The Fargo forum and daily republican., 1911-12-21
Continued From Page one.


including the interest on the public
debt, amounted to 1854, 4,137, ,907.S9 leav-
ing surplus of $47,234,377.1O.
The postal revenue receipts amount
ed $237S79,SZ3.60, while the payments
made for the postal service from the
postal revenues amounted to $237,60,-
705.4S, which left surplus of postal
receipts over disbursements of S219,-
1882, the first time in q years in
which a surplus occurred.
The interest-bearing debt of the
United States June 80, 1911, amounted
TO $915, ,353,190 The debt on which in
terest had ceased amounted to $1,879,-
S3026, and the debt bearing no inter-
est, including greenbacks, national
bank notes to be redeemed, and frac-
tional currency, amounted to 1886, ,751,-
91743, or a total of interest and nom
interest bearing debt amounting to
$1,S03,9 ,9S4 .937.69.
The actual disbursements, exclusive
of those for the Panama canal and
for the postal service for the year end
ing June 30, 1911, were 1854. 49,, ,997.S9.
The actual disbursements for the year
ending June 80, 1910, exclusive Of the
Panama canal and the postal service
disbursements were 1868, 705, ,391.08,
making a decrease of $5,567 ,393.19 in
yearly expenditures in the year 1911
under that of 1910. For the year end
ing June 80, 1912, the estimated re-
ceipts, exclusive of the postal reve-
nues, are $666,000,000, while the total
estimates, exclusive of those for the
Panama canal and the postal expendi-
lures payable from the postal reve-
nues, amount to $645, 1894 This
is a decrease in the 1912 estimates from
that of the 1911 estimates Of $1,534,
367.22.
For the year ending June go 1918,
the estimated receipts, exclusive of the
postal revenues, are 100000, while
the total estimated appropriations, ex-
elusive of the Panama canal and postal
disbursements payable from the pos
tai revenues, will amount to 1897, $780,
S03.35. This is a decrease in the 1913
estimates from that of the 1912 esti-
mates OF 1921, ,995.99.
AS to the postal revenues, the expan-
sion in the business in that depart
ment, the normal increase in the post
Office and the extension of the service,
will increase the outlay to the sum of
$3.50, ,463; but as the department
was self sustaining this year the post
master general is assured that next
year the receipts will at least equal
the expenditures, and probably exceed
them by more than the surplus of this
year. 1t is fair and equitable, there
fore, in determining the economy with
which the government has been run,
to exclude the transactions of de-
partment like the postoffce department,
which relies for it's support upon it's
receipts. In calculations heretofore
made for comparison of economy In
each year, 1t has been the proper Gus
tom only to include in the statement
the deficit in the postoftice department
which was paid out of the treasury.
A calculation of the actual increase
in the expenses of government arising
from the increase In the population
and the general expansion of govern
mental functions, except those of the
postoffice, for number of years shows
a normal increase of about 4 per cent
a year. BY directing the exercise of
great care to keep down the expenses
and the estimates we have succeeded
in reducing the total disbursements
each year.
Credit of United States.
The credit of this government was
shown to be better than that of any
other government by the sale of the
Panama canal per cent bonds. These
bonds did not give their owners the
privilege of using them as a basis for
bank-note circulation, nor was there
any other privilege extended to them
which would affect their general mar
ket value. Their sale, therefore, meas
ured the credit of the government. The
premium which was realized upon the
bonds made the actual interest rate
OF the transaction 1900 per cent.
Efficiency and Economy.
In the treasury department the eff
a
kept steadily up. Provision is made
for the elimination of 1S4 positions
during the coming year. Two hundred
and sixty-seven statutory positions
were eliminated during the last year
in the Office of the treasury in Wash
ington, and 141 positions in the year
1910, making an elimination OF 542
statutory positions since March A,
1909; and this has been done without
the discharge Of anybody, because the
normal designations and deaths have
been equal to the elimination of the
places, a system of transfers having
taken care Of the persons whose po-
sitions were dropped out. In the field
service of the department, too 1859
positions have been eliminated down
TO the present time, making a total net
reduction of all treasury positions to
the number of 1901. Meantime the effl-
cheney of the work Of the department
has increased.
Monetary Reform.
A matter of first Importance that
win come before congress for action
at this session is monetary reform.
The congress has itself arranged an
early introduction of this great ques-
tion through the report of its monetary
commission. This commission was