The Montgomery advertiser., 1909-04-20

(Contfn.ea froa Pare ons.) craze daily inersass Of sssi.s4s. sc. The total receipts from customs for the nrst sixteen days of Apy1l ars e1B.- eJe1oe.s7. -agatnst el1.oss.177.1s In April of last year and the statement of the 1st to the l4th of April shows an excess of receiptt over expenditures this year of ssi1ss1s.sz. as agatnst an of the corresponding period last year Of ss.eis.s2s .ss.
 Era ef Prssper1ty.
 ~rhere Is no incentive for these en- larged Imp portations except improved conditions of the country and reduced stocks of imported merchandise said Mir. Aidrtch. The character of the iegisiation proposed furnishes no req son for accelerated imports, as there are practically no rates above the rates imposed by the act of 1897. It must be conceded that the era of pros perity which commenced the first part terruptedly with the enactment of wise tariff iesislation.
 The estimates which | have made of increased revenues growing out of this change in conditions are most conservativeS If the same rate of in- crease which has obtained since the 1st of March should be applied to the eight months of the financial year 1910. not covered by the period of improve ment in this year. we should then have an increase over the receipts for the present fiscal year--say s2e5. .000. 900 of $54,401.5s5, making total of $34s,401.- ooo; without taking into aecount the additional sources of revente provided for.
 For the year 1911, have estimated an Increase of revenues of s4o.ooo.0o0 and a reduction of expenditures of e35,000s000. a consequent surplus of $3o,000,e00. This surplus would cer- tainiy continue under normal business conditions. There can be no reason able question of the sufiiciency of the Senate bill to provide adequate reve- nue.
 If the statements have submitted are approximately correct. the inde- is the Treasury to take care of the deficiencies have indicated for the present and the following fiscal year?". inquired the Senator from Rhode Is land ss. .sF 5si
 The Treasury has today. including the s74,6sl. .2T5.ss which 1t Is entitled to receive for reimbursement of canal
 
 available surplus over a necessary working balance. This surplus is like iy to be reduced say Se.000,000 between now and the seth of June by additions to the deficiency for the current fiscal year. leaving on that date an available surplus of ss4.ooo.00o. If the esti-s mates have made for the year of 1910 of s46,0o0.ooo in that year would still leave surplus in the Treasury of s4s.- 100000 which would be increased from time to time in the subsequent years.
 'Tn estimating the Treasury Surplus I have assumed that canal bonds can be sold from time to time to an amoAnt which will reimburse the Treasury for and that they are now available for that purpose. Further legislation will, however, be necessary in this bill to secure that result,
 .The Comptroller of the Treasury has held that ssO,000.00o of the amount paid Is not reimbursable under the pro- visions of existing law, existing legis- cent. bonds which must be sold at not less than par. These could only be purchased by or for the national banks. It would not be possible to sell a con- siderable amount of bonds of this char acter at par. It will therefore be nec- essary to authorize the Secretary of the Treasury to sell bonds of differ ent class. Bonds redeemabei at the pleasure of the Government after asfew years could undoubtedly be sold at a rate not exceeding per cent and the necessary authority should be given in this bill for such purpose."
 Stating that he was aware that the accomplishment of the $3b. .000,000 re- duction in expenditures he had sug- gested for 1911 in his estimates would be surrounded with great diniculties. MT. Aldrich said that the rapidity with which our national expenditures had increased within the past three years was { source of anxiety if not alarm.A /. Inerease in Expendftnres. in receipts of s60.000. 900 for 1907 to 1908, we have had an increase in ex- penditures of si20. 0.000,O00.n he said.
 Tt is but fair to say that when the for the year 1908 were made. the country had not been over taken by the panic of 1907. 7.
 Tt is important in the interests of In the procedure with reference to should be made.
 Tt should be the function of the on Public Expenditures re- gently created, to take Into considera- ton, long before the appropriation bills are received from the House, and estimate the needs of the various. de- partments and report their recommen- dations to the Senate. in order that re- sponsibiiity for future extravagancies, may be clearly fixed. From an fnvesti- gation more or less superficial am myself satisfied that the appropriations made last year could have been reduced 1t least 35o.000.000 without impairing the efficiency of the public service. There are periods in the life of a na- ton when the spirit of extravaganza the atmosphere and the pub- lie money is scattered right and left, often without reference to the results to be secured We have within the past few years created many unneces- sary bureaus and multiplied employees beyond the possibility of extra work.
 Tn this work of necessary reduc- ton in expenditures and in reform in of appropriation to which the Senate is pledged. am authorized to say that we shall receive the earnest support and active co-operatfon of the President and the administration.
 T may be asked what would hap pen if 1t should be found that I have been over-sanguine or wholly inaccur- ate in my statements of probable con- ditions and results. What shall we do if the revenues actually received are less than those I have anticipated and large deficiencies are threatened2 2 I answer with emphasis that 1t would then be the imperative duty of Con- gross to reduce expenditures and make them conform to actual revenue con- ditions and not to impose new and on- erous taxes. No further additional taxes are needed. The imposition of other taxes under these conditions would mot only be unwise but unjust