The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1918-12-06
NJ 'ADOO MAKES
FINAL REPORT
As CASH CHIEF
SECRETARY TELLS HOW AM
ERICANS PAID BILLIONS
TO WIN THE WAR.
AN EPIC IN F|NAN CT
Story OF Creation of Tremendous
Pool of Credit With Which The
Treasury Weathered Mastodonic
Emergencies Reads Like Thriller,
But It's not Fiction.

But It's not Fiction.
Washington, Dec. 4.-The hnan-
,ial history of Americas part in the
var is set forth by Secretary Nc
Adoo in hs annual repore drafted
before his resignation. and made
public today by the treasury, 1t is
he history OF how the American
people paid billions in taxes, raised
our great liberty loans and created
tremendous pool OF credit with
which the treasury through its many
/. war agencies paid the bills OF the
\ k1Irmy and navy, the shipping board
Nnd other government departments,
oaned billions to the allies and mil
ions to war industries, helped sup
port the families of soldiers and
sailors and tided farmers over peri
DDS of financial stringency.
THE payment into the treasury OF
sast sums in war taxes and from
BOND sales" said Secretary McAdoo
-and the transformation of our
varied and complex economic lie
o the supreme task of winning the
war have been accomplished with
cut shock or financial disturbance.
The credit and business structure OF
he nation remains sound and
strong. The results Of the four lib
.rtv loans are a tribute to the pa
:riotism OF the American people and
10 the economic strength OF the ma
ion"
His Final Accounting.
The report constitutes Secretary
McAdoo's final accounting OF his
stewardship before retiring as the
nations finance minister. Through
out the report Mr.. McAdoo refers
repeatedly to the remarkable
achievements of Americas civilian
population in providing money and
materials for war and acting as the
eager second line OF defense.
Commenting on the showing OF
financial arrangements i'll great de
tail bv the document, treasury Ii
brarians recalled that the financial
history Of the Civil War is buried
in great stack OF musty ledgers,
/ and probably never will be oihciaIIy
= ompiled.
For the fifteen months ending last
Iune 80. Secretary McAdoo estimat-
I'd that the actual cost of the war
with allowances for government S
ordinary expenses in ordinary times
amounted to $13,222.OO0.O00. Nearly
half of this, or 499,OOO,OOO, went
into permanent investments, in the
form Of ships, shipyards war yes
sells, army camps, buildings, and IN
loans to allies or TO American war
industies. OF the years expense
$40 per cent came from taxation
Army Cost Four Billions
The civil establishment OF the gov
erument during the year spent ST.
5OZ 100000 while the war department
spent $56S4 100000 and the navy
s.. 36S.OOO.OO0. For support OF the
army alone the government paid our
s4.4l2OOO.0O0. The naval eXpendl-
lures included the construction OF
new vessels, machinery, armament
equipment. and Improvements at at
navy wards. Total ordinary disburse-
ments for the wear amounted to So
100000 900 and ordinary receipts, eN-
cluding money received IRON liberty
loans. amounted to $4l740OO,OOO'
Loans 10 allies during the year
amounted to S1,739, 100000 addi-
tional. -,
Looking forward, Secretary Nc
Adoo found great difficulty in lore
casting expenditures Tor the cur
rent fiscal year which ends next Juhe
30 on account OF the sudden com
ing OF peace. Estimates which he
presented are based on calculations
of each department in advance OF re-
visions since the signing of the arm
;stice and he does not consider them
xreliable. With this explanation MI
xMcAdoo forecast expenditures lot
his wear at $2O,6S7 100000 for gov
ernment purposes and S4,M5,OOO,OO0
for loans to allies and 81, OOO,OOO
for redemption Of outstanding GER
ti6cates an dother debt cancellation.
Total estimated disbursements Tor
the year were PUT at 9Z| = lo'oo"'oo"'
Boosts Revenue Bill.
Mr.. McAdoo took the occasion to
emphasize again the Importance OF
fastening enactment OF the revenue
bill now pending in Congress.
Unless the measure becomes a
law in the near future he said, it
will not be physically possible Tor
the treasury to frame the necessary
regulations and to print and distrib'
ute the necessary forms before the
returns and taxes will be due. The
enforcement OF the law will neccs-
sarilv be impcriled.
The wisdom of such action is
emphasized by every sound economic
consideration and wise tax policy.
1t is desirable and necessary from
the viewpoint OF the treasury in con-
densing the period OF readjustmcnt,
and from the viewpoint OF labor and
industry generally"
Mr.. McAdoo reviewed the finan-
cial practices of the year, includ-
ing the floating of short term GER
tificates of indebtedness in advance
of every Liberty Loan to prevent
ethe disturbing of the money market
by the loans and to obtain the
nancy needed by the Treasury In