Mohave County miner and our mineral wealth., 1919-01-04
EXPENDITURES FOR FISCAL
 YEAR ESTIMATED IS BILLION

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 SAN FRANCISCO, Dec. 27.-Cart- CT Glass, the new Secretary of the Treasury, in a telegram to Governor James K. Lynch of the Twelfth Fed eral Reserve District announces that expenditures of the government dur ing the fiscal year beginning July 1, and including Dec. 16, 1918, exceeded nine billion, six hundred million dol lars and that expenditures in the month of November were nearly $2,- 000,000,000. In the current month of December up to and including Dec. 16 expenditures exceeded $1,OOO ,OOO,- 900. It is estimated that the total expenditures of the fiscal year will be $1S,0O,OO0,OOO.
 Secretary Glass favors short ma turtles for the Fifth Liberty Loan and announces that the Treasury De- partment will continue the sale of War Savings Stamps and Certificates in a most energetic manner.
 The complete telegram to Cover nor Lynch follows:
 "In assuming the office of Secre- tary of the Treasury, I desire to say a few words to the American people, and particularly to the splendid or ganization of men and women, whose unselfish labors, under the leadership of my great predecessor, have made the story of our war finance one of the most glorious chapters in the his tory of Americas part in the war.
 Millions of Americans have con- tributed in the most vital, tangible and necessary way to the winning of the war. They have loaned their dol lars to their country with no small sacrifice of personal comfort and en- joyment, and have given largely of per sonal effort and service For all time we have disapproved the islander that Americans are a money-loving people, incapable of rising above ma terfalistic things. In the eighteen short months of the war American people subscribed for eighteen billion dollars of Liberty Bonds and War Savings Certificates.
 "The banking institutions and the people of the country financed the requirements of the war in anticipa- tion of the Liberty Loans and of the taxes for the fiscal year ended June 30, 1918, by the purchase of a total of $12,500,O00,000 of Treasury Certi- ficates, all of which has been retired or provided for out of taxes or bonds 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 and including December 16, 1918, exceeded $9,600,000,OOO. Ex- penditures in the month of Novem- Der nearly equalled $2,000,0 O0,000 and in the current month of December, to and including December 16, exceeded one billion dollars.
 "The proceeds of the Fourth Liber- ty Loan so far received have all been spent, and the remaining installments payable on subscriptions to that loan will be needed to meet maturing Treasury Certificates of Indebtedness issued in anticipation of the Loan, and as vet unpaid. Since the armistice was signed, Secretary McAdoo has es- timated that the cash outgo from the Treasury during the current fiscal year ending June 30, 1919, will amount to 100000, and much more than half of that amount has already been expended in the five and one-half months which have elapsed. The trea- ty of peace has not yet been signed, nor any part of our army demobllzed. Production of war materials and sup plies had reached the peak at the time the armistice was signed and the bills incurred during that period of maxi mum production must be paid.
 "The Treasury must issue another large loan before the end of the ifs cal year and I am entirely in accord with the policy already outlined that this loan should take the form ot bonds of short maturities.
 "It is vitally important that the Treasury should continue in most energetic way the sale of War Saw ings Stamps and Certificates: Among the valuable and much needed lessons we have partly learned from the war, is that of thrift and intelligent expen- allure.
 Thrift helped to win the war and will help us to take full advantage Of a victorious peace. It is therefore imperative that we do not relax into the old habits of wasteful expendi- ture and imperative that the habit of reasonable living Con the part of those of both large and small means) so cas- ually acquired during the war period be continued.
 "Millions of our people have be- come holders of bonds of their govern ernment, but some of them seem to feel that they are under no further obligation to retain these bonds and they are selling them and using the