US Presidency
1912

It is a year of bumper crops;; the total money value of farm products will exceed $ 9,500,000,000. It is a year when the bushel or unit price of agricultural products has gradually fallen, and yet the total value of the entire crop is greater by over $ 1,000,000,000 than we have known in our history. CONDITION OF THE TREASURY The condition of the Treasury is very satisfactory. The total interest-bearing debt is $ 963,777,770, of which $ 134,631,980 constitute the Panama Canal loan. The noninterest-bearing debt is $ 378,301,284.90, including $ 346,681,016 of greenbacks. We have in the Treasury $ 150,000,000 in gold coin as a reserve against the outstanding greenbacks; and in addition we have a cash balance in the Treasury as a general fund of $ 167,152,478.99, or an increase of $ 26,975,552 over the general fund last year. RECEIPTS AND EXPENDITURES For three years the expenditures of the Government have decreased under the influence of an effort to economize. This year presents an apparent exception.