The news & observer., 1905-12-06

there should then be a sincere. intel
ligent, and disnterested effort to make
it in such shape as will combine. 50
far as possible, the maximum of good
to the people at large with the mimi
mum of necessary disregard for the
special Interests OF localities or classes
But in time of peace the revenue must
on the average, taking Il series of
years together, equal the expenditures
or else the revenues must be increased
Last year there was n deficit Unless
our expenditures can be Kept within
the revenues then our revenue laws
must be readjusted. It is as yet too
early to attempt to outline what shape
such a readjuStment should take, for
il is as yet too early to say whether
there will be need for it. 1t should
be considered whether ii is not desir-
able that the tariff laws should pro-
vide for applying as against or i'll fa-
Vor of any other nation maximum and
minimum tariff rates established by
the Congress, so as to secure certain
reciprocity of treatment between other
nations and ourselves. Having in
view even larger considerations of
policy than those of a purely economic
nature. it would, in my judgment, be
well to endeavor to bring about closer
peoples of this continent l am happy
to be able to announce to you that
Russia now treats us on the most
favored-nation basis.
Economy in Expenditures.
earnestly recommend to the Con-
gress the need of economy and to this
end of rigid scrutiny of apprOpria
tions. AS examples merely, l call
your attention to one or two specific
matters. All unnecessary offices
should be abolished. The Commits
sioner of the General Land Office
recommends the abolishment of the
office of receiver of public moneys for
United States land offices. This will
effect a saving of about a quarter of
million dollars year. As the busi-
ness of the nation grows it is ineVita-
bic that there should be from time to
time a legitimate increase in the num-
Der of officials, and this fact renders t
all the more important that when Off
ceS become unnecessary they should
be abolished. In the public printing
also n large saving of public money
can be made. There is a constantly
growing tendency to publish masses of
unimportant information. 1t is prob
ably not unfair to say that many tens
of thousands of volumes are published
at which no human being ever looks
and for which there is no real demand
whatever.
Yet, in speaking of economy, [ must
in no wise be understood as advo-
eating the false economy which is in
the end the worst extravaganza. To
cut down on the navy, for instance.
would be a crime against the nation.
To fail to push forward all work on
the Panama Canal would be as great
folly.
Currency.
In my message of December 2, 1902,
to the Congress / said;
Interest rates are a potent factor
in business activity, and in order that
these rates may be equalized to meet
the varying needs of the seasons and
of widely separated communities and
to prevent the recurrence of financial
stringencies which injuriously affect
legitimate business, it is necessary
that there should be an element of
elasticity in our monetary system.
Banks are the natural servants of
commerce, and upon them should be
placed. as far as practicable, the bur
den of furnishing and maintaining a
circulation adequate to supply the
needs of our diversified industries and
of our domestic and foreign COM
merce; and the issue of this should
be so regulated that a sufficient sup
ply should be always available for the
business interests of the country
Every consideration of prudence
demands the addition of the element
of elasticity to our currency system.
The evil does not consist in an made
ouate volume of money, but in the
rigidity of this volume, which does
not respond as it should to the vary
ing needs of communities and of sea-
sons. Initiation must be avoided but
some provision should be made that
will insure a larger volume of money
during the full and winter months