The Washington times., 1909-04-19
ALDRICH DEFENDING
SENATE TARIFF BILL
Is Certain New Measure viii Increase Revenues, But
Insists There Must Be No Extravaganza
Kind of Panama Bonds Urged.

stocks of imported merchandise. The
character of the legislation proposed
furnishes no reason for accelerated i'm
ports, as there are practically 10 rates
In either the House or Senate bill which
are 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
continued march of improvement have
little knowledge Of the recuperativs
powers of the American people and fail
70 measure correctly the force of the
spirit of confidence which will accom-
pany guarantee Of security and indus
trial peace
In discussing the present condition of
the Treasury, Aldrich calculated that
there would be, by June 80, an avail
able surplus over a necessary working
balance. of S94. 900 coo, but this includes
S4,vO,OOO which the Treasury is enti-
tied to receive for reimbursement Of
Panama canal expenditures.
VIII Be Surplus Then.
At the end of she fiscal year 1910,
despite the estimated deficiency OF 49,
100000. there would still be a surplus
Of S49, 900.
In making this estimate, Aldrich said
that he had assumed that "canal bonds"
could be sold from time to time TO
reimburse the Treasury, and that they
were now available for that purpose
urther legislation would, however, be
necessary to secure that result
The Comptroller cf the Treasury"
he recalled, has held that S60O00 900 of
the amount paid is not reimbursab
under the provisions Of existing laws
This lack Of authority will undoubted-
ly be remedied by a proper amendment
Legislation will also be required in
the pending bill to change the charac-
ter OF the bonds which may be issued
Existing legislation only authorizes the
issue OF PEI cent bonds, which must
be sold at not less than par. These
could only be purchased by or for the
national bar1ss. II would not be pos
sible to sell q considerable amount of
Need New Class of Bonds.
''It viii. therefore. be necessary to
authorize the Secretary of the Treasury
to sell bonds Of a different class Bonds
redeemable az the pleasure of the Gov
ernment, after a few years, could IN
doIbtedly be sold at a rate not exceed
ing 5 per cent, and the necessary aIl-
thority should be given in this bill for
such purpose"
Referring again to the necessity for
retrenchment in expenditures, Aldrich
said:
The conditions under which appro-
pr1ations are usually made by Congress
are, perhaps, IN part responsible for the
willful waste Of public money. Each
department practically makes its own
recommendations, independently of all
the others. and without reference to the
total amount Of revenues which can be
safely appropriated.
No Question of Funds.
The committee in charge of the vari-
Gus appropriation bills are required to
consider only the needs Of the respec-
tive departments for which they report
appropriations and without reference
to the total amount Of money available.
1T is important in the interests of the
public service that a radical change in
the procedure with reference to appro-
priations should be made, and the SEN
ate Is pledged to immediate reform in
this regard.
1T should be the function Of the Com
mittee on Public Expenditures. recently
created, to take into consideration, long
before the appropriation bills are re-
ceived from the House. the estimates
and needs Of the various departments
and report their recommendations to
the Senate In order that responsibility =
for future extravagances may be fixed. I"