OCR Text |
Show M'ADOO'S REPORT. Secretary of the Treasury McAdoo in his annual report to congress is highly optimistic concerning the future financial condition of the United States after having successfully withstood with-stood the shock following tho outbreak of the European war. He admits, however, how-ever, that the country was for a time on the verge of a panic of widespread proportions. The danger point being passed, the secretary feels free to relate the part played by the treasury department in bringing about the restoration res-toration of confidence by placing more money in circulation. The financial strength of the country coun-try depends to some extent upon the amount of gold held in the treasury. On the 31st of October the count showed a decrease of $33,656,279 in the yellow metal stock of the government, govern-ment, a negligible amount when compared com-pared with the total holdings of the United States. After estimating the revenue from all sources for the next fiscal year and the probable expenses of tho government, Secretary McAdoo figures out a slight surplus, which will be highly pleasing to all classes of citizens if it turns out to be correct. Estimates, however, are seldom ' correct. cor-rect. On the whole, the report of the secretary is reassuring and will have a good effect upon the country. |