The daily star-mirror. (Moscow, Idaho) 1911-1939, 1918-12-26
SECRETARY GLASS
MAKES ANNOUNCEMENT
NEW HEAD OF TREASURY DE-
PARTMENT OUTLINES WORK
FOR THE COMING YEAR

SAN FRANCISCO.-Ca Carter Glass,
the new secretary of the treasury,
in telegram to Governor James K
Lynch OF the Twelfth Federal Re-
serve district announces that expendi-
lures of the government during the
fiscal year beginning July 1, 1918, and
including December 16, 1918, exceed
ed nine billion six hundred million
dollars and that expenditures in the
month of November were nearly S2,-
600, 100000. In the current month of
December up to and including De-
cember 16' expenditures exceeded ST.
000, 100000. 1t is estimated that the
total expenditures of the fiscal year
will be $18,000,0O0 z
Secretary Glass favors short ma
, turtles for the Fifth liberty loan and
announces that the treasury depart
ment will continue the sale of war
savings stamps and certificates in a
most energetic manner.
The complete telegram to Governor
Lynch follows:
"In assuming the office of secre-
tary of the treasury, [ desire to say a
few words to the American people,
and particularly to the splendid or
ganization of men and women, whose
unselfish labors, under the leadership
of my great predecessor, have made
the story Of our war finance one of
the most glorious chapters in the his
tory of Americas part in the war.
'Millions of Americans have con-
tributed in the most vital, tangible
and necessary way to the winning of
the war. They have loaned their dol
lars to their country with no small
sacrifice of personal comfort and en-
joyment, and have given largely of
personal effort and service. For all
time we have disproved the slander |
that Americans are money-loving
people, incapable of rising above ma
terialistic things. In the eighteen
short months Of the war American
people subscribed for eighteen billion |
dollars of Liberty bonds and war saw
ings certificates.
'The banking institutions and the |
people of the country financed the |
of the war in antici-
patton of the Liberty loans and of /
the taxes for the fiscal year ended
June 80, 1918, by the purchase Of
total of $12, 100000, 900 Of treasury GER
tificates of Indebtedness, all of which
has been retired or provided for out
Of taxes or bond issues at the time
The armistice was signed.
''The expenditures of the govern
|
principal of the public debt, during
he current fiscal year beginning July
|, 1918, to and including December
6, 1918, exceeded $4,000, 100000. Ex-
)enditures in the month of November
learly equalled $2,0OO,000, 900 and in
he current month of December, to
md including December 16, exceeded
me billion dollars. /
''The proceeds of the Fourth Lib 7
rty loan so far received have all been S
pent, and the remaining installments S
ayable on subscriptions to that loan S
will be needed to meet maturing S
reasury certificates of Indebtedness S
ssued in anticipation of that loan, h
nd as yet unpaid. Since the armis- c
ice was signed, Secretary McAdoo n
as estimated that the cash outgo c
rom the treasury during the current c
mount to $18,OOO,OOO,O and much
lore than half of that amount has 5
lready been expended in the five and Il
ne half months which have elapsed. S
he treaty of peace has not yet been 1
lgned, nor any part of our army o
emobilized. Production of war ma
,rials and supplies had reached the IL
eak at the time the armistice was N
gned and the bills incurred during q
lat period of maximum production f:
Iust be paid. "
"The treasury must issue another II
rye loan before the end of the fiscal
ear and am entirely in accord with
le policy already outlined that this is
an should take the form of bonds II
short maturities. in
"It is vitality important that the ot
easury should continue in a most di
=