The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1910-12-08

Washington, Dec. S.-Currency re-
form; extension of the scope of the ma
tional banking laws, in the event Of
no immediate changes i'm the monetary
system; civil service retirements,
customs service free from practical
politics; business-like methods in the
daily transactions of the government
and general abolition of red tape
wherever it clogs the wheels of the
governments business are among the
recommendation contained in the an
nual report of Franklin MacVeagh. Sec
rotary of the treasury. presented to
congress today.
The expenses of government i'm the
fiscal year 1912, for which this session
of congress is asked to appropriate are
estimated at $630,494,O13.12. The esti-
mated expenditures of the Panama
canal are given as S56,920.s476e. max
ing total of $6sz414,S6O.S1 The es--
Inmates IL carried out. represent net
savings Of about $ls,0OO,00O in the ex-
ecutlVe departments as compared with
me appropriations for the current fs-
cal year
While the secretary's report esti
mates the total expenses Of govern
a. *Uotfflf'ooO, the estimates
Whlch has been transmitted to con-
gress ask for $74s,414,s60, a difference
OF $ol,O0OOO0. Congress is asked to
appropriate this extra SCI 100000 to
make the sinking fund law effective.
II would be an appropriation to per
init the treasury to begin applying /
per cent year to the discharge OF
the national debt The law authorizing
such procedure has been dead let
ter for some time, as congress has
never appropriated any money!
Receipts for 1912, Secretary Mac
Neagh estimates, will be $3.50 600 900
which would leave an ordinary surplus
of a round s5O,O00,OO0 If the treasure
should continue to pay for the Panama
canal out Of the cash drawer as at
present, such surplus would be turn
ed to deficit of $7,414,s6O.S1.
Secretary MacYeagh expresses the
nope that the monetary question will
come into congress detached from sec
tional or political considerations.
our system can fairly be called a
panic-breeding system" he saws
whereas every other great national
banking and currency system is panic
preventing. AS long as we continue
under our present system we are IiabJa
TO panics and the devastations OF nan
les reach republicans and democrats
and all parts OF the country alike.
Panics are no longer necessary and no
longer respectable. It is for the gov
eminent to say whether we shall have
panics in the future or not. II Is a
mere matter Of choice.
We have no system of reserves.
our banking system destroys them. II
concentrates IN New York what are
pretended to be reserves and then
forces the New York banks 70 lend and
abolish them. Our system, instead of
building up reserve, DESTROYS il as
fast as 1t inclines to accumulate
In connection with his criticism Of
the money system, one of the secre-
tary's most important recommended
tons concerns future issues of Panama
bonds of which 1926. 900 900 were au-
thorized by the tariff act. The seere-
tary renews the recommendations he
made last year for legislation to tax
the new bonds at one and one-half per
cent If used by national banks for cir
culation and intimates, as was an
nounced in news dispatches few DAYS
ago, that It might be more preferable
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