The Detroit times., 1908-12-09
DEFICIT FOR 1910
IS PLACED At
s143,046, 796
SECRETARY coRTELYoU SUE
MlTs ANNUAL REPoRT-MAkEs
RECOMMENDATIONS FOR vARL
Gus REFORMS IN THE SERVICE.

WASHINGTON, Dec. 9.-Secretary
Cortelyou. OF the treasury department,
submitted his annual report to con-
gress today. He places the deficit for
1916 at $l43,046,796. The receipts OF
the treasury for the fiscal year 1907
were sS4.236,5S6 In excess of dis
bursements. In 1908. the expenditures
were $5S.071, POI In excess Of receipts,
owing 10 the financial trouble and also
TO large appropriations. The dedcit
for this year, says the treasurer, II
$114.000,0 900. .,
Secretary Cortelyou urges that con-
gresS revise the system Of taxation
and take care OF these deficits.
AT the close or the present fiscal
year the money In circulation was
$3.O3S,0l5.4SS. or $34.72 per capita
Interest bearing debt on June 30, 1908,
was 1897 .503.990.
Receipts from internal revenue for
1908 were $251,71l, 126, a decrease OF
,646 from the previous fiscgl
year.
Total imports Of gold for the year
ending Oct. 81. 1908, were $50, 1884,
064; total exports. $72,500.564.
rotary says the new administration Is
pledged to q fair and equitable revi-
sion. The necessities of the govern
ment should be a guide, at least In
part, to the measure and character VI
the revision.
II deficiencies 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.
He says 1t would seem that means
might be devised to diminish the
transfer OF physical gold between the
various money centers of the world.
That credits OF 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, he de-
clares.
II has been suggested that an In
ternational conference be called OF
representatives OF the ministries OF
finance and Of the great state banks
with a view to more prompt and ef-
fective cooperation In emergencies.
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 way as to
facilitate such an adjustment, and
suggest that 1t would perhaps be
competent for congress to vest In a
joint committee the power of revising
the appropriation bills with view to
distributing reductions and increases
in an equitable manner and also with
view to the relative importance OF
the object for which appropriations
are sought.
1t would seem that such commit
tee should be charged with the re-
sponsibility OF keeping the expendi-
lures OF each year approximately
within the revenue of the year. or,
IL this could not be done. that II should
authorize the issue Of a proper amount
Of short-term obligations to bridge
over and deficit of lean years. BY
such a committee needless and waste
full expenditures might be checked.
So that there will be less business
disturbance regarding the pure food
law, Secretary Cortelyou has arranged
to do away with the reference OF each
case to washington. The government
offi cials at the various ports can dis
nose OF the cases.