The Bridgeport evening farmer., 1909-12-07
EXPENDITURES AND REVENUES
Deficit For Current Fiscal Year $73,.
 o75, ,60o-Bond Issue Proposed.

Oenelt For Current Fiscal Year $73,.
 o75, 5,60o-Bond Issue Proposed.
 have thus in some detail described
 the important transactions of the state
 department since the beginning of this
 administration for the reason that
 there is no provision either by statute
 or custom for a formal report by the
 secretary of state to the president or
 to congress, and a presidential message
 is the eRIy means by which the con
 ditfoH of oCr foreign relations is
 brought to the attention of congress
 and the public
 In dealing with the affairs of the
 other departments. the heads of which
 all submit annual reports, shall touch
 snly those matters that seem to me to call for special mention on my part
 without minimizing in any way the recommendations made by them for legislation affecting their respective
 departments, in all of which wish t<
 express my general concurrence.
 Perhaps the most important ques
 ton presented to this adninistration is that of economy in expenditures and suf1ieieHcy of revenue. The defieit of the last fiscal yesr and the certain
 deficit of the current year prompted congress to throw a greater respensf
 Bilfty on the executive and the secre- tary of the treasury than had hereto fore been declared by statute. This declaration imposes upon the secretary of the treasury the duty of assembling all the estimates of the executive de. partments, bureaus and offices of the expenditures necessary in the ensuing fiscal year and of making an estimate of the revenues of the government for the same period and if probable def. icit is thus shown it is made the duty of the president to recommend the method by which such deficit can be met
 Estimated Deficit $7s,o75, 500.
 The report of the secretary shows that the ordinary expenditures for the current fiscal year ending June 30, 1910, will exceed the estimated re- seipts by $34 ,o75, ,62o. If to this deficA } are added the sum to be disbursed for the Panama canal, amounting to S3S.- 10000. and $1,oOo,O0O to be paid on the public debt, the deficit of ordinary receipts and expenditures will be in- creased to q total deficit of SIS ,675. .620. This deficit the secretary proposes to meet by the proceeds of bonds issued to pay the cost Of constructing the Panama canal I approve this pro- pesal.
 The policy of paying for the con- struetien of the Panama canal not issue, was adopted fn the Spooner act of 1902, and there seems to be no good reason for departing from the prinei- pie by which { part at least of the burden of the cost of the canal shall fan upon our posterity, who are ts enjoy it, and there is all the more req son for this view because the actual cost to date of the canal, which is now half done and which will be completed Jan. 1, 1915, shows that the cost of engineering and construction will be $297, ,76e, ,o0e fnsfead of $139, ,705, POO, as originally estimated. In addition to engineering and construction, the oth- CT expenses, including sanitation and government and the amount paid for the properties, the franchise and the privilege of building the canal, fn- crease the cost by S75,4S5.0O0 to total of $375 POI, GOO. The increase in the cost of engineering and construc- ton is due to c substantial enlarge ment of the plan of construction by widening the canal 100 feet in the Gu lebra cut aHd by increasing the d. mensions Of the locks, to the under estimate cf the oaantfty of the work to be done under the original plan and to an underestimate of the cost of la La R<,&h <xf rv6f frh greatly enhanced in price since the original estimate was made.
 In order to exofd a deficit for the ensuing fiscal year I directed the heads of departments in the prepara- ton Of their estimates to make them as low as possible consistent with ina- perative governmental necessity. The result has been. as I am advised by the se~--- Nr-- sury. that the for the expenses of the for the next year endins tune 30, 1911, are less than the ap- for this current fiscal rear by S42,S1s,o00. So far as the of the Treasury is able to- orm a judgment as to future Ineomaa md compare it with the expendi- ures for the next fiscal year ending tune 30, 1911 and excluding payZ nents on account Panama. Canalfz which will dOuDtieSS De taken up by sends, there will be a surplus of S35,- '31, ,o6o.'
 Tn the present estimates the needs ,f the departments and of the gov srnment have been cut to the quick, SO to speak. and any assumption on the part of congress, so often made in times past, that the estimates have been prepared with the expectation .hat they may be reduced will result n seriously hampering proper admin stration.
 The secretary of the treasury points ,ut, what should De carefully noted in 'espect to this reduction in govern mental expenses for the next fiscal rear, that the economies are of two ,inds-hrst, there is a saving in the administration of the de- 'artmeHts. bureaus and offices of the and. second, there is present. reduction in expenses by a