Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1911-12-22
WARNING AGAINST
BIC MONEY TRUST
SOUNDED BY TAFT
National Reserve Plan of FL
nanCiaI Reform to Prevent
Panics Advocated in Mes
sage on Treasury Condition
fBy Associated Press. ]

(By Associated Press)
+ WASHINGTON, Dec. A-President
Taft today sent to congress a money
message treating principally of the
finances of the various departments of
the government. but embodying recon-
mendations for important legislation as
well.
The report, which was designed to
treat of the financial conditions of the
treasury. needed banking and currency
reforms and departmental questions. is
one of the most important yet sent in
the present session of congress.
significant feature of it is President
Taft's emphatic Endorsement of the ma
tional reserve plan of financial reform
as opposed to the central bank as
means of preventing panics in the fu-
ture. The president also demands legis-
into great national money trust. after
the establishment of the national reserve
association. If this reform should be in
augurated.
Another striking recommendation Is for
the extension of civil service to take
from political parties the weapon of fed
eral patronage Mr.. Taft asks that all
local government officers throughout the
country including collectors of Internal
revenue, collectors of customs, postmast-
ers of all four classes. immigration COM
missioners and marshals be filed under
civil service instead of by appointment
upon recommendations to the president.
1t is impossible, says Mr.. Taft, to ex-
pect that, while in office. the appointees
will not regard their tenure as more or
less dependent upon continued political
service to their patrons
NATIONAL DEFENSE COUNCIL.
The president also asks that a council
of national defense be authorized BY
congress in order to promote the Sc
curity of the ration from foreign in
vasion.
The report calls the financial condition
of the government at the end of the fiscal
year terminating June 30. 1911 (the period
covered in the message) very satisfac-
tory" The following important fiscal sta
tistics are set forth:
Government revenue Except from pos
tai service, S701. so.
Government expenditures Except for
postal service and the construction of
the Panama canaI). $50, 1S7. 907.S9.
Surplus, s47.z34. 10.
Postoface receipts. s2s7, SIS, s2s.eo
Postofice surplus (the first in q
Postofice expenses. s2S7.66O. 705.4S
years., $219. 1872
The decrease in running the govern
ment in the fiscal year of 1911 over 1910
was over s5.5oo.ooo. The aggregate ma
tional debt on June 30, 1911, was $780,
9S4. S7.6s; the estimated government re-
ceipts for the fiscal year of 1872 (exclu-
sive of postal receipts, $685., 100000; esti-
mated revenues $645,S42, 1894; the esti-
mated receipts for the fiscal year ending
June 30. 1873 exclusive of postal revenue.
S667. 100000; appropriations estimated for
same period, exclusive of the Panama
canal. S6s7. 800. SoS.S0.
ECONOMY wATCHwORD.
Economy" is a watchword running
praises the various departments for re-
Office department, which probably will be
self-sustaining next year. and the treas
ury department, which will eliminate 1877
Offices next year. go
The report shows the postal savings
banks to be growing rapidly. In II
months these institutions have accumu-
lated s11.0O 900 in deposits. or averaging
100000 per month
In writing of the central bank plan
which was first advocated by the nations
al monetary commission headed by ex-
Senator N. w. Aldrich. Mr.. Taft says il
is exceedingly fortunate that this pro-
posed plan was changed, because It
woxld surely have met with disapproval
He says that he hopes that currency
and banking reform will not become a
political party issue.
On the subject of the Panama canal,
the executive urges that congress au-
thorize the president to name the sched-
ule of tolls, but he hopes that tolls may
be lessened or entirely eliminated for
American ships as subsidy to foster
United States merchant marine. The
message says that the canal viii be COM
pleted by July /, 1913, and the president
hopes congress will make laws for the
government of the canal zone to be adj
ministered through the department of
war before that time.
OF the army and navy. Mr.. Taft says
both are in excellent condition, al
though more army officers are needed.
He also recommends that an Office
grade higher than rear admiral be Gre
ated.