Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1909-12-07
MESSAGE WAS
WELL RECEIVED
Reading Followed With In
teresI by Republicans
and Democrats
HOUSE ADjOURNS TO FRIDAY
Phrase Referring to Zelaya and
Nicaragua Causes Mild
Sensation

Washington, D. c., Dec. THE first
annual message of President Taft was /
read before both houses Of Congress
today The reading was followed with !,
great interest both by Republicans and
Democrats. The message generally
was favorably commented upon. The
phrase which attracted most attention
was the referring to the Zelaya Incl
dent of which he spoke, "As sad
tale OF unspeakable barbarities."
When the reading concluded the House
adjourned until Friday
Bill to Investigate General Land Office
Washington, Dec. An echo of
the differences between Secretary of
the Interior Ballinger and Chief For
ester Pinchot, without any specific
mention of either, is discovered i'll
a bill introduced in the House today
by Representative Hitchcock of Ne
braska, Democrat The bill directs
Speaker Cannon to appoint commit
tee of seven members with full power
to make a complete investigation of
the condition of the general land Of
flee in recent years in regard to coal
lands and other public domain in
Alaska.
Re9ort of Secretary of Treasury.
Washington, D. c.. Dec. RE
trenchment is the keynote in the esti-
mates of expenditures for the execu-
tive departments of the government
for the fiscal year 1911, embodied in
the anual report of Franklin Mac
Veagh as secretary of the treasury,
with President Taft's declared policy
of greater ECONOMY in administering
the affairs ! the government.
The total estimates for 1911 are
$671 2SS,075, which are less by $55,-
@663,091 than the appropriations for
1910 and $94, ,001 ,493 less than the es-
Inmates for 1910. The total estimated
receipts for the current year aggre-
gate $64S,0000 600 and for 1911 about
$672, 100000, leaving an ordinary de-
ficit for the current year of $34,O75,62O
and for 1911 surplus of $4S,775, ,449.
Adding the payments ON account of
the Panama canal and the public debt,
the total deficit of the present year
becomes S73,075,620 and for 1911 a
surplus of $711,925.
Secretary MacVeagh, emphasizing
the hard rigidity of the present reve-
nue. system, with it's recurrent econom-
ical agitations and its long intervals of
tixity," says it will be necessary to
meet these deficits to sell either bonds
or certificates in Indebtedness. ''In due
course" he adds, 'it would seem that
it must be made practicable to both
estimate receipts, with close approx
imation to the actual, and to provide
for their annual rise or fall by some
flexible factors in our annual taxat-
ion,'
mates, Mr. MacVeagh declares, result
from improved handling of the gov
ernment work and the postponement
of expenditures which can be delayed
in an effort to adjust immediate ex
penses and receipts. He sounds a
warning, however. that the reduc.
tions in appropriations will be dis
appointing unless equal attention is
given to other important savings
Secretary MacVeagh reviews the
organization, or rather lack of organi
zation, of the fiscal responsibilities OF
the executive and legislative branch
es of the government and the reor
saniZation thereof now in progress
away from the extreme disorganiza
ton of the past and observes thai
''even if our country is rich it can
not afford to be wholly unscientifit
in its appropriations.
Probably the most important rec
ommendation made by the secretary
is that the tax on bank circulation sc
cured by United States bonds here
after deposited bearing interes
higher than 2 per cent, shall be in
creased in exact proportion to th'
increase in the rate of interest aboy,
two per cent. He advises continu
ance of the rate of one-half of one pc
cent for circulation based on tw,
per cent bonds. Mr.. MacVeagh say
that if the Panama bonds authorize,
by the law of August 5, 1909, shoul
be issued at per cent, they woul
have a much better circulation priv
ilege than the outstanding two pc
cents, the tax being only one per cent
Mr.. MacVeagh would make the ta
Ton them IL per cent; otherwise tn
already low market value of the
DER CENTS MQul2 undlllY daclina