South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-11-13
TWO MORE BIC
LOANS WILL Be
NEEDED BY j. s.
Sec'y M'Adoo Calls For ESti-
mates on Savings in Ap-
preparations Made Pos
SibIe by Peace.
International News Service {:


WASHINGTON, Nov. 13.-Sec'y
of the Treasury McAdoo struggled
today to bring order out Of the chaos
into which the sudden ending of
the war has thrown the financial
accounts OF the United States. He
asked every member of the cabinet
to submit to him a statement show
ing just how much can be saved OF
the lavish appropriations made by
congress for carrying on the wal
during the present fiscal year.
Sec'y McAdoo frankly told Sen.
Simmons, chairman of the finance
committee, and Chairman Kitchin of
the house ways and means commit
tee. that he would not know how
great the Indebtedness Of the Unite
States would be at the end Of this
fiscal year until he had this infor-
melton in hand.
Until Sec'y McAdoo submits
statement to the finance committee
giving the exact amounts required
the governments obligation, all
work on the new revenue bill now
before the senate finance commit
tee. will be suspended.
Appropriate 81 Billions.
Appropriations made at the pres
ent session of congress total more
than twenty-four billion dollars and
the urgent deficiency bill recently
passed brings the full amount up TO
thirty-one billion dollars. On the
credit side of the ledger the gov
eminent has only the six billion dol
lars raised in the fourth Liberty
loan. A large part of this amount
will not come into the treasury for
many months, since many bonds
were sold on the long time payment
plan.
The revenue bill, as at present
written, will bring in only $6,00O.-
100000. instead OF the $4,000. .OO0.- :
600 Sec'y McAdoo said he would re-
quire. This amount added to the
$4,000, 900. 900 from Liberty bonds
gives the treasury only $4,000
00O. 900 with which 10 meet an in
debtedness Of $4,000. 900. 900. if all
the appropriations congress has
made are expended
Two More Loans Coming.
IL is obvious that at least two
more Liberty loan campaigns must
be made, and also that war taxation
cannot be Hghtened. Sec'y McAdoo
already has warned the people that
the financial burden will not be lift
ed because OF the end OF the war.
Chairman Kitchin OF the house
ways and means committee said to
day that expenditures during the
present fiscal year would not be over
$40, 900, 900. 900, that $4,000. 600, 600
OF the war appropriations will not
be expended. other leaders were not
80 optimistic Chairman Simmons Of
the senate finance committee be-
lieved that the savings would not he
over six billions. Simmons figured
that none Of the three billion appro-
priated for heavy ordnance would
be expended. Rep. McFadden, an
influential Pennsylvania banker said
he believed the obligations TO the
allies for goods manufactured abroad
with which 10 equip the American
AoANtS NOnAu HAHt AAit SrtN liABS Ilduc
by cancelling the contracts TO this
country. Congress has received no
hint Of the amounts Of these obli-
cations.
Expect Many Requests.
McFadden added that he believed
Andre Tardieu's statement on the
things for which France would look
10 the United States after the war
but the forerunner OF formal re-
quests for food and other commOdi-
ties from practically all the coun-
tries OF Europe. The needs OF our
associates. and even Of our enemies
could not be ignored, he said. This
it is believed. would add materially
10 the Indebtedness the United
States must cancel by the bond sales
and taxation.
Taking Kitchin's statement thai
the expenditures OF the present fis-
cal year will not run over twenty
billion dollars as a basis OF calcula-
ton. the treasury department will be
able 20 make ends meet on June 80,
next, only by successfully floating
two more Liberty loans OF four bill
lion each.
Kltchin's estimate is, however. by