The daily times. [volume] (Wilson, N.C.) 1902-1936, 1919-07-10
THE COST OF
THE WORLD WAR
Secretary Glass. Says 1t Has
Cost Over Thirty Mil
lions to Date.
URGES STRICT ECONOMY
URGES STRICT ECONOMY.
tBy the Associated Press. }


Washington, July 9.-The war
cost the United States $30,177, ,0OO,-
900 up to June so, 1919.
Secretary Glass made this estim-
ate today n submitting othe con-
gressional appropriations commit
tees the preliminary statements OF
the treasurer on the condition OF
the Nations finances. He arrived at
the estimate by subtracting the av-
erage peace time expenses for the
same length of time, at the rate
of $1,O0O,O00,00O \annually, from
the total expenditures $32,427.0 .000.-
600 during the war.
Taxes and other revenues than
borrowed money took care of So. 84-
100000 or about 29 per cent of the
war cost The remained came from
Liberty bonds and victory note is
sues and saving stamps.
Further issues of bonds, Mr.. Glass
said, will not be necessary before
the maturity of redemption of the
years to run. While it is impossible
to estimate the expenses to be in
CURED during the present fiscal year
the secretary is confident that the
treasury certificates supplemented
by short term notes will provide
the necessary funds to pay the gov
ernment's debts.
II neea scarcely say" the secre-
tary added, " that the realization
of these sanguine expectations is
contingent upon the practices of the
most rigid economy by the govern
ment and the continuance of ample
revenues from taxation. Such a
codse accompanied by the prac-
tice of sober economy and wise in
-vestment by our people and strict
avoidance of waste and speculation.
will make it possible for the Am
erican people to repond to the de-
mands to be made upon them pri-
vately for capital and credit by the
n ations 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 well as by, the most
obvious dictates of self-interest.'
In calculating the war-cost, Secre-
tary Glass made no deduction of
expenditures for loans to the allies
ich amounted to $9,1O2,O0O, 900,
on June 80, or for other investments
such ships, stocks of the war fnan-
llce Corporation, bonds of the Federal
Land Banks, etc. The Gross pub
lie debt June 80. without deducting
such investments, was s25, 4,O0O,-
600. net increase for the war per-
iod Of s23, 3,19O,346 representing
the excess of disbursements over
eceipt..
Recent disbursements have been
on stea@P descending scale. Expen-
ditures the fiscal year jstu ended
amounted to $18.514,00O,00O vfrtu-
ally the estimate made by the treas
ury experts last November when the
| cessation of hostilities necessitated
sudden revision OF the governments IS
plans. In June the expenditures were
$809, 100000 the smallest amount
in any month since Septemb Der,
1917.
The floating d=bt June 80 was
$3.634,0OO,000 In the form of treas
my certificates of which more than
$60S 100000 matured or were re-
/ ideemed July 1, leaving slightly
more than $3,000,o00.00O outstand-
ing which is roughly the amount OF
the deferred installments of the in
come profits taxes for the fiscal
year 1919, but coming due this year.
and OF the deferred insta1Iments Of
the victory loan subscriptions.