Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1911-12-21

department which was paid out OF the
treasury.
A calculation OF the actual increase
In the expenses OF government aris-
ing from the increase In the popula-
tion and she general expansion OF gov
ernmental functions. except thosa OF
the post ONCE, for number Of years
shows a normal Increase OF about four
per cent a year. ny directing the ex-
crclse OF great care 10 keep down the
expenses and the estimates We have
succeeded In reducing the total dis
burscmcnts each year.
Tho Credit of lite United ssatcS.
The credit OF this government was
shown 60 be better than that OF any
other government by the sale Of the
Panama canal three per cent bonds.
These bonds dld not give their own
ers the privilege OF using them ~ a
basis for bank-notc circulation, nor
was there any other priyiiceP ex-
tended TO them which would anect
their general market value. Their
sale, therefore, measured the credit Of
the government. The premium which
was realised upon shn bonds made the
actual interest rate OF the transaction
1850 per cent
Enscicncy aud soconosns IN the Treas
ury Department.
In the TREASURY department the efh-
ciency and economy work has been
kept steadily UP. Provision n made
for the elimination OF iSt positions
during the coming year. Two hun
dred and sIxty-aeven statutory posi-
tions were eliminated during the last
year in the office OF the treasury IN
Washington. and la positions In the
year 1919. making an elimination OF
5i2 statutory positions since March =,
1909: and this has been done without
the DISCHARGE Of anybody, because the
normal resignntions and deaths hava
been equal to the elimination Of the
places, system Of transfers having
taken care of the persons whose po-
sltlons were dropped out. In the field
service OF the department, too, 1853
positions have been eliminated dowh
60 the present time. making a total
net reduction Of ali treasury positions
to the number OF l.soi. Meantime
the efficiency Of the work o. the de-
partment has increased.
Monetary Hefort.
A matter OF first Importance tha1
will come before congress fer action
at this session II monetary reform.
The congress has itself arranged an
carly introduction OF this great ques-
tion through the report OF It's mon
etary commission. This commission
was appointed 10 recommend solu-
ton OF the banking and currency
problems 30 long confronting the ma
lion and 90 furnish the facts and data
necessary TO enable the congress 20
take action. The commission was APP
pointed when an impressive and urg-
ent popular demand for legislative re-
| lief suddenly arose cut OF the distress
/ Ing situation of the people caused by
the deplorable panie OF 1907. The
congress decided that while II could
not give Immediately the relief re-
qalred. u would provide commission
TO furnish the means OF prompt ac-
tIon at a later date.
In order 60 do its work with thor
ounhness and prectsloH this commls-
sion has taken some time TO make us
report. The country In undoubtedly
hoping for as prompt action on the
report as the convenience Of the con-
gress can permit. The recognition OF
the Erosa lmperfectlona and marked
| lnadeauaey ~ our banking and cur
I rency system even In our most quiet
financial periods In of ioEg standing;
and later there has matured recog-
milton or the fact that our system u
responsible for the extraordinary de-
vRntntlon. waste and business paraly-
sis OF our recurring periods OF panic
Though the members 81 the monetary
Il commission have for considerable
time been working in the open. ana
4 while large numbers OF the people
\ have been openly working with them
and while the press hns largely noted
and discussed this work as Il has pro-
ce eded, 80 that the report OF the com
i mission promises to represent a ma
tIonai movement, the details OF th'
] report are stiil being considered.
Il can not therefore. DO much more al
4 this time than commend the immenss
II importance of monetary reform, urs'
u prompt consideration and action whef
/ the oommisslon'E report is received
and express my satisfaction that thu
milan To be proposed promises 10 EN-
] brrca masn features that. having me-
the approval OF a great prepondcrancs
: of the practical and professional opin
:. ION of the country. are likely 10 NEE
4 equal approval Ia congress.
! ID y exceedingly fortunate that th'
Il wise and undlsputed policy OF main
u talnlng unchanged the main features
I Of our banking system rendered u a
/ once Impossible so introduce a ccntra
, bank; for a central bank would Ger
; talnly nave bee n resisted. and psai
4. Into which II could have been intro
y duced would probably have been de
, feated. But as central bank couls
I not be part OF the only plan dts
/ cnssed or considered, that trouble
: some question IL eliminated. And In
: eenlous and nOvei as the proposes
: National Reserve association appears
Il simply Is a logical 0utgrogth OF VIVA
II Il best Ia our present system. and Il
tin fact, tho fuiiilment of that system
i Exactly how THE management a
althht association should be orsanizel
1 is question still open. II seems To b
RIdsalfablr that the banks which wonl
: LEVIN the association should In the mai
= manaee Il. Il viii he an agency o
.