The World. [volume] (Martinsburg, W. Va.) 1912-1921, 1918-12-04
M ADOO ISSUES HIS
ANNUAL REPORT OF
TREASURY DEPT.
SECRETARY GIVES REPEATED
PRAISE TO AMERICAS CIVILIAN
POPULATION FOR GREAT
WORK DONE.
FOR is MONTHS ENDING JUNE so
WAR HAS cosT MORE THAN
10 BILLIONS.
UNITED STATES PUBLIC DEBT Is
NOW MORE THAN IL
BILLIONS.


WASHINGTON, Dec, 4.~-The finan-
eial history of Americas part in the
war III set forth by Secretary McAdoo
in his annual report drafted before his
resignation. and made public today by
the Treasury II Is the history of how
the American people paid billions In
taxes. raised four great liberty loans
and created tremendous pool OF
credit with which the Treasury through
it's many war agencies paid the BILLS
OF the army and navy. the Shipping
Board and other government depart
ments, loaned billions to the Allies and
millions to war industries, helped sup
port the families OF soldiers and SAIL
ors and tided farmers over periods OF
financial stringeney
The report constitutes Secretary Nc
Adoo's final accounting OF his steward
ship before retiring as the nations
finance minister. Throughout the re-
port. Mr. McAdoo refers repeatedly
to the remarkable achievements OF
Americas civilian population In pro-
viding the money and materials for
war, and acting as the eager second
line OF defense"
For the fifteen months ending last
June 80 Secretary McAdoo eatimat-
ed that the actual cost of the war, with
allowances for the governments ordfs
nary expenses In ordinary times,
amounted to. s13,222 100000, Nearly
half of this or $e4s9, 100000. went into
permanent Investments, In the form
of ships, shipyards,i war vessels, army
camps, buildings, and in loans to- All
lies or to American war industries. Of
the years expenses 31.6 per cent came
from taxation.
The civil establishment OF the gov
eminent during the year spent ST.
507 900. while the War Department
spent SIS, 684 000, 900 and the navy ST.
1868 100000 For support OF the army
alone the government paid out $4,412,-
600 900. The naval expenditures in
cluded the construction of new YES
sells, machinery, armament, equipment
and improvements at navy yards To-
| tai ordinary disbursements for the
year amounted to $500, 100000 and
ordinary receipts, excluding money re-
ceiyed from Liberty Loans. amounted
TO $4,174, 900 900 Loans To Allies dur
| ing the year amounted to $4,739 .O00,-
900 additional.
Looking forward, Secretary McAdoo
forecast expenditures for this year at
800, 627 900, 900 for government purpos-
es and $4,375,Oo0 900 for loans to Al
lies and $3.50, 100000 for redemption
of outstanding certificates and other
debt cancellation. Total estimated dis
bursements for the year were put at
7,718 100000 Sudden peace will cut
many of these estimates.
| Against this estimate which with ac-
I
more than a billion and half dollars
a month to date, indicate is too high,
Mr.. McAdoo calculated that the gov
eminent will receive about $4,000
100000 before the end of the fiscal year
next June 80, from income and profits
taxes, s1,100,O0O.000 from. other taxes,
$190,000,00Q from customs and $685.
100000 from miscellaneous sources, in
GLIDING $70,000,000 from Increased
postage. making estimated receipts
from ordinary sources $6,S46,000, 600.
In addition, he figured roughly on a lit
tie more than $4,000, 100000 from fur
Their issues OF liberty bonds and ST.
200, 000, 900 from war savings. These
] figures added to receipts from Liberty
Loan bonds already sold make $14,-
-6S, 100000 the total Of popular Dor
rowings expected during the year On
this basis total estimated receipts
would be $21,O22 600, 600 or $685.
900, 900 less than tentative estimates
} of disbursements. Actual develop
ments are expected to charge these
calculations greatly.
The United States public debt last
June 80 was $12,3ss, 100000, without
taking into consideration the $685..
900, 900 free balance in The Treasury to
tevutiausd ca psss Haass.)