The Cairo bulletin., 1910-02-24
ADDRESSED LARGE AND EN-
THusiAsTic AUDIENCE AT
BANQUET At NEWARK.
PRAISES The TARIFF
As One Of the Greatest income Pre-
ducers in Operation--Tells
About Advantage OF Water
way Improvement. E

dressed one OF the largest and most
enthusiasts dinner audiences he has
met In all his travels. Eight hundred
members and guests gathered at the,
Newark Board OF Trade banquet IN
krueger's auditorium.
Taft's theme was the homely sub
ject of governmental economy, and
he voiced the hope that the commits
sion which is to revise the business
methods OF the departments may eff
feet the saving of a hundred millions.
Senator Lodge, who was one OF the
banquet orators, returned to Wash
ington at midnight with the presi-
dent.
What Taft Said.
Taft expressed pleasure at being a
fellow guest with Senator Lodge,
who was discussing high prices. "a
question which occupied the attention
of all the people and invited investiga.
tion into its cause by congress and
some state legislatures" Tafts
speech was devoted to the subject OF
government expenses and revenues,
possible economies, ana what expen-
ditures were essential at whatever
burden OF taxation.
Reverting to the deficits Of 1908
and 1909 Taft said @ 4a.,.
THE pinching effect of the falling
off of revenues and the discontinu-
anees Of expenditures, at the same
rate, attracted the attention of con-
gress, SO now the secretary of the
treasury is required to make budget
of the expenses and also stimulate
asse probable revanuessea and Ii bis -calt
culations show a deficit, to recon-
mend additional taxation or sale of
bonds sufficient to meet 1t.
The calculation of the present
year showed the deficit was likely TO
be s4,0030,O00, with respect to ordl-
nary receipts and expenditures. am
glad TO say the operation of the new
tariff bill is so much more productive
of income that the deficit is likely to
be considerably reduced. In addition,
however, to the ordinary deficit, we
have to provide for the Panama canaf
expenditure of $3S,o00000.
by meeting the expenditures on
the panama canal with the proceeds
of bond issues, we have enough cash
to meet the deficit in our ordinary
expenses, and ii we meet the expendi-
lures On the Panama canal for the
following year. we will have a surplus
OF s36,eoe,000, or if the revenue pro-
ducing capacity Of the new tariff
keeps up to the present Indications.
this surplus may be increased to
$50,000,000 On the other hand, if
congress adds to the expenditures OF
the government for new enterprises
in the river and harbor bin and the
construction of federal buildings, II
will be easy to consume or exceed the
entire surplus.
Must Provide For Canal.
Everybody must admit the wisdom
OF providing for the payment of the
canal expenditure by bonds. 1t IS
only fair that which we provide for
posterity should be paid for in part
by nosterity. @
Not only is such a pricniple just
and right In the Panama canal enter
prise, but lit seems to ME wise and
appropriate reference to those def.
mite projects agreed upon respecting
the Improvement of inland water
ways would not begin the expendi-
ture of any money on any project the
wisdom of which is not fully -vindi.
Gated by experts; the cost OF which
is not ascertained by the most ex-
perienced engineers. But having de-
termined to put through an improve
rnent 1t ought not to be done by fits
and starts. but as one job, and pro.
vision for its completion ought to be
made by issuing bonds. unless the
country's revenues afford sufficient
amount to complete 1t within an
economical time.
River Improvement.
"This statement has a peculiar APP
plication to the river and harbor bin,
which has now passed the house.
There is the Ohio river Improvement,
to cost s63,000,O0O, entered upon, and
an appropriation made for its con-
tinuing. The same is true Of the inn
provement OF the Mississippi from
st. Paul to st. Louis, and from st.
Louis TO Cairo, and of the Missouri
from Kansas City to st. Louis. These
projects seem warranted by the traf-
flc in sight"
Taft explained at length the dis
crepancy between the estimated cost
Of the Panama canal and the actual
cost as now fixed, the enlargement
from the original plan. changes made
to various points, etc, asso related
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