Omaha daily bee., 1909-04-20

the country and reduced stocks OF I'M
ported merchandise said Mr.. Aldrich.
THE character of the legislation proposed
furnishes no reason for accelerated imports.
as there are practically no rates above the
rates imposed by the act Of 1897. 1t must
be conceded that the era of prosperity,
which commenced the first part Of March,
is likely to continue uninterruptedly with
the enactment OF wise tariff legislation.
Those who do not believe in this con-
tinued march OF Improvement have little
knowledge Of the recuperative power OF the
American people and fail to measure cor
rectly the force of the spirit of confidence
which will compa a guarantee Of Sc
curity and industrial peace.
Estimates Are Conservative.
THE estimates which I have made of
increased revenues growing out of this
change in conditions are most conservative
II the same rate Of increase which has
obtained since the first OF March should
be applied to the eighth month of the
financial year 1910, not covered by the
period of Improvement in this year, we
should then have an increase over
the receipts for the present fiscal
year-say 'S295. 900, OO0-of S54, 401, 1855, maxi
ing a total OF &S4s. 40l. 900. without TAX
ing into account the additional sources of
revenues provided for.
For the year 1911 I have estimated an
increase OF revenues Of $40. 00O,0 900 and a
reduction of expenditures of sS5, OO,0OO, a
consequent surplus of $50. 0OO, 900. This sur
plus would certainly continue under nor
NAL business conditions. There can be no
reasonable question of the sufficiency
OF the senate bill to provide adequate
| revenue.
II the statements I have submitted are
approximately correct, the independent
question arises:
I'm what way is the treasury to take
care of the deficiencies I have indicated
for the present and the following fiscal
year? '
"The treasury has today. Including the
| S74, $50 1853 which IL Is entitled to receive
for reimbursement of canal expenditures,
practically $1Oo.OOO.0 900 OF available. surplus
over a necessary working balance. This
surplus is likely to be reduced 5000. 0C
between now and the S0th OF June by addi-
lions to the deficiency for the current
fiscal year, leaving on that date an avail
able surplus Of 1910 900. II the estimates
which I have made for the year 1910 are
accurate, the estimated deficiency Of S45..
COCOON that year would still leave a sur.
plus in the treasury Of $40, 900, 900, which
would be increased from time to time II
the subsequent years.
Canal Bonds VIII he Sold.
I'm estimating the treasury surplus.
have assumed that canal bonds can b.
sold from time to time to an amount which
will reimburse the treasury for all pay
ments on account of the canal and tina
they are now available for that purpose
Further legislation will, however. be neces
sary in this bill to secure that result.
THE comptroller of the treasury hal
held that $50, 0oO. 900 OF the amount paid 4
not reimbursable under the provisions o
existing law. Existing legislation only au
thorizes the issue of 2 per cent bonds. whicI
must be sold at not less than par. Thes
could only be purchased by, or for tn
national banks. 1t would not be possibl
to sell a considerable amount of bonds O
this character at par. 1t will, therefore
be necessary to authorize the secretary G
the treasury to sell bonds of a differen
class. Bonds redeemable at the pleasur
OF; the government after a few years coul
undoubtedly be sold at a rate not exceed
] ing 3 per cent and the necessary authorit
should be given in this bill for such pull
pose"
Stating that he was aware that the az
eompllshment OF the $S5, OOO,oOo reduction
expenditures he had suggested for 1911
his estimates would be surrounded wit
great difficulties, Mr., Al iFich said n
rapidity with which our national expend
lures had increased within the past thrt
years was a source Of anxiety If not ALARM