Los Angeles herald., 1910-02-24
LAssociated Pressl

Mt EWARK n. j., Feb. 23.-President
Taft, the first chief executive
~ since Grant to visit Newark, to-
night addressed one Of the largest and
most enthusiastic dinner audiences he
has met in all his travels. The banquet
was given by the Newark board of
trade and more than 800 members and
guests attended.
Mr. Taft took for his theme the sub
ject of governmental economy, and said
he shared the hope that the commission
which is to be appointed to revise the
business methods of sthe big depart
ments at Washington may effect saw
ing of $1O0, 100000 a year.
Mr. Taft left at IL o'clock last night
for Jersey City, where his car was
switched to the midnight train for
Washington.
He came to Newark this afternoon
>by automobile from New York. At
Harrison the school children halted the
presidents car and one little fellow
made a patriotic speech. Mr.. Taft re-
sponded and thanked the children for
their welcome.
Senator Lodge of Massachusetts,
Governor Fort of New Jersey, and the
president were the principal speakers
at the banquet
Taft Acknowledges Delight
President Taft. after acknowledging
the pleasure of being afforded the OPP
portunity to speak to the business men
of New Jersey, said:
when l accepted the invitation to
come here 1 learned that was to have
the pleasure of being a fellow guest
with my friend, Senator Lodge, and
that he was to take up the question of
high prices, a question which has oc-
cupied the attention of all the people,
and has invited the investigation into
it's cause by the congress of the United
States and by some of the state legis-
latures.
For my part of the evening I should
like to direct your attention to a more
prosy subject-to the question of gov
ernment expenses and government rev.
enues, and the possible economies and
what expenditures are essential at
whatever burden of taxation.
''It has so happened that in many
wears of the past the revenues have
Increased more rapidly than the ex-
penditures and there has been a sur
plus. In the life Of the Dingley bill.
which carried us from 1896 to 1908. the
revenues exceeded the expenditures by
about $3.50. .000, 900, but the surplus took
place in the early years, so that in
1908 we had deficit, and in 1903 we
had deficit.
1.-THE calculations of the secretary of
the treasury for the present year
showed the deficit was likely to be
$34, ,000, 900 in respect to ordinary re-
ceipts and expenditures. In addition,
however, to the ordinary deficit we
have to add the Panama canal ex-
penditure for immediate provision of
S38. 900, 900, or, what was estimated to
be total deficit of $72,UOO,O00 is now
reduced considerably.
"Ry meeting the expenditures on
with fha I0rOOna6q q
of bond issues we have enough cash
in the treasury to meet the deficit in
our ordinary expenses for the current
wear, On the other hand If the con-
gress proposes to add to the expen-
ditures of the government over those
estimated for new enterprises in the
river and harbor bill and for the con-
struction of the federal buildings under
a building act, it will be easy to con-
sumo or exceed the entire surplus.
s'Eyery one must admit the wisdom
of providing for the payment of the
canal expenditure by bonds. rms IS
work of permanent character, and
If seems only fair that that which we
provide in such a generous measure
for posterity should be paid for, in
part, at least, by posterity.
mot only is sucA principle just
in a case like the Panama canal but
II seems to be appropriate to adopt 1T
with reference to other projects.
refer to those definite projects that
have been agreed upon in respect to
thn Improvement of our inland water
ways. would not begin the expen-
dture of any money on any project
the wisdom of which had not been
fully vindicated; but having deter
mined to put through the improve
ment. it ought not to be done by fits
and starts, but it ought to be done as
one job.
cation to the river and harbor bill,
which now has passed the house.
Thels the Ohio river Improvement, to
cost $63 100000, is entered on and an
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