The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-12-21
CREDIT OF U. s.
BEST IN WORLD
President Taft, in Message to Con-
gress Today, Comments on
Sound Finances.
ADVISES CURRENCY REFORM
National Reserve Association is
Approved by Him.
Is Pleased Central Bank Cannot Be Es-
tablished. Treats OF Canal
and Other Things.

Washington, Dec. 21.-The president
sent 10 Congress today a message
dealing with currency reform. Panama
Canal and various governmental ques-
tions.
The president said. I'm part:
The financial condition Of the gov-
ernment. as shown at the close OF the
las, fiscal year. June 80, 1911, was very
satisfactory. The ordinary receipts in
to the general fund, excluding postal
revenues, amounted TO S701, 372 ,374.99,
and the disbursements from the gen.
eral fund for current expenses and
capital outlays, excluding postal and
Panama Canal disbursements, includ-
ing the interest on the public debt,
amounted to s654.1S7. 7.9O7S9. leaving a
surplus Of s47,2S4,s77.1O
The postal revenue receipts amount
ed to $237, ,S79, $3.50, while the pay
ments made for the postal service from
the postal revenues amounted to $237,-
$50, 7054S. which left a surplus OF pos
tai receipts over disbursements OF
! $21911S12, the first time in q years
in which a surplus occurred.
The interest-bearing debt of the
United States June 30, 1911, amounted
to $915, ,35S,190. The debt on which in
terest had ceased amounted to ST.
$40, S30.26 and the debt bearing no in
terest, incluring greenbacks, national
bank notes TO be redeemed, and frac-
tional currency, amounted to sSs6.751,-
g17.43, or a total of interest and no.
interest bearing debt amounting to ST.
303. .9S4, ,93769.
For the year ending June 80, 1913.
the estimated receipts, exclusive Of
the postal revenues, are 1867 100000.
while the total estimated appropria-
tions exclusive Of the Panama Canal
and postal disbursements payable from
postal revenues, will amount to $6S7.-
go. sOS.35. This is a decrease in the
I1S13 estimates from that of the 1912
estimates of $7.921,s95.ss.
AS TO the postal revenues, the ex-
pansion OF the business in that depart
Iment. the normal increase in the post
Office ana the extension of the service.
viii increase the outlay to the sum OF
$3.50, 1SS,463; but as the department
was self-sustaining this year the post
master general is assured that next
Iyear the receipts will at least equal the
expenditures, and probably exceed
them by more than the surplus of this
lyear. II Is fair and equitable, there
fore. in determining the economy with
which the government has been run,
to exclude the transactions OF a de-
Ipartment like the post Office depart
lment which relies for its support upon
Its receipts. In calculations hereto
fore made for comparison OF economy
lin each year, it has been the proper
custom only to include in the state
ment the deficit in the post office de-
partmont which was paid out of the
treasury.
A. calculation Of the actual increase
lin the expenses OF government arising
from the increase In the population and
the general expansion Of governmental
functions, except those of the post Of
fee. for n number of years shows a
: normal Increase Of about per cent a
, year. Ry directing the exercise OF
. great car 90 keep down the expenses
ard The estimates we have succeeded
4 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
n bonds did not give their owners the
privilege OF using them as a basis for
e bank note circulation, nor was there
= any other privilege extended to them
e which would affect their general mar
IS ket value. Their sale, therefore. meas
a ured the credit of the government
Il The premium which was realized up
on the bonds made the actual interest
3. rate OF the transaction 2.909 per cent.
e In the treasury department the eff.
If cheney and economy work has beer
II kept steadily up. Provision is mad,
Is Tor the elimination of 1874 positions
= during the coming year. Two hundred
70 and sixty seven statutory positions
l. were eliminated during the last yea
Se in the office OF the treasury in Wash
ngton. and 141 position in the yea
of 1910. making an elimination OF 81
3 statutory positions since March
1909: and this has been done withou
the discharge of anybody, because tn
n normal designations and deaths hav
Df been equal to the elimination of TN
iplaces. a system of transfers havin
" taken care Of the persons whose posi-
or tlons were dropped out In the iel
service Of the department, too. 1.25
k positions have been eliminated down I
$ the present time, making a total M
ia