Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-07-10
GLASS ESTIMATES
| WARS EXPENSE IS
s3O,177,00O,0OO
Taxes and Revenues Pro
vided Almost Third of
Vast Sum.
NEED NO MORE BOND ISSUES
TO MEET CONFLICTS COST
Secretary of Treasury Declares
Government Must Now Ex-
ercise Rigid Economy.
DISBURSEMENTS ARE CUT DOWN
Smaller Amount Paid Out in june
Than in ANY Month Since
September, 1917.
NEED NO MORE BOND ISSUES
TO MEET CONFLICTS COST
DISBURSEMENTS ARE CUT DOWN
rBv As.oc!ated Press.l

fBv Associated Press.l
WASHINGTON. July 9.-The war
up 10 June 80. 1919.
Secretary Glass made this estimate
today in submitting to the congress
sional Appropriations Committees the
preliminary statement OF the Treasury
on the condition of the nations
finances.
He arrived at the estimate by sub
tracing the average peace-time cx-
penaes for the same length OF time. at
the rate of 100000. 900 annually.
from the total expenditures. s32.427.-
100000 during the war. Taxes and
other revenues than borrowed money
took care OF @0.3S4. .000.0 900. or about
"a per cent of the war cost. The re-
mainder came from Liberty bond and
victory note Issues and saving stamps.
No More bond Isxues.
Further issues of bonds Mr. Glass
said Will not be necessary before tho
maturity or redemption of the Victory
notes" which have four years TO run.
While 1t is impossible to estimate the
expenses TO be incurred during the
present fiscal year. the secretary Is
confident that Treasury certificates
supplemented by short-term notes. will
provide the necessary funds to pay
the governments debts.
II need scarcely say" the secretary
added, that the realization Of these
sangnine expectations Is contingent
upon the practice OF the most rigid
economy BY the government and the
continuance OF ample revenues from
taxation Such course, accompanied
by the practice OF sober economy and
wise Investment by our people and
iation. will make 1t possible for the
American people TO respond TO the
dsmayds ~ 70 be e,n made upon them pr,.
nations Of Europe-demands which
are re4enforeed by the stronses, and
allies. who fought and Won the war var
with ua-as we'll as by the most OBJ
yious dictates of self-interest."
Makes No Deduction for Loans.
In calculating the war cost. secre-
which amounted to ss.lo2 o00. 900 on
June .s. 30. or for other Investments, such
banks. etc. The gross public debt june
ments. was .s5.4Ss. .6o6.oo a net se In
crease for the war period OF @23.ot3.-
l9o.a46. representing the excess Of
Recent Disbursements have been on
a steadily descending scale. Expendi-
e the Se just ended
the estimate made by Treasury experts
last ,Noyemher, when the cessation OF
nSoSi.ii'les neeessita,ed sudden revision
expenditures were ss09,00 600, the
smallest amount in any month since
September. 1917
Floating Debt ss.es4 900. 900.
The. floating debt June 80 was s3.-
634.000.000 In the form of Treasury
ceatiaeates. OF which more than s60s,-
Gooeeo eo4,n mstnred s1,as. or were redeemed July
100000 outstanding, which is roughly
the amount Of the deferred install.
for the ses yeap 1879 bSt somins aNes
sc1,n,,ana stallmsnts of the Victory loan sub
Ma! Ma.ked Improvement in the marke,
prices OF existing government issues
honds IN ,he In interval et 70 eiapse before other
dicted by Secretary Glass with cor
responding decreases In the interest
oas PASS sons At which they have been selling.
ernment will be able to finance slselt
TOT a longer period upon better terms,
t,,1e Mhen the 1our-year Victory notes ma
1T Is not possible. at this time"
ssse4reta3ry ssons Try Glass said. when appropria-
eonsideratien by b the eeagresss. ae ess Gnaea when
ff1ntsact ffnitsa {. claims by and. against the
settlement. when demobilizatEoo tE1oesss IS sti11 Hf
1Ishi1iIpn 11InGhoim1ipiete' when the extent of the
nscertained s ef the snG wheat eats guaranty is un
upon which the income and protits tas
receipts In the first half of the calendar
half transacted. to make formal oass es.
innate OF the receipts and exnenditnTss
OF the United States during the fiscal
Use Trensury Certificates.
But SO large part of the war ex.
pend.tures had been paid or providad
for out of taxes and the issue Of bonds BONDS
or notes already sold and so small a
part is unfunded that confidently ex-
pesGes peG ina that the government will be not
porary requirements for the decreasing
scale, scale or expenditure by the, sale Of
bearing interest at the rate Of 4I2
per cent. or less. but also to fund as
many OF those as it may be desirable
to fund. ny the issue of short-term
Eshient intervals. when market condi-
nens Gysn, are ia favo3rable. and upon terms
yandiagei9,Ts datsi,nr to f,s the
f6.47s,s23,4O5 of the payment for war war
sspenditares pts iaTss came faem neome and
re1laneous internal revenue. such as
taxes on liquors. toba Geo and luxuries
S969.9!o,4S5 from miscellaneous reve-
o5a;si5 frem the panama Canal: Three
and March. and June 1919. saw the
governments REGENTS. other than bor-
n June. 1918. the amount was $751;
1T2,0l3. virtually all of which came
trqm income com. ans, and lpgy1ofttss lpg1aftts, taxes
isiT, disbursements men grew o; steadily. iii A9r,t The
$1,000. 100000 months began in Decem-
ber Of that year the expenditures not
falling below that mark until last
Snt One The msntp Mss
December, 1918.
KEEL. GEFMANY. July A pau,
DAussen, professor OF philosophy Mt