Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-06
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be successful in accomplishing that pur-
pose 1t should not be forgotten that he
has to deal with the practical rather than
the theoretical side OF the currency Ques-
ton. The failure Of the adherents OF the
various suggested plans of currency re-
form TO cooperate or to agree upon q
practical measure would hardly appear to
be sufficient reason for holding him re-
sponsible for their indecision and inaction.
The laws under which he administers his
office should be made to meet the daily
needs OF the people, and his duties, suf-
be made more burdensome by restrictions
which leave him with the responsibility.
but with no adequate means at his dis
posal to meet it.
Serve as an Admonition.
What has happened not only this year.
but many times before, should serve
as an admonition to enact wise laws
for the prevention in the future of dis
asters due in part at least to the i'm
perfect organ Zation of our monetary
system. Admittedly it has been of great
service to our people, but with chang
ing conditions there has become more
provement- of substantial and perma-
nent character. If no action IL thought
advisable at this time fully to meet this
need. | deem 1t important that some
consistent with thorough consideration to
provide under government guaranty q
greatervelasticity to the currency-some-
thing which shall be automatic in its
Ice rates IF interest not only in different
sections O the country, but at different
periods OF the year. Provision should
be made either TOR such elasticity with
part OF the Secretary of the Treasury
or he should be granted the authority to
supply 1t by properly safeguarded meas
ures. I believe that simplicity of plan
and .promptness Of action are what the
people need and will demand. What
pa ticuIar form this proposed legislation
should take must be left to the action of
the Congress. have no pride OF opinion
as to the method, but have the deepest
concern that the result shall be ade-
quately beneficial.
The only specific recommendation I
would make at present is-that it be
given prompt attention and that II be
not lad aside until some definite means
of relief shall have been enacted into
law.
Owing to the unusual demands made
on the various officials OF the DEPART
ment, and particularly on the force OF
month. have been unable to embrace
N this report several topics upon which
data have been collected and to which
! had intended to refe- at some length.
tacts OF later reports for the Informal
ton of the Congress.
Some ProbIematical Estimates.
Secretary Cortelyou expresses regret
that the law compeis submitting esti-
mates of receipts and expenditures for
future periods. but says that as II does
so he must obey. He cal attention to
the problematical feature Of such esti-
mates. For the present fiscal year he es-
Inmates that the total receipts will be
Sst4 025,5S1 and the expenditures $780,
O25.561, showing surplus If $42 100000.
For the fisca: year 1909 the estimated
revenues are placed at SS7S $4,000. and
the estimated appropriations at $9l3,-
tJ,2sS a diffsr"nc- OF 5,S26c7
District of Columbia Matters.
Relative to the District of Columbia the
report says:
The net expenditures on account of the
District Of Columbia for the fiscal year
1907, by warrants paid. were sll 800, >01 SO.
The net revenues deposit d in the Treas
ury by warrant on this account for the
same period were Sc. 266. 1876 81.
The amount of the funded debt retired
during the year was $iS3,9J0, reducing the
annual interest charge by S17, 1894. II. Since
the close of the fiscal year the debt has
been further reduced by the purchase OF
$4S1 600 of the 3.G5 per cent bonds leav-
ing outstanding DC ober l. 1907. $1O.-
622 $50 in bonds bearing 3.65 per cent in
terest.
The total issue of 3 IS per cent bonds il
limited by law to SIS 600. CO., and of this
sim 1897. 300shas now been issued.
At the close of the fiscal year the 10
per cent. guaranty tuna retained from
District contractors mounted to $3l9.-
969 81, and | represented by $i24.67O In
bonds purchased at tie request and risk
of contractors. and $iS0. 697.I3 uninvested
cash
Detailed information In regard to the
affairs of the District Of Columbia will
be found in the re Ort of the District
Commissioners and of the treasurer OF the
United States as eX-officio commissioner
of the sinking fund of the District.