The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1918-06-29
Total Since Entry Into Conflict
Is s13,sOO,OOO,OOO.
Expenses of Government Are
Now $5O,0OO,OOO a Day.
FISCAL YEAR ENDS TOMORROW
$7,563,000,000 Has Been Raised
by the Liberty Loans.
Balance From Various War
and Other Taxes.

Washington, June 29.-The govern
ment today closed its books for fiscal
year just ending, the first full fiscal
year in the war. and Monday will
open new annual records. Cabinet
members and other heads of depart
ments will make reports to Presiden,
Wilson covering their stewardships Of
funds and responsibilities for the year
row.
Spent Nearly Thirteen Billions.
In government financial history the
year will go down as a period of eX-
pense hardly dreamed of decade ago.
More than S12,60O,OOO,O is the ac-
tual outlay since July 1, 1917, to meet
the multitude of big bills run up for
the army and navy, the shipbuilding
program, airplane construction, coast
defense requirements, other govern
ment 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, 100000
annually.
Cost % Date About Fourteen Billion
With the addition of the s1,2OO,OOO,-
600 which the government spent in
three months of war preceding this
fiscal year, the wars cost in money to
date has been s13,S00, 100000.
War activity now is draining about
$50,000,000 a day from the nations
public treasury, and in June the rum
ming expenses were greater than ever
before tho loans to allies dropped to
less than in any month since April,
1917, when the United States became a
belligerent.
One and a Half Billions In June.
Including estimates for the last
two days of the monti. not yet record
ed expenditures for June were about
same as the record figure of May.
Ordinary war expenses for the
month amount to about $1,25S,O0O,-
600, a new high record, and payments
to allies we're approximately $780,
100000, less than half the $500, 900
which the treasury usually has fig
ur as necessary to finance the allied
purchases 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.
Receipts for Month $2,25O, 200, 900.
Owing to the big inflow of income
and excess profits taxes the receipts
for June have eclipsed all former rec
ords. From taxation and other minor
sources of revenue, receipts are ex-
pected to amount to more than 81
250,000,0O0. Payments on liberty
bonds and certificates of Indebtedness
have yielded nearly 81, 400, 100000.
With figures for yesterday and to-
day not yet tabulated, expenses for the
entire fiscal year were reported as
follows: Ordinary expenses for vari-
GUS government departments, S7,567,-
10000; payment to allies, $4,708,OOO,-
900; interest on liberty bonds and
1t
federal farm loans (to be repaid),
S65, 5,000,000; Panama canal, $19,0O0,-
900. In addition s6,747,000 certificates
issued earlier in the year were re-
deemed; s27,362,000 one-year treas
ury notes were paid and $21,536,00O
national bank and federal reserve
bank notes were retired.
Receipts for the year without rec
ords of the last two days were re-
ported as follows:
Loans Bring Seven and a Half Billions.
Liberty loans. S7,563. 3.0OO,O00; in
come and excess profits taxes, $2,115,-
100000 with probably 100000
or more yet to come in); miscellane-
Gus internal revenue sources $685.
0.00o; war savings and thrift stamps,
1895, 6,000,0O0; customs (tarif revenue)
SITS, S,000,000; miscellaneous revenue,
S2S7, 1000, 900; Panama canal tolls $5,-
$4,000. The government also took in
$S,46S, 100000 from sale of certifi-
Gates of Indebtedness redeemed later
in the year; $1,o2O,000 from postal
saving bonds; s19,150,000 deposited
for purchase of one year treasury
notes under the federal reserve act.
and 30, 100000 deposited for retire
ment cf national Lank and federal re-
serve tank notes.
The big proportions of government
financing this year are shown sharply
by comparison with records of the pre-
ceding year, itself a record. Then or
dinary expenses were 81, 147,000.0 900.
loans to allies $S-5, 100000, or total
of more than 100000. Ordi-
nary revenue receipts were $i,11S,-
100000 and payments on the first lib
erty lean amounted to s1.466. 100000.