The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-07-10
US. WAR COST IS
1S BILLIONS NET,
REPORTS GLASS
Offsets Cut Figure From
Thirty Billions, Congress
Is Told by Secretary.
BIG PUBLIC LOANS END
Rigid Economy Is Urged
Present Taxing Programme
Is Necessary.
BIG PUBLIC LOANS END
Special D.spatca to TKr suS.

wAsHINGroN, July s.-The gross cost
OF the war to the American people was
$50, ,177 900, 900, according to preKmr-
nary fiewsssprcsesee5a to Congress TO-
day by Secretary Of the Treasury
Glass.
This total probably will be cut by at
least 40 per cent. when loans to the
Allies and amounts invested. such as
those for ships, for the War Finance
Corporation, the railroads and farm
loan bonds, are returned. Loans to the
Allies aggregate ss,1o2, 100000.
Just what the return will be from
shipbullding investment is not known.
but 1t will be safely over $1,000, ,ooo. 900.
to be realized from sale or charter
Of the Government feet Tho War
Finance Corporation and the railroads,
with the investment in farm loan
bonds, runs approximately $4,000. .oo0.-
900 more. This will leave a net cost to
the American people for one year and
seven months Of active war Of approx
imately $4,000. 100000.
Just what could be accomplished
constructively with such fund is al
most beyond imagination. II was f1g-
ured here to-day that II would i'm
prove all OF the highways OF the coun-
try, the waterways. railroads and pub
lie roads to a point nearing perfection.
Glass Presents Details,
Detailed figures on all receipts and
expenditures OF the Treasury from April
8. 1917. to June 80 last. q period OF
two years and nearly three months, were
presented by Secretary Glass in letters
to Chairman Fordney (Mich.) OF the
Ways and Means Committee OF the
House and Senator Penrose (Penn).
chairman Of the Finance Committee Of
the Senate. The Secretary reiterated
that there would be no other large pub
lie loan. but laid emphasis upon the
fact that rigid economy and a continu-
a1ce OF the present taxing programme
were both necessary to keep the Treas
ury in a comfortable position.
When war was declared April s, 1917.
the United States Government had In
the Treasury a net balance IN the gen.
eral fund Of but ss2,3l7.710. Up to
June 30 the Treasury received from
taxes and all other ordinary income a
total OF $s.384.27S,7Os, and from bond
sales. Liberty Loans. Victory notes and
certificates a total OF s4s.3S5,51c,0 ,0G3.
making a grand total of all receipts OF
sS7,S62,l6S,4s2. On this hugo sum there
was an offset OF bonds and certificate
retired OF s2+,lS3,03t,6O0. The total dis
oursements for tho war and FOR the
ordinary needs OF government were ss2.-
t27t6s,obb. leaving a balance in the
general fund June 80 Of Sl,25l,664,Scs,
making net increase In this cash bal
ance on hand from April 6 OF 3l,l5s,-
| 3F,l17.
OF the total expenditures for the war
| period Of f32.+27. .0o0. 900. moro than
ss.ss4. 900. 900. or 2s per cent, was made
up In taxes and other revenue than
borrowed money, II II is assumed that
expenditures of the Government on a
peace basis would have been approxi-
mately $1,000, 100000 q year, a figure
| they had frequently reached OF late
years, other expenditures for the twenty
seven war months would have been S1,-
1bo,oOo.O00, which deducted from the
gross expenditures for the war period
give the gross war cost up to June 50
as sao,i77 100000.
| In the war period the public debt OF
the United States increased mors tnsI
$4,000 100000. The gross public debt on
april D. 1917. was only $1,2s1.s .seS,ess
| June 30 last IL had iunnnad 70 Sak IaI
5o6,160.
How Public Debt IL DistributsA.
With respect to the public debt eecre-
tary Glass said In his letter:
| "of this sum only 33,63<. 200, 900 wal
in the form of Treasury certificates, OF
! floating debt. OF such certificates naors
than s60s.00o.o 900 matured or were re.
deemed on July /, 1919. and were paid
out OF the net balance IN the general fund
on June so, 1919. which amounted to 81,
25i,0oo,O0o. Deducting the certificates
last referred TO, the floating debt on June
80. 1919. was little more than $4,000, ,ooo,,
900, which Is roughly tho estimated
amount OF the deferred instruments OF
the income and profits taxes for the fisca
year 1919 and of the deferred install.
ments Of the Victory Loan subscriptions
"Ths successful fiotation of the Victory
Loan and the adjustment OF the amour,
and terms OF the issue have resulted, al
hoped they would. In strong market a,
/ about par for these notes without the no
cessity OF Government support. and in ar
improving market for the bonds OF tn,
second, third and fourth Liberty Loans
evidenced not only BY the arm market
quotations. but by strong undercurrentI
| "
Ia OQatthSed On Eoponak Pd0S.