Arizona republican., 1918-12-24

tributed in the most vital, tangible and necessary way to the winning of the war, They have loaned their dollars to their country with no small sacrifice of personal comfort and enjoyment and have given largely of personal eff fort and service. For all time we have disproVed the islander that Americans are a money loving people, incapable of rising above materialistic things. In the eighteen short moths of the war American people subscribed for s1S,- 000000 900 of Liberty bonds and war savings certificates.
 Anticipated Loans
 The banking institutions and the people of the country financed the re- quirements of the war in anticipation of the Liberty loans and of the taxes for the fiscal year ended June 30, 1918, by the purchase of a total of S12,500.- 100000 of treasury certificates of in- debtedness, all of which has been re- tired or provided for out of taxes or bond issues at the time the armistice was signed.
 The expenditures of the govern ment excluding transactions in the principal of the public debt, during the current fiscal year beginning July 1, 1918, to an including December 16, 1918, exceeded S9.600, 000, 900. Expeditures in the month of November nearly equalled $2 900. 100000 and in the cur rent month of December to and in cluding December 16, exceeded s1,000,- 060, 900.
 Fourth Loan is Spent
 The proceeds of the fourth Liberty loan so far received have all been spent and the remaining installments payable on subscriptions to that loan 1 will be needed to meet maturing treas ury certificates of indebtedness issued In anticipation of that loan, and as yet unpaid. Since the armistice was signed, Secretary McAdoo has estimated that the cash outgo from the treasury dur ing the current fiscal year ending June 50, 1919, will amount to SlS.000, COG, 900 and much more than half of that amount has already been expended in 1 the five and one-half months which 1 have elapsed. The treaty of peace has not yet been signed, nor any part of l our army demobilized. Production of war materials and supplies had reached the peak at the time the ar mistice was signed and the bills in ucrred during that period of maximum production must be paid.
 Another Big Loan Soon
 The treasury must issue another large loan before the end of the fiscal year and I am entirely in accord with the policy already outlined that this loan should take the form of bonds of short maturities.
 It is vitallv important that the treasury should continue in a most energetic way the sale of war savings stamps and certificates Among the valuable and much needed lessons we have partly learned from the war, is that of thrift and intelligent expendi ture.
 Thrift helped to win the war and will help us to take full advantage oi victorious peace. It is therefore i'm perative that we do not relax into the old habits of wasteful expenditure and imperative that the habit of reasonable living con the part of those of both large and small means) so easily ac- quired during the war period be con- tinued.
 Victory has come to us earlier thar We might reasonably expected. bu victory will not cause us to neglect the completion of. that work which made victory possible.
 Our men on the other side still hay, their work before them and so hay, we. They vii not leave until the tasl Is fully accomplished, nor shall we. am sure then that the treasury depart ment can. with confidence. offer an other liberty loa nand continue the sal Of war seYaings certificates knowin, that the organizations will respond once more to the call for service ant will at once prepare the ground ant SOW the seed so that the harvest ma, hc abundantly fruitful"