The Denison review. [volume] (Denison, Iowa) 1867-current, 1909-12-08


gent that this opportunity should not
be lost. the Indispensable Instrumental
i ity presented itself when group of
American bankers of International
| reputation and great resources agreed
I at once to share in the loan upon pre-
/ cisely sach terms as this government
! should approve. The chief of those
| terms was that American railway ma
! tarial should be upon an exact equality
with that of the other nationals join
| ing in the loan in the placing of or
ders for this whole railroad system.
After months of negotiation the equal
participation of Americans seems at
last assured.
In one of the Chinese-Japanese CON
ventions of Sept. of this year there
was Il provision which caused consid-
cradle public apprehension in that
upon it's face it was believed in some
quarters to seek to establish Il monop-
oily of mining privileges along the
South Manchurian and .Antung-Muk-
den railroads and thus to exclude
Americans from wide field of enter
prise, to take part in which they were
by treaty with China entitled. After
a thorough examination of the conven-
tions 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
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.
l 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 a
manner to make it a thoroughly eff
ficient instrument in the furtherance
of our foreign trade and of American
interests abroad.
Under provision of the act of Aug.
5, 1909, have appointed three officials
to assist the officers of the government
in collecting information necessary to
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
manufacturers and exporters with the
department of commerce and labor in
it's relation to the domestic aspect of
the subject of foreign commerce.
AS a consequence of section 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
a position to advise me as to whether
or not particular country unduly dis
eliminates against the United States
in the sense of the statute referred to-
Government Expenditures and Rev
enues.
Perhaps the most important cues
ton presented to this administration
is that of economy in expenditures anC
sutticiency of revenue
The report of the secretary shows
that the ordinary expenditures for tn,
current fiscal year ending June 30
1910. will exceed the estimated re
ceipts by $34.O75,62O. If to this detici
are added the sum to be disbursed fo
the Panama canal, amounting to $3S,
100000. and $lOo0,O00 to be paid OF
the public debt, the deficit of ordinar,
receipts and expenditures will be in
creased to a total deficit of $73.O75.6
This deficit the secretary proposes tt
meet by the proceeds of bonds issuet
to pay the cost of constructing tn,
Panama canal ! approve this pro
posal.
The Panama Canal.
The policy of paying for the con
struction of the Panama canal mo-
out of current revenue, but by bono
. issue, was adopted in the Spooner ac
of 1902, and there seems to be no goo(
reason for departing from the princi
| pie by which Il part at least of the
burden of the cost of the canal shall
l fall upon our posterity who are tt
enjoy it, and there is all the more rea
son for this view because the actua
/ cost to date of the canal which is nov
half done and which will be completed
Jan. l, 1915. shows that the cost OF
engineering and construction will bt
$29776G,O0O instead of $139 7O5 200, a.
originally estimated In addition tt
engineering and construction, the 9th
or aypanSoS inclu1ipor cop;+,+:o,,