Daily Arizona silver belt., 1909-12-10
Srrl, 0ry MacVeagh Sounds Nu.. of Warning in His
 Annual Report
APPROPRIATIONS TO
 BE LESS LAVISH
Thrvud of Economy Plainly Apparent nj Interest
 ing Document

WA>FIN NGTON. D. C., December s.. P..eu .ment is the keynote in the es- fra-r~ ot expenditures for the exeeu- fra l,, rtments of the government for 4s f,a. year 1911, embodied in the annual report of Franklin MacVeagh as psrerarr of the treasury, made public aay. This is in line with President 5f,', dtrlared policy of greater econ ,rv u administering the affairs of the .verument.
 "Tha total estimates for 1911 are E4 ,I97, including the naval build rg program. Excluding the increase in te Panama canal estimates, the total gimaro> for 1911 show a decrease of S1,244 493.S9 under the appropriations for sl9lo. Including the increase in hp Panama canal eStimates, the total gma.r for 1911 shows a decrease of 49Sl> 96919 under the appropriations hr lgIN The ordinary estimated re- aipr, for the current year are S64S,000,- m and the ordinary disbursements %,2. .u--620, leaving a deficit in .or- Elarv receipts of $34,075,620. When 1e ravmonts on account of the Panama anal aaJ the public debt are added, the Dt d-r.lr of the fiscal year 1910, is es- tna,. at S73,O75, ,620.l2. The esti- n'al .rinary receipts for 1911 are S--. .u00. and the estimated ordinary rnnr#tions, S636, LOGS, ,672.5l, or a sur 'rs D nrdinary receipts of S35,93l,- G'+a When the Panama canal esti- Ea,a, for 1911 are added the surplus is |rmI aro a deficit of $l2,132,l97.
 "E.r rhe fiscal year 1910 the naval E.lr- program was not included in te ,rates submitted to the congress. When 'ar naval program is eliminated from r.a estimates for 1910 and 1911, -e total estimates for 1911 are s94,- Nl#g-g2 less than the total estimates
 Secretary MacVeagh, emphasizing the hard rgIdity of the present revenue Tstem, with. its recurrent economical agitation, and its long intervals of fix IT, saws it will be necessary to meet lese deficits to sell either bonds or cer- |tfcate, of indebtedness. "In due @1rse he adds, Cit would seem that mus, he made practicable to Ooth es- Innate r.r"ipts, with close apprOxima- u0D [, me actual, and to provide for helr annual rise or fall by some flex bie factors in our annual taxation. !" Reductions This Year
 Retn.,ons in the present estimates, At MaoNcagh declares, result from i'm 0veI .gndling of government work .ol t.. postponement of expenditures 5nrh rnu be delayed in an effort to .lU,' nuedate expenses and receipts. ae >""'..- a warning, however, that the -lur'w.~ in appropriations will be dis ..ponag unless equal attention is .Fen !. other important savings.
 Nerr"arv MacVeagh reviews the or aaza' u. or rather lack of organiza- .oD. @ he fiscal responsibilities of the Geco'.sr and legislative branches of ne g'N.rnment and the reorganization
 leFent now in progress. He voices the loPe '.f there will be constant ,@go-- way from the extreme disor EGz ,H of the past" and observes Aa' '..rn if our country is rich it ao1,- lord 10 be wholly unscientific II, "ropriatiOns
 fr" the most important recOm- -elI. made by the secretary is that .. '.s bank circulation secured by
 a'". .."tos bOnds hereafter deposited
 ar.- crest higher than 2 per cent,
 '.. reased in exact proportion to
 ga in the rate of interest above per ..... He advises continuance of
 es rr one half of one per cent for
 L... based on per cent bonds. 'L na0h says that if the Panama ,'..- .prized by the law oI August
 # ouId be issued at 2 per cent, -s' " | have a much better circula-
 24. .pge than the outstanding ?
 rhc tax being only per cent.
 '' ,uagh would make the tax on
 s0 .or cent: otherwise the already ' nt value of the ? per cents
 yl" UIy decnne.
 ,. '. anne time, MT. MacVeagh says,
 N " De to complete the legislation ," - the new Panama bonds to
 & tn' p available so as to begin the
 ."""' nt of the indebtedness to the
 EDera und of the treasury of the
 UI anal. lie suggests unaC IT lhe
 j- '' Of ny of those bonds should pro.
 ,. ,..e n"rr cash than the treasury bal
 S;1 %y1 n."ls, some of the ? per cents
 F,i.' g.' " bought in the market for the
 ,r1Ahg ond, thus keeping the market
 E.e "' he latter class above par. De
 ,,5 aI'o- hat the government has not
 ro o1 4"."r has had, per cent borrow
 -A INr..r Mir MaaNaanh cave if nnG
 I,~l ""old have been better never tC
 '''e L, ""d ? per cent bonds or bonds