery. armament. equipment and
imnroyemen.s s,.s,,,su at navy yards Total
amounted 10 ss.966.o0o.ooo. and ordinary
receipts. excluding money received
from Liberty, loans. amounted to 81
lIa,000,0on Loans to allies during the
year amounted to S4,139000.00) addi
tional.
Looking forward Secretary McAdoo
expenditures for the current fiscal year
which ends next June 80 on account
of the sudden coming of peace. Esti-
3calculati""s of each department In ad
svance of revisions since the signing
sof the afmistice and he does not con-
slider them reliable. With this explain
alton. Mr.. McAdoo forecast cxpendi-
lures for this year at sc0.6S7. 100000
for government purposes and S4.375.-
600, 300 for loans to allies. and $500
100000 for redemption of outstanding
certificates and other debt cancellation.
Total estimated disbursements for the
year were put at s27,71S, 900, 900.
LOOKS FOR INCOME
or ABOUT $4,000, 1000
Against this estimate, with actual
expenses at the rate OF a little more
than s1,5oo. 100000 a month to date. in
lated that the government will receive
about $4,000. 100000 before the end Of
the fiscal year next June 30 from in
from other taxes, sI9o, 900 from
customs and s555.ooO,0oo from miscel-
flaneons sources. including 100000 600
from increased postage, making esti-
s6.S46.0o0. 400 In addition. he figured
roughly on q little more than $1,000
100000 from further issues of Liberty
bonds and sl.20o,o0o,000 from war saw
ingS These figures added to receipts
from Liberty loan bonds already sold
make s14,l6S. 100000 the total of popu-
lar borrowings expected during the
year On this basis total estimated re-
ceipts would be s21.O22, ,O0O.0Oo or So
sas 900 900 less than tentatiyc esti
mates Of disbursements. Actual do
velopments are expected to change
these calculations greatly.
The United States public debt last
June 30 was S12.396 100000. without