The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1909-12-08

gent that this opportunity should not
be lost. the Indispensable instrumental
ity presented itself when a group of
American bankers Of international
reputation and great resources agreed
at once to share In the loan upon pre-
cisely such terms as this government
should approve. The chief of those
terms was that American railway ma
terial should be upon an exact equality
with that of the ether nationals Join
Ing in the loan in the placing of Or
ders for this whole railroad SYSTEM
After months of negotiation the equal
participation of Americans seems at
last assured.
In one OF the Chinese-Japanese con-
ventiOns Of Sept. of this year there
was a provision which caused consid-
erable public apprehension in that
upon its face it was believed in some
quarters to seek to establish a monop-
oily Of mining privileges along the
South Manchurian and Antung-Muk-
Der rsilx,ads and thus to exclude
Americans from wide field Of enter
prise. to take part In which they were
by treaty with China entitled. After
q thorough examination Of the conven.
tl0ns and Of the several contextual
documents the secretary Of state reach
ed the conclusion that no such monop-
oily was intended or accomplished.
This government made inquiry of the
imperial Chinese and Japanese gov
ernments and received from each off,
cial assurance that the provision had
no purpose inconsistent with the poll
cy Of equality Of opportunity to which
the signatories. in common with the
United States. are pledged.
Our traditional relations with the
japanese empire continue cordial, as
usual. The arrangement Of 1908 for
cooperative control Of the coming
Of laborers to the United States has
proved to work satisfactorily. The
matter Of revision of the existing
treaty between the United States and
Japan which is terminable in 1912 is
already receiving the study Of both
countries.
bU0 60RdTSSUeUt OF otaIos
earnestly recommend to the favor
able action of the congress the esti-
mates submitted by the department of
state and most especially the legisla-
tion suggested in the secretary of
states letter Of this date whereby 1t
will be possible to develop and make
permanent the reorganization Of the
department upon modern lines In a
manner to make 1t a thoroughly ef-
f1cient instrument in the furtherance
Of our foreign trade and Of American
interests abroad.
Under provision Of the act Of Aug.
5, 1909, ! have appointed three officials
to assist the officers of the government
In collecting information necessary to
q wise administration Of the tariff act
OF Aug. 5. 1909. AS to questions of
customs administration they are CO.
operating with the officials Of the
treasury department and as to matters
Of the needs and the exigencies of our
manufacturers and exporters with the
department Of commerce and labor in
its relation to the domestic aspect of
the subject Of foreign commerce.
AS a consequence Of section 2 Of the
tariff act Of Aug. 8, 1909, 1T becomes the
duty Of the secretary Of state to con-
duct as diplomatic business all the
negotiations necessary to place him In
position to advise me as to whether
or not particular country unduly dis
eliminates against the United States
In the sense Of the statute referred to.
G3~ernment Expenditures and Rev.
enues.
Perhaps the most important uues-
tion presented to this administratio
Is that of economy In expenditures and
sufficiency Of revenue.
The report Of the secretary shows
that the ordinary expenditures for the
current fiscal year ending June 30.
1910. will exceed the estimated re-
ceipts by $34.O75.62O. If to this deficit
are added the sum to be disburscd for
the Panama canal. amounting to $685.
100000, and $1.OOOOOO to be paid on
the public debt. the deficit Of ordinary
recelptS ana expenditures will be in
creased to total deficit Of $73.O75, ,62O.
This deficit the secretary proposes to
meet by the proceeds Of bonds issued
to pay the cost of constructing the
Panama canal. approve this pro-
posal
The Panama Canal.
The policy Of paying for the con-
structlon of the Panama canal not
out OF current revenue, but by bond
issue, was adopted In the Spooner act
OF 1902, and there seems to be no good
reason for departing from the princi-
pie by which part at least of the
burden OF the cost Of the canal shall
fall upon our pOsterity, who are to
enjoy it, and there is all the more rea-
son for this view because the actual
cost to date Of the canal, which is now
half done and which will be completed