New-York tribune., 1908-12-10

tbat tbe W Sistrbntfon Of such immense sums raised
by taxation should be subjected to scrutiny, cidS
ifcation and coordination. The present InelLQu
of dealing with the subject is entirely lacking IN
system,
REGULATION OF THE BUDGET.
Under the relations Of the different branches OF OF
the Executive department the appropriations Ii
made by the Congress te%SePtr Q! serU % % ov other
GTsnch Of the government the amount of the
estimates sp0ed m nit 6g ene The scTetary Of
Treasury is given authority to transn 10; 10 III. bt he
gress estimates of revenue and expenditure ptS S @
is not authorized by existing law TO reduce tlev @
estimates to conform to the recelpts, lpeG With the
single committee of the congress cIaI stfons
conpa rison and coordination OF the S
10 dsfrbnte eouitabiy any reductions increases
which may be warranted by the state Oh 1'e
nTS From this point of view the subject is broad
one ana one % TO deal without the cooperation
of other departments. The secretary t, Q. ard
the Congress which in many respects Is one 9s
more direct responSioitY ta s declared by statutes
b;cb Rave not been repealed that the Secretary OF
the Ieaspy n eher sha bPanoh Of the legislature in
person or in writing as may nj h, ne bv the senate or
House Of Representatives. or which shaH appe'
T WoiI16 ~ 0erhaps bo competent for the Congress
to vest in Joint & e4nee t ene ew 10 distributing
reductions and increases in an eGultaoo a1ne Of
the objects for which appropriations were SOuSst Ssget
It would seem that such fb the Te.ponsibilty
Of Keeping the expenditures Of each year fbig
could not without gripping BRANCHES 95 tos @
propeT amount Of short obligations to bridge
over the deficit Of lean years BY SuGh rpht be
Checked and the amounts saved diverted to more
ne4esseey or more m sonnd practcabie Il. regard to
the larger question Of control Of the budget
SRsndTsgs gg % gso. p eEpsndtare OF
MISLEADING TREASURY STATEMENTS
It intention Of this department 9 Of fPeaanFS f aKS
statements soon as the merits OF sncn cI1ns9 of
sv dan pe eafeeIts is IN several respects misleading
i makes no ssPacsSfn of tbe BetwsSe geSnf and those
permanent public works Ike Tiver ana aa
Cana In many foreign budgets eXpendtur@es res t6 Iog
Rse o 6o6d2 sed are stated in separate
count from expenditures for the man u
putting our budget this basis for the last fis+
would stand as follows
NET ORDINARY RECEIPTS AND DISBURSEMENTS s
Eseslp.s $500 500 42s 42e SIS as 8 8
Surplus Of receipts. $Soo49[,S $ q
EXTRAORDINARY RECEIPTS AND DIsBURsE-
MENTs-
sale Of Panana bonds So eS$a $50 SS9 S o. 90
sale s@ls Of 11nag5 Tsasgsy % aSS i 81
1tT3n4s T6Sas 4sen5ea;s: 5ea 80 no -, 90
fabiIo aTaIna buildings under Treasury Depart
Resinaticn jss Service Il s5I2s 2s S42 e4S 81 81
Redus,ion OF the pabio s4S5e 75o 90
-o.., ..,............. .sl28 o75. $50 ST
Whether OF not all items which involve Perra-
capital improvements should be Placef IN Nav
separate account may be open TO Queston, ~ may may
be proper IN some cases TO charge uenl 70 ~ CuI
when bonds are actually sold by the government to
the cost Of an important R Ru0Iac ~0Ih Sha he
Peceo Pa 3ds n so,6 gbo16 Se included in the receipts
nd he
Treasury statement the proceeds OF bonds sold are
Which is paid out for the purpose for which the
expenditures for the Panama Canal and other pub
lie works appear mixed with expenditures Tor
arose the large apparent deficit for the last fiscal
year which was stated at 20 ne % tota! ex
pended on public works. including SIS on
haTbors Had these items been carried TO sepa-
rate account as extraordinary expenditures a1d
have been surplus of current receipts amounting
10 over S30,oo00oo, as shown above
TREASURY OPERATIONS.
The aggregate of trust funds, consisting OF gold
coin and standard silver dollars held for the re-
deuption Of certificates and notes for which they
were respectively pledged Increased sl5SoVlVV9 IN
! the wear. The monetary stock for the year IN
creased s263. .2o3000 The growth in gold was $751;
7443s1; in silver, S1799.395. and IN national bank
/ notes s94.545227. At the close Of the fiscal year
! 1908 the money circulation amounted to S30SS.-
l54s8 or per capita of S34 r. The percentage Of
/ gold TO circulation was As IS. There was an in
crease Of S94 227 IN the volume OF national bank
notes IN the fiscal year
The amount Of interest bearing debt June 30,
1901 was 100 and June So 1903, 1897 SOB 800
+ From the date of the passage Of the national
/ bank act in 1883 July I, 1908 charters were
granted to 9l74 national banking associations, and
at the close the last fiscal year there were 6S27
associations in operation, with authorized capital
Of $3.50 542774. Banks TO the number Of 1873 have
been closed by the voluntary action Of their stock
I holders and 4s9 insoIvent associations have been
/ placed IN charge OF receivers
The receipts from internal revenue for the fiscal
year 1903 S25l,71l126 net decrease from 1907
OF 81 955. .s46 The customs receipts for the same
/ period amounted to $3.50 I13 13O decrease for the
/ year OF about S460l0.00
! Realizing that sudden changes IN the customs
standing Of imported merchandise unfair 70
business and introduce element of uncertainty,
the Secretary has instituted system by which,
when the classification of goods is changed result
ing in the payment of higher rate of duty, ample
/ notice is given to those interested.
The advantage of reducing TO a minimum the
transfers Of gold between the financial centres of
the world. the Secretary says has often been dis
cussed. but has yet the subject of official
I action Economy in such transfers has come about
automatically from time to time by the extension
/ of the system Of bills of exchange and of the use
1 Of international credits. but dlstrust OF these
sources in time Of crisis. the very at which
they are most needed invokes demand for physi-
cal gold The three months OF November and De-
cember. 1907 and January. 1908. witnessed imports
Of gold into the United States TO the amount of
s1lS,S2o,S7O. and, the other hand. the three
/ months Of April May and June. 1908, witnessed
/ exports of gold from the United States the
amount Of s4965S.s72. For the twelve months
ended October 81 1903. the total imports Of gold
were sl5O234 064 and total exports s72, sos, ,564.
The Secretary says it would seem that means