The Mena weekly star., 1919-07-17
WAR EXPENDITURES
 OVER 30 BILLION
Estimate by Secretary Glass to June 30-Economy Is Necessary, but No Bond Issue Will Likely Be Made
 Until Maturity of Victory Notes.

aSnlngton, July lU.-Ihe war cost the United States $30,177 ,0O0, ,000 up to June 30, 1919 Secretary Glass made this estimate yesterday in sub- hitting to the Congressional Appropri- ations Committee the preliminary statements of the treasury on the condition of the nations finances. He arrived at the estimate by substract- ing the average peace time expenses for the same length of time, at the rate of $1,000, 100000 annually, from the total expenditures, s3322 s32, ,427 ,G0G GOO during the war.
 Taxes and other revenues than bor- rowed money took care of $9,384, ,000,- 900, or about 29 per cent of the war cost. The remainder came frcm Lib erty Bond and Victory Note Note issues and savings stamps.
 Further issues of bonds, Mir. Glass said, would not be necessary before the maturity or redemption of the Victory notes." which have four years to run. While it is impossible to es- innate 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.
 Rigid Economy Necessary.
 T need scarcely to say," the sec retary added, s'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 revenues from taxation. Such course, ac- companied by the practice of sober economy and wise investment by our people, and strict avoidance of waste and speculation, will make it possible for the American people to respond to the demands to be made upon them privately for capital and 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-as we'll as by the most obvious dictates of self interest"
 Public Debt $25 ASA, ,OO0, ,OOO.
 In calculating the war cost, Secre- tary Glass made no deduction of ex- penditures for loans to the allies, which amounted to $9,102, ,000,0 ,000 on June 30, of for other investments, such as ships, stock of the War Fi- nance Corporation, bonds of the Fed eral land banks, etc. The gross pub lie debt June 30, withous deducting such investments, was $25, ASA, ,000, ,00c, net increase for the war period of $23 ,043, ,190,346, representing the ex- cess of disbursements over receipts.
 Recent disbursements have been on steadily descending scale. Expen- ditures for the fiscal year just ended amounted to $18,514, 100000, virtually the estimate made by treasury ex- sion of hostilities necessitated sudden revision of the governments plans. In June the expenditures were $809000,- 900, the smallest amount in any month since September, 1917 1917.
 The floating debt June 30 was S3,- 634 100000, in the form of treasury certificates, of which more than $608,- 000,000 matured or were redeemed on July 1, leaving slightly more than $3 ,000,00 100000 outstanding, which is roughly the amount of the deferred installments of the income and profits taxes for the fiscal year 1919, but coming due this year and of the de- ferred installments of the Victory loan subscriptions.
 Marked improvements in the mar ket prices of existing government is sues in the interval to elapse before other bonds are offered to investors was predicted by Secretary Glass with corresponding decreases in the in- terest bases at which they have been selling and consequent assurance that the government would be able to finance itself for longer period upon better terms when the four-year Vic tory notes expire.
 
 Local Attorney H0nored.