The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1909-12-08
NATIONAL EXPENDITURES
GREATER THAN RECEIPTS
EHiraVagancs Of Congress
COYerlDRebuked By StItng-
box Watchdog

mcnt IS TIE keynote In the estimates
OF expenditures for the executive de
partments Of the government for the
fiscal year 1911. embodied in the an
nual report Of Franklin MacVeagh as
secretary OF the treasury, made pub
lie today This is in line with Presi
dent Taft's declared policy, Of great
er economy in administering the af
fairs Of the Government
The total estimates for 1911 are
S6S4,lS2,197, including the naval
building plogram. Excluding the in
crease in the Panama canal estimates
the total estimate for 1911 shows a
decrease OF S57,244.493.S9 under tat
appropriations for 1910. Including
the increase in the Panama canal
estimates, the estimates for 1871
show decrease Of s42,SiS,96g.19. I'M
der the appropriations fof 1910. The
ordinary estimated receipts for tnC
current year are $6fS000,0Q0 and the
ordinary disbursements at $6S2.071,
620 leaving a deficit in ordinary re
ccipts Of $3i,075,620 When the pay
ments on account Of the Panama ca
nal and tho public debt are added TIC
iotal deficit Of The fiscal yea i9lt
is estimated at S7S,075,620.lg. The en-
iimatcd ordinary receipts for 1911 arc
$6T2E 600 and the estimated ordin
ary appropriations S636e6S,672.5t o.
surplus In ordinary receipts Of $3J,
93i,327i9 When the Panama CAM
estimates for 1911 arr added tho slu'
plus is turned into deficit Of Sl-t
i32.l97.2l
For the fiscal year 1910 the naval
building program vas not included
in the estimates submitted to the
congress When the naval program
is eliminated from the estimates fol
1910 and 1911. the total estimates fol
1911 are sg4,00l 1929 less than the
total estimates for 1910.
Sell Bords 10 Meet Jeficits
Secretary MacVeagh emphasizing
the "hard rigidity OF the present rev
enue system, with It's recurrent econ
omeal agitations and its long in
tcryals of fixity,' says II will be nee
essary to meet these deficits to sci
either bonds or certificates OF III
debtedness In due course, he ADDS
~ would seem that 1t must be made
practicable 70 both estimate receipts
with a close approximation 70 the
actual and TO provide for their an
nual rise or fall by some flexible fac
tors in our annual taX3tion
Reductions in the present estimates
Mr. Macyeagh declares, result from
improved handling Of the government
work and the postponement Of ey
pendtures which can be delayed III
an effort 10 adjust immediate ey-
penses and receipts. He sounds q
warming, however, tEst the equal re-
duetions In appropriations win be dis
appointing unless equal attention Is
given to other important savings
Secretary MacVeagh reviews the
organization. or rather lack Of or
ganizaton, Of the fiscal responsible
ties OF the executive and legislative
branches Of the government and the
reorganization thereof now in prog
ross He voices the hope that there
will be constant progress away from
the extreme dsorganlzation Of the
pas" and observes that even ii on,
country is rich Il cannot afford &c
be wholly unscientiiic in its appro
priations'
Tax On Bank Circulation
Probably the most important rec
ommendstion made by the secretary
Is hat the tax on bank circulation Sc
cured by United States bonds here
after deposited bearing interest higl
es than two per cent, shall be IN
creased in exact proportion 10 the in
crease in the rate OF interest abo'
TWO per cent. He advises continu
ance Of the tate OF one half OF on
! per cent for circulation based on tvs
per cent bonds. Mr. MacVe1gh say.
thaI II tho Panama bonds authorized
by law Of August 3. 1909. should b'
issued al per con- they would have
much better circulation priyilpg'
than the outstanding two PEI cents
the Tax being only one per cent M
MacYcagh would make the tax 0l
them / i-2 per cent. otherwise ~
already low market value of the
per cents would unduly decline
At The same time, Nj MacNeagl
says Il is desirable to complete IN
legislation respecting the new pana
ma bonds to make them available s.
as to begils the settlement OF the IN
debtedness to the general fund 0
the Treasury OF the Panama Cana
He suggests that il the sale Of an,
OF those bonds should produce NOR
clsh than the treasury balance needs
some OF the two per cents might b
bought In the market for the sinlSIn
fund thus keeping he market pric
y 80 .as s'cc 80 ~
clafing that the governments has moi
and never has had, a two per cen
borrowing power Mr. MacNeagh say
il nussihly would haze been bette
u have ISSUED GNo aef cent bond