Weekly Watertown leader. [volume] (Watertown, Jefferson County, Wis.) 1908-1909, 1908-12-11

as competent evidence in the finding Of
value. The privilege was subsequently
extended to the chamber of commerce
OF other nations, and it was granted
only after it was ascertained that these
organizations were governmental in their
character so that in case of a careless
or false certificate of value being sent
to this country by such an organization,
1t would be possible to present the mat
ter to its government for proper action.
The treasury commission also made a
special study Of these chambers of COM
me1ce IN France, Austria-Hungary and
Great Britain to determine just what
would be the competency of the evidence
that was presented IL case of disputed
values.
With a view 10 greater expedition and
hence less disturbance ID business con-
ditions incident 10 the enforcement of
the pure food law. tie secretary during
the year has arranged TO do away in
a large measure with The reference of
each disputed case to Washington and
has left to the chief local representa-
tive Of the treasury department and
tie department Of agricL lture at the
larger ports the disposition Of all cases
except those of exceptional Importance.
Economy in Transfers.
The advantage of reducing to mini
mum the transfer of gold between these
financial centers of the world, the secre-
tary says, has been often discussed, but
has not yet been the subject of official
action. Economy in such transfers as
come about automatically from time to
time by the extension of the system of
bills Of exchange and by the use of in
ternatiOnal credits, but distrust of these
resources in time of crisis, the very mo-
ment at which they are most need ed,
lnvOkeS a demand for physical gold. The
three months of November and Deem
Der, 1907, and January, 1908, witnessed
imports of gold into the United States to
the amount of Sis, 822. $40, and on the
other hand the three months of April,
May and June, 1908, witnessed exports
of gold from the United States to the
amount of $40 1858, 972. For the twelve
months ending October 81, 1908, the
total imports of gold were $3.50, 234, 064,
and total exports $72,509,564
The secretary says it would seem that
means might be devised to diminish the
transfer of physical gold under these con-
ditionS. That credits or loans of gold
might be extended more generously than
at present by one nation to another in
times of stress, was proposed soon after
the Crisis of year ago. 1t has been
suggested that an international confer
ence be called of representatives of the
ministries of finance and of the great
state banks with a view to more prompt
and effective cooperation in emergencies.
Distribution of Receipts.
The secretary devotes considerable
space to the question of an economical
disbursement of current receipts, and
the classification of both receipts and
disbursements in such a way as to ia
cilitate such an adjustment, and sug-
gests that it would perhaps be compe-
tent to Congress to vest in q joint COM
mittee the power of revising the appro-
priations bills with a view to dstribut-
ing reductions and increases in an equit-
able manner and also with q view to
the relative Importance of the object
for which appropriations are sought.
1t would seem that such Il committee
should be charged with the responsibility
of keeping the expenditures of each
year approximately within the revenue
of the year, or, if this could not be
done that it should authorize the issue
of a proper amount of short term obli-
cations to bridge over the deficit of
loan years. By such q committee need
less and wasteful expenditure might be
checked
The secretary says that the present
form of treasury statement is in several
respects misleading. 1t makes no sep
aration between the expenditures for
the ordinary service of the government,
and those for permanent public works,
like river and harb0r improvements, pub
lie buildings and the Panama canal. If
these statements differ entiated between
the ordinary and che extraordinary eX-
penditures the record for the fiscal wear
1908 would show ordinary receipts
S601, 126,11S. Ordinary disbursements,
$570,477 1888. Surplus of receipts, $50
64S.279. Extraordinary receipts and dis
bursements. sale of Panama bonds, $24,
631 $50. Sale of treasury certificates,
S15,436,5O0. From premium, $735, 1888.
Total extraordinary receipts, $4O,SO4,
26S. Extraordinary disbursements. for
buildings, under treasury. $9.341 1864
for reclamation service. 81. 126.O42. For
rivers and harbors, $50, 157. $40. For
the reduction of the public debt, S34,
356.75C. Total extraordinary disburse-
ments. $123, O75.230.
There are other changes that should
be made i'll the daily treasury statement
in the interest of a better understanding
of the financial operations of the de-
partment.
Revision of Tariff.
On the subject of the revision of the
tariff the secretary says the new admin
iStratiOn is pledged to fair and equita-
bic revision. The necessities of the gov
eminent should be a guide, at least in
part, to the measure and character OF
the revision. Data recorded in this re-
port tell their own story If the def
ciencies reach anything like the figures
given, ample provision must be made
through new subjects of taxation, to
provide adequate revenue. The earnest
consideration of Congress is especially
urged to this phase of the subject
Of recent currency legislation the sec
rotary says that the act passed at the
last session of Congress has served a
useful purpose, and will be available I'M
til the recommendations Of the monetary
commission created by that Congress can
be considered and acted upon
NAV EpECT MTG EHM