The river press., 1909-12-15

De lOSI. the indispensable 1nStruultl, t:l
ity presented itself when yro,,p ,
American bankers Of internnt;u,,;
reputation and great resources a..ype
at once to share in the loan upon u,,
c1se1y such terms as this govern,ne1
should approve. The chief of thos
terms was that American railway IN;
tertal should be upon an exact euualit
with that of the other nationals ioi1
Ing In the loan in the placing of O,
ders for this whole railroad system
After months of negotiation the eoua
participation of Americans seems a
last assured.
In one Of the Chinese-Japanese con
ventions Of Sept. Of this year ther,
was provision which caused consid
cradle public apprehension in tha
upon its face it was believed in som,
quarters to seek to establish monop
oily of mining privileges along the
South Manchurian and Antung-Muk
den railroads and thus to exclude
Americans from a wide field Of enter
prise, to take part in which they were
by treaty with China entitled. After
a thorough examination Of the conyen
tons 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
a 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.
The Department Of State.
I earnestly recommend to the favor
able action of the congress the esti-
mates submitted by the department Of
state and most especially the legisla-
ton suggested in the secretary Of
states letter of this date whereby it
will be possible to develop and make
permanent the reorganization of the
department upon modern lines in
manner to make it a thoroughly ef-
flcient instrument in the furtherance
Of our foreign trade and Of American
interests abroad.
Under provision Of the act of Aug.
8, 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
and exporters with the
department of commerce and labor in
Its relation to the domestic aspect of
the subject of foreign commerce
AS consequence of section 2 of the
tariff act of Aug. 5, 1909, it becomes the
duty of the secretary of state to con-
duct as diplomatic business all the
negotiations necessary to place him in
4 position to advise me as to whether
Or not particular country unduly dis
against the United States
In the sense of the statute referred to.
Government Expenditures and Rev.
enues.
Perhaps the most important ques-
tion presented to this administration
ls that of economy in expenditures and
suffciency of revenue.
The report of the secretary shows
that the ordinary expenditures for the
current fiscal year ending June 80,
1910, will exceed the estimated re-
:eipts by $34,075,6 If to this deficit
Are added the sum to be disbursed for
the Panama canal, amounting to $685.
100000, and $1,O0O.OOO to be paid on
the public debt, the deficit of ordinary
receipts and 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 |
70 pay the cost of constructing the
Panama canal. l approve this pro-
posal.
Tho Panama Canal.
The policy of paying for the con-
of the Panama canal not |
'ut Of current revenue, but by bond |
ssue, was adopted in the Spooner act |
u 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
tall upon our posterity, who are to
enjoy it, and there is all the more rea-
son for this view because the actual
lost to date of the canal, which is now
half done and which will be completed
Ian. l, 1915, shows that the cost of
engineering and construction will be
'297, 100000 instead Of $139, 7O5, 200, as
estimated. In addition to
and construction, the 9th
r expenses. including sanitation and