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Show ASKS EXTENSION OF WAR REVENUE Secretary McAdoo Suggests Law Be Continued Until End of the European Conflict Washington, Dec. 9. Secretary McAdoo In his annual report to Congress Con-gress today outlined at length tho steps taken by tho treasury department depart-ment to restore confidence and support sup-port American business, shaken and weakened by tho European war, "A catustropho of calamitous proportions," pro-portions," said the roport, "was nar rowly averted. It Is a tribute to the economic strength and soundness of tho country and to tho patriotism of Its pcoplo In every class and walk of life that the shock has been so admirably ad-mirably withstood. A panic of cataclysmic cat-aclysmic proportions might easily have resulted and if it had, tho In-Jury In-Jury to tho country would have been I Incalculable and many years would, I havo been required to overcome its . effects." By formation of tlio $100,000,000 gold pool, tho $135,000,000 cotton loan fund, issues of emorgency cur- I rency, and tho deposit of crop moving mov-ing monoy In national bunkB, tho sit uatlon was relloved nnd coufldenco j was rovlved tho report says. In splto of drains from Europo, I w hero tho nation owed about ? 150,- 000,000 at tho outbreak of tho war, Secretary McAdoo says that tho treasury's gold holdings show a reduction re-duction of only $88,G5G,27D on October Octo-ber 31, 1014, compared withholdings of $1,258,218,357 on Juno 30, 1913. Tho secretary suggests to Congress that tho war revenue tax law should not expire December 31, 1915, but that its operation should bo extend-od extend-od until tho end of tho European war by proclamation of tho President. Discussing tho Income tax law the secretary advocatos a chango bo that persona having a gross income of $3000 bo required to mako a return instead of thoso persons with & not j lncomo of that amount or over. "Tho collection of rovenuo for tho fiscal year ended Juno 30, 1914," says Mr. McAdoo, "show the success of tho tariff act of Octobor 3, 1913, as I a rovonuo moasuro." Ho goes on to show that this act was estimated as the producer of $270,000,000 In its first year and that there was actually actual-ly collected $292,320,011. That, how over, Included nlno months unacr tho new law and three months under tho I'ayno-Aldrlch law. He shows that tho total raised under tho now law with Its corporation and Income tax features was $303,701,289 or $9,803,-593 $9,803,-593 In oxcess of tho previous year's recolpts under tho preceding revenue measure. 9 |