The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1919-07-11
Secretary of Treasury Glass
Submits Estimates to the
Congress Committee.
ABOUT % PER CENT PAID
That Much Raised BY Taxes and
Revenue Other Than Borrow.
ed MOney-FOreign Loans are
Included.

Washington, July 1o.-The war
cost the United States s30,177,OOO,-
600 up to June 80, 1919.
Secretary Glass made this estimate.
In submitting to the congressional
appropriations committee the prelim-
mary statements of the treasury on
the condition of the nations finances
He arrived at the estimate by sub
tracing the average peace-time ex-
penses for the same length OF time.
at the rate of $1,000, ,OOO, 900 annual.
ly, from the total expenditures. $32-
427 100000 during the war.
Taxes and other revenue than
borrowed money took care of So
"S4,0OO,OO0 or about 30 per cent OF
the war cost. The remainder came
from Liberty bonds and Victory note
issues and savings stamps
Further issues of bonds, Mr.. Glass
said, will not be necessary before
the maturity or redemption of the
Victory notes" which have four
years to run. While il is impossible,
to estimate the expenses to be in
CURED during the present fiscal year,
the secretary is confident that treas
ury certificates supplemented by
short term notes will provide the nee
essary funds to pay the governments
debts.
Il need scarcely say" the secre-
tary added that the realization OF
these sanguine expectations is con-
tingent upon the practice of the most
rigid economy by the government
and the continuance of ample reve-
nues from taxation. Such course
accompanied by the practice OF sober
economy and wise investment by our
people and strict avoidance of waste
and speculation, will make ii possi-
BILE. for the American people to res
pond to he demands to be made>
upon them privately for capital ana
| credit by the nations of Europe
demands which are reinforced by
the strongest and most vital ties OF
sympathy for the allies, who fought.
and won the war with us well az
by the most obvious dictates Of self.
! interest"
In calculating the war cost Secre-
tary Glass made no deduction of eN-
penditures for loans to tho allies
which amounted to $9,1O2 100000
on June 80, or for other Investments.
such as ships, stock of the war f.
nance corporation, bonds of the ted
eral land banks. etc. The gross.
public debt June 30. without deduct
ing such Investments, was $25,4S4.-
900, a net increase for the war
| period of $23 3,042, 2,l9O,346. represents
ing the excess of disbursements over
| receipts.
Recent disbursements have BEEN
on steadily descending scale Ey-
penditures in the fiscal year Just end
ed amounted to 1S,514.OO0, ,OuO. yir-
tually the estimate made by treasury
experts last November when the ces-
! sation of hOstilities necossitatcd sud-
den revision of the governments
plans. In June the expenditures wera
/ gov ''''''''' lht SIlldIltSl amount lIk
any month since September, 1917.
The floating debt June 30 was So
634 900 900 in the form of treasury
| certificates, of which more than
! $60S, 100000 matured or were re-
deemed July 1 leaving slightly more
than $3.0OO,000 outstanding, which
ir roughly the amount of the deferred
installments of the income and prof.
its taxes for the fiscal year, 1919,
but coming due this year, and of the
deferred installments of the Victory
! loan subscriptions.
Marked improvement in the mar
ket prices of existing governments
issues in the interval TO elapse be-
fore other bonds are offered to in
vestors was predicted by Secretary
Glass, with corresponding decreases
in the interest basis at which they
| have been selling, and consequent
assurance that the government Will
he able to finance itself for a longer
period upon better terms, when the
four-year Victory notes mature.
|