The labor journal. [volume] (Everett, Wash.) 1909-1976, 1919-01-03
GLASS TALKS
OF FINANCES
The New Secretary Makes Interest
ing and Instructive Address to
the American People.

SAN FRANCISCO, Dec. %. -
Carter Glass, the new Secretary of
the Treasury, in a telegram to Gov
ernor James K Lynch of the Twelfth
Federal Reserve District announces
that expenditures of the government
during the fiscal year beginning July
/, 1918, and including December 16,
1918, exceeded nine billion six hun
bred million dollars and that eX-
penditures in the month of Novem-
Der were nearly $2,000,000,000. In
the current month of December up
to and including December 16 eX-
penditures exceeded $1,000,000, 900
1t is estimated that the total ex-
penditures of the fiscal year will be
$18,OOO,OOO,O0O.
Secretary Glass favors short ma
TURTLES for the Fifth Liberty Loan
and announces that the Treasury
Department 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, | desire to
say a few words to the American
people, and particularly to the splen-
did organization of men and women,
whose unselfish labors, under the
leadership of my great predecessor,
have made the story of our war fl
nance one of the most glorious chap
tiers in the history of Americas part
in the war.
millions of Americans have con-
tributed in the most vital, tangi-
BILE and necessary way to the win
ming of the war. They have loaned
their dollars to their country with
no small sacrifice of personal COM
fort and enjoyment, and have given
largely of personal effort and serv-
ice. For all time we have disproved
the SANDER that Americans are
money-loving people, incapable of
rising above materialistic things. In
the eighteen short months OF the war
the American people subscribed for
eighteen billions 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-
ton of the Liberty Loans and of the
taxes for the fiscal year ended June
80, 1918, by the purchase of a total
of $12,500,0O0,000 of Treasury Ger
tificates of Indebtedness, all Of which
has been retired or provided for out
of taxes or bond 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 l., 1918, to and including De-
cember 16, 1918, exceeded $9,60O,0OO,-
600. Expenditures in the month
of November nearly equalled ST.
OO0,O0O,000 and in the current month
of December, to and including De-
cember Is, exceeded one billion dol
lars.
"The proceeds of the Fourth Lib
erty Loan so far received have all
been spent, and the remaining in
stallments payable on subscriptions
to that Loan will be needed to meet
maturing Treasury Certificates of
Indebtedness issued in anticipation
of that Loan, and as yet unpaid.
Since the armistice was signed, Sec
rotary McAdoo has estimated that
the cash outgo from the Treasury
during the current fiscal year end
ing June 30, 1919, will amount to
$4,000, 100000 and much more than
nalf of that amount has already
oeen expended in the five and one
lalf months which have elapsed.
The treaty of peace has not YET
been signed, nor any part of our
army demobilized. Production of
var materials and supplies had
cached 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
fiscal year and am entirely in &C
cord with the policy already outlined
that this loan should take the form
of bonds of short maturities.
aft is vitality imnOrtant that tho