Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-02-09
June-October Issues.

Inc aggregate amount of Treasury
certfhcates issued from June 25. 1918,
to october !. 1913, was $4.e59, ss0, 900.
These certificates had varying n1atur-
ities. the earliest being October "a,
lsls, and the latest, January 50. 1919.
The total amount of the fourth liberty
loan was little under $1,000, 100000,
payable in installrnents from October
"a, 1915. to January 30, 1919, so that the
net proceeds of the fourth liberty loan
In excess of the Treasury certificates
which had 10 be retired from those
proceeds were about $4,000 900 600
The cash expenditures of the govern
ment other than for the retirefn ent
of Treasury certificates and other
items of the principal of the public
debt during the months of October,
November and December alone were
| IS. 661, 0ST, 1880. The 81 800. 900, 900 net
proceeds of the fourth liberty loan
were therefore soon exhausted.
The Secretary tells the banks that
AT the moment the armistice was
| signed America was approaching the
peak of her effort in men and ma
| terials. American Industry was APP
| preaching the peak of production. 1t
/ is safe to say that without the I'M
| stinted effort the war could not have
| been brought to SO sarly a conclusion
1 The bills incurred during this period
| of great military ard Industrial effort
| must be paid. 1t takes weeks--some-
| times months-for the bills SO in
CURED to reach the Treasury in the
| form of actual demands for cash pay
ments. A very large part of the ex-
penditures made by the government
during the period since armistice day
| have been in paying of bills incurred
prior to that day."
Why Expenses Go On.
In conclusion Secretary Glass
| writes: although the war is won,
| peace has not yet been signed. We
must feed and pay our brave troops
F., in France; we must share with the
! allies the duty of bringing peace to
| the world, now that victory Is ours.
I Our soldiers must be paid until the
| exigencies of the military situation
permit their return to private life.
transported back to their homes.
| Every effort is being made in every
| department of the government to cur
| tail expenditures with the utmost
possible. rapidly; But just as it was
| impossible for tho United States to
reach the peak of it's war effort at
| the moment OF the declaration of
! war Qhe expenditures. including
loans to the allies. grew at the aver
| age rate Of s10o.00o.o0o a month from
| less than 800, 600 900 in March, 1917.
| to more than $4,000. 900. 600 in Decem.
| bar, 1879, so 1t was impossible that
| the expenditures of the government
should stop abruptly at the moment
| would have meant abandoning the
allies at tho moment of victory. aban-
| doninE our soldiers in Europe with
out pay, repudiating the bills incur
| red by the government for war mate
rails and supplies. the Destruction Of
| Of orr industrial and financial fabric
and social economic chaos"
Early Start Urged on Taxpayers.
IF every one in the flfth federal
reserve district waits until the last
moment to secure the funds with which
| to pay his income and profits taxes
it will be physical and a financiai
| impossibility for the banks to lend
Taxpayers enough money to pay their
taxes" writes the Federal Reserve
Bank Of Richmond: fiscal agent Of the
United States, to the banks and trust
companies of washington. The banks
are under strain now. due to govern
ment financing. The goyernment's
needs for money continue 70 be ex-
i fremelv great and still have prec-