Licking Valley courier., 1918-07-04
$5O,OOO,OOO DAY
is U. S. WAR BILL
Government Closes Its Books
Covering the First Year
of the War.
s1,5oO,0O0,OOO IN june
Enormous Outlay Necessary to Meet
the Multitude Of Big Bills Run
for the Army and
the Navy.

the Navy.
Washington, July 1.-The govern
ment closed its books for the fiscal
year just ending-the first full fiscal
year in the war-and on Monday will
open new annual records. Cabinet
members and other heads of depart
ments will make reports to President
Wilson covering their stewardships Of
funds and responsibilities for the year
closing June 80.
In government financial history the
year will 20 down Is a period of ex-
pense hardly dreamed of a decade ago.
More than $40, 2,600000,000 Is the actual
outlay since July l. 1917, to meet the
multitude of big bills run up for the
army and the navy, the shipbulldlng
program, airplane construction, coast
defense requirements, other govern
mental activities and the needs of the
allies for American loans to finance
purchases Of war materials in this
country. In peace times the govern
ment spent less than $1,000,000,O00 an
nually.
More Than a Billion a Month.
With the addition Of the S1,200,000
which the government spent in tie
three months of war preceding this
fiscal year, the wars cost in money to
date has been S13,SOO,OOO,O0O.
War activities are now draining
about $50,000,000 a day from the ma
TONS public treasury and in June the
running expenses were greater than
ever before. though loans to allies
dropped to less than in any month
since the United States became bel
llgerent in April, 1917. Including es-
timates for the last two days of the
month, nt. yet recorded, expenditures
for June were about 81 00,000,000, or
approximately the same as the record
figure of May.
Ordinary war expenses for the
month amount to about SIZES 900,
new high record, and payments tn
allies were approximately $236,000, 900,
less than half the S5O0,OOO,OOO which
the treasury usually has figured as
necessary to finance the allied pur-
chases in the United States every
month. Use OF ships to transport
troops to France, Instead Of for war
materials, is considered responsible
primarily for the reduction of allied
loans.
Enormous Receipts in June.
Owing to the big inflow Of income
and excess profits taxes this month
receipts for June have eclipsed all for.
ner records. From taxation and 9th.
or minor sources of revenue receipts
are expected to amount to more thar
S2,250000,000. Payments on Liberty
Bonds and certificates Of Indebtedness
have yielded nearly Sl,400,000000.
Expenses for the entire fiscal yeal
We're reported rs follows:
Ordinary expenses for various gov
ernment departments, S7,5G7 100000
payments to allies, $4,70S,00O,000; in
tereSt on Liberty Bonds and other pub
lie debt items, S175,0O0,0O0; fedora
farm loans Ito he repald). S65,000,000
Panama canal, S19000,0O0. In addition
SG.74i 100000 certificates issued ear
ller In the year were redeemed. S27,
100000 one-year treasury notes wer,
paid and $21 $4,000 national banl
and federal bank notes We're retired
From Loans and Excess Profits.
Receipts for the year, without rec
ords of the last two days, We're re
ported as follows: Liberty loans, 81
563000.000; income and excess profit
taxes. $2,115,OO0,OOOI with probuhl!
, S500000,000 or more yet to come in)
) miscellaneous internal revenue sources
SS63000,000; War Savings and Thrift
, Stamps, S290,000OO0; miscellaneou
! revenue. 2ST,O0OOOO; Panama cana
tolls. S5,S460O0.
| The government also took In SS,AGS
100000 from sale Of certificates Of IN
= dehtedness redeemed later in the year
/ Sl,020,0O0 from postal savings bonds
| Sl9,l50O00 deposited for purchase q
. one year treasury notes under the fec
eral reserve act, and SIC, 0,240,000 depo'
tied for retirement of national ban
and federal reserve bank notes.
= The big proportions Of g0vernmer
h financing this year are shown Shar,
-. ly by comparison with records of III
= preceding year, itself record. The
!. ordinary expenses were S1,14T 10000
). and loans to allies $ST5,O00000, or
Il total of less than S2,OO00O0,0OO. Ord
|. nary revenue receipts were Sl,ilS
e 100000 and payments on the first Iii
!. erty Loan amounted to 81 .466,000 ,0O