The Washington herald., 1918-01-01
America Enters War,
Russia Quits Fight,
Teutons Offer Peace
Troops and Raw Material Made Available to
Central Powers by Muscovite Collapse
New Factor Bearing on Process of At
triton in France Chronological Record of
Salient Happenings in World Conflict Dur
ing 1917.
tarv nf the Navv to spend sl15. GO.

tary of the Navy to spend $l15,0Oo,-
900 of the emergency fund.
April II and 1T-House and Senate, re-
spectively, vote a $1,000, 100000 war
credit, 5000, ,OO0.OoO to be loaned to
allies.
April 25-First war loan made to ally
-$2O0. .O0O,O 900 to Great Britain
May 1-Second war loan t. allies
$1OO,OOO,OOO each to France and
Italy.
May 2-Treasury offers first popular
loan-$2, 900. 10000 at 31-2 in bonds
as low as so.
June Swith a $4,000 900 loan to Ser
bia national loans to allied gov
ernments reach $4,000, ,0OO.
June 14-With additional loan Of $25,-
10000 to Great Britain total of
loans to allies reaches $S4S, ,OOo,OUO.
June 15-Liberty loan fioated May
for 5000, 10000 closes with an
over-subscription. More than A.
10000 persons subscribed $685.
/ 226,S5O.
July 11-Secretary of the Navy asks
for supplementary credit of A0O,-
10000 particularly for war against
submarines.
July 23-Total loaned to allies reaches
81, so, 10000, or more than half of
the 5000, 900, 900 authorized by Con-
gress.
July 2ESecretary McAdoo informs
the Senate Committee of Finance
that S, ,OOO, ,OO0, 600, in addition to pre-
vious estimates, will be required to
carry the war to June 80, 1918.
July a-Treasury Departments def
cheney estimates for War Depart
In, Thaxy a
for $5,27S, $4,000, half of which is
for armament
August IT-Secretary of the Treasury
suggests issue of 4 per cent bonds
to amount to $500, 100000 subject
to income surtax to provide $4,0oO,-
100000 new money and retire for
mer 31-2 per cents, amounting to
5000, 100000
August &-War revenue bill for the
second time reported by the Sen
ate Finance Committee; it would
yield $2.OO6, ,9TO, ,000-an increase OF
SS37, 10000.
August 1-Secretary McAdoo informs
Senate and House Finance Com
mittees that war will require, from
special and coming regular ses-
sions of Congress, a bond issue OF
5000. 900, 900, in addition to the 81
OO0.OOO,OOO already authorized, and
a taxation revenue of ,cOO. 900, 900,
in addition to the 5000, 600 ,OO0
measure now pending.
Aug. 27-Chairman Kitchen of the
House Ways and Means Commit
tee estimates war expenditures
of the United States to June 80,
1918. to be $19,3OO. .00O, ,O00-in-
cluding actual expenses of S10,-
100000 and loans to allied
governments.
September 5-The Treasury has
made loans to date of $2.266,-
10000 to the allies-to Great
Britain. S1.1O5. 200, 900; France.
$500, 900, 900; Russia, s275, ,00O,-
900; Italy, S2O0OOO,OOO; Belgium,
S53!4Oo.OO0, and Serbia, $780,
900.
September 15-Senate passes with
out roll call the $11,53S,OO0. 900
bond bill.
September 1s-House unanimously
passes War Deficiency bill car
rying $1,000, 10000 and includ-
ing appropriations for army,
navy and shipping.
September 20-Senate adopts con-
ference report on the $11,53S,-
100000 bond bill.
October S-President signs war
revenue bill, estimated to yield
S2,5S5, 100000 by new taxation.
October 27-Subscription to second
Liberty Loan closed: $500, 900
persons subscribed s4,617,5S2,-
300: bonds to be issued for
S3,S0S,766,1 $50, which includes SO
per cent of the excess.
December 5-Secretary Of the
Treasury announces in annual
report that s5.12S, 900. 900 must be