The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-12-05
AMERICAS WAR; TIME FINANCIAL
ACHIEVEMENTS PRAISED BY NJ TABOO

WASHINGTON, Doc. +The huan-
cIal history OF Americas part In the
war Is set forth by Secretary NC
Adoo in his annual report drafted
before his resignation ana naoe
public today by the treasury. II le
The history Of how tho American
people paid billions IN taxes, ralsea
four great Liberty loans anu Gre
nted a trem endous pool OF crealt
with which the treasury through its
many war agencies paid the nius
Of tho army and navy, the shipping
board and other government depart
ments, loaned billions to the alNes
and millions to war industries, help
ed support the families Of soldiers
and spilors and tided farmers over
periods Of financial Stringency.
Tho payment into the tpeasury OF
vast sums in wEr Saxes md from
bond sales" said Secretary mcAooo,
"nnd the transformation OF our
varied and complex economic nfe to
the supreme task of winning the war
have been accomplished without
shock or financial disturbance. The
credit and business structure OF tne
nation remains sound and strong.
The results Of the four liberty loans
are tribute to the patriotism OF
the American people and to the eco
nomic strength OF the nation"
The report constitutes Secretary
MoAdoo's final accounting OF his
stewardship before retiring as tne
nations finance minister. Through
out the report, Mr.. McA6oo refers
repeatedly to the remarkable achieve
ments 6f Americas civilian popula-
ton In providing the money and ma
tSIIals for war and acting as the
"oager second Line OF defense"
Commenting on the showing OF IL
nanotal arrangements in great de-
tail by tho document, treasury IL
braitan recalled that the financial
history Of the Civil war Is buried
In o great stack of musty ledgers,
and probably never will be officially
complied
Cost Of tho war.
For the fifteen months ending
last July 80, Secretary McAdoo es-
ttrnated that tho actual cost OF tho
war, with allowances for tho govern
ment's ordinary expenses in ordinary
times, amounted to Sl3,222 900 600.
Nearly half Of this, or Sc, 49s 900, 900,
went into permanent Investments,
In the form of ships, shtpyards, war
vessels, army camps, buildings ana
in loans to allies or to American
war industries. OF the years eI-
pe1ses 3l.6 per cent came from taxi
ton.
The civil establishment Of the govern
nenL during the year spent Sl.50I, 200 wv
while the war department. spent sS.-
iS4 00Q.0u0 and the navy Sl.StS.t 'oos'
For support OF the army alone the gov
armament, equipment and improvements
naval expenditures included the con-
strucLion Of new vessels. machinery
1t navy yards. Total ordinary dlSburse-
nents for the year amounted to Ss,?6b'-
700, 900 and ordinary receipts. excluding
money received from Liberty loans,
to si,l7i,DU0,O0p. Loans 70
lliaa during The amounted 10 "a
1873, 0UU.0UO additional.
Looking forward Secretary McAoou
found difficulty in forecastlnE expcndi
lures for the current fiscal year which
ends next June 80. on account OF me
sudden coming Of peace. Estimates when
ne presented are based on calculations
Of each department III advance OF re-
visions since the signing OF the arms
ticc and he does not consider them r.
liable. With this explanation Mr.. Nc
Adoo forecast expenditures for this year
1t s20,6S7.U o0,CUU for government pur-
allies and S2.54O.OOU,000 for redemption
IF outstanding certificates and other
debt cancellation. Total estimated dis
Dursements for the year were put AZ
900.
Estimated Receipts.
Against liic r.,t.Intu,c. w..cn actual en-
ocnses at the rate Of a little more than
a billion and half dollars month To
late, indicate is LOO high. MI. MCAuoo
calculated that the government Wall re-
,eivc about S5.000.00U,0U0 before the end
,s the ascal year next Juno 80, from in
:ome and profits taxes, s1,l0V,0OU.tuo
rom other taxes. $50. 700 ooO from GUS
oms and s555.000,0U0 from mlsccllane-
ous sources, including S7Q,0OO,OUU from
increased postage. making estimated re-
,eipls from ordinary sources Sb.H46.-
100000. In addition. he figured roughly
IN a little more than S5,0Ou.QOO.OUU from
further issues of Liberty bonds and 81
700, 100000 from war savings. These
lIurr:, audcu ~ Receipts II"nl Liberty
oan bonds already sold make Sl4.16S.-
100, 900 the total of popular borrowings
expected during the year. On TINS
oasis total estimated receipts would be
or s6,G9I.vO0,0gO less
han tentative estimates OF disourse-
ncnts. Actual developments are eN-
occtcd to change these calculations
inv United States PUBLIC debt last
Iunc 80 was Sl2.3g6.U V0.uUUNSithout tax
ny into consideration the s4.jl9'Oon.G9o
rec halanc" in the treasury To partially
1ffset the debt The public debt has
Been Increased since then by the Fourth
liberty loan Of nearly Si.gD0.oOo, QUO and
" treasury certificates Of Indebtedness
mounting 10 several hundred million
lollars.
The report disclosed for the first time
he activities of the tTcasury's sinking
und to buy up Liberty bonds in an CT
orl TO keep their prIcc from falling far
lclow par. Up to November !. 1t ~
shown. $244. o36 800 worth Of bonds, face
'alue. had been purchased on the open
market for S23i.3l0,V0O, or at an aver
.gcd price Of about IS per cent. and sub
rqurntly held by the treasury. OF this
;um, sl72.445.0pU were Second Liberty
ponds. OF both and u per cent issues;
were Third Liberty loan
ponds. and S65.Gno.0 were First Lib
rty loan converted bonds
The report also showed that the War
Finance Corporation, up TO October 81,
iad made loans amounting To S6I.7lG.-
00 of which $29. SG3,"00 had been re.
aid. leaving advances outstanding $3T,-
so 1000. Most uf the loans or s64,I33,-
% went directly To WAT industries.
public utilities were the principal Dor
overs. while lumber companies, coal
perators manufacturers and stock rails
RS rank next IN number Of applications.
The magnitude of the work of the
'upitau Issues Committee was indicated
Il the report that since its urganiZa-
ion last May II it has examined nearly
900 applications from prospective 80
urrs ut securities, aggrcgatinG about
. ,35G. 600, 900.
About 20 per cent "f these apTlica-
Ions were tllsappruv"d." said the report.
and these w-rr mostly Of n character
rvulviuC new extensions which would
at b. contributors TO tho winning of
NJ war The prevention of approx lniht"-
: $3.50. UhUpn0 Of unnecessary issues
'hich could be postponed WAS an impUr-
ant contribution To the conservation Of
he nations RESOURCES.
Urges Haste.
Mr. McAduu took the occasion 10 en-
hHSizc again the Importance IF hasten
* enactment OF the rcrrnu" bill now
ending in Congress.
Unless the moisture bcrulnr< u Law
/ the near future" he said. ut will nrt
. physically possible for tho treasury
, frame the necessary regulations ami