The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-12-22
TAF7S MESSAGE
FULL OF CHEER
Country's Financial Condi-
ton Satisfactory, He Says,
Landing Postoffice
PROPOSES MEMORIAL
AT ARLINGTON, VA.
States American Ships Need
Not Pay Toll At Panama
Canal-Against New
Army Bill

| Tafts message to Congress Oh the
financial condition of the treasury.
banking. currency reform ard other
! departmental questions, dealt with
/ them At length. He recommends u
memorial ampitheatre at Arlington.
Va upon plans ALREADY approve ed The
financial condition OF the government.
, he says. as shown at the close OF
the Last fiscal year. June ~. 1sii, was
very satisfactory. the ordinary re-
ceipts into the general fund. excluding
postal revenus. amounted to $aUl.slz,-
jt4s9. and the disbursements from the
general fund for current expenses and
capital ouuays, excluolnB postal and
fanama eahai disbursements. incluo-
ing the interest on the pubic oept,
| amounted to $6a4.1S7. S0l.Sy. leaving a
surplus OF S47.234,Sl1.I0.
The postal revenue receipts amount
ed to $2S7 .S7y.e23.bv. wniie the pay
ments made for tine postal service from
the postal revenues amounted to
SSs1,e60.av5.AS. which lett surplus
OF postal receipts over disbursements
OF $zlS.ll6.12. the first time in twen-
ty-seven years In which u sarplus oe-
cured.
The interest bearing debt of the
United States June 81, ASA, amount
"a to *sl0.SSS.1S0. The debt on winch
interest had ceased amounted to ST.
e.s,oSo. 20, and the debt bearing no In
tefest. including greenbacks. national
bank notes to be redeemed. and trac-
tionai currency. announced to SSs6.751.-
s1i.4s' or a total Of interest and nom
interest bearing debt amounting u.
$l,a0S. s84.sS7.6y.
The actual disbursements. exclusive
OF those for the Panama Canal. and for
the postal service for the year end
iiis June ~, lsl, We're 1854, 49, ,Sy1.s9.
Inc actual disbursements for the year
ending June 80, 1910, exclusive of the
1ahaiha canal and the postal service
disbursements. were $o5y. 705.asl os.
making q decrease of to.osl ,3sS.ly In
seafiy expenditures In the year 1911
uA0eI that oil 1910. For the year and
ing June 80. 1912, the estimated re-
eelpts, exclusive of the postal reve.
haes' are te66.o00,000, while the total
estimates, exclusive of those for ths
aiiaAia canal and the postal expendi-
lures payable from the postal reve-
nnes. amount to S645,S42, 1884. TN,
~ decrease II, the 1912 estimates from
.nat OF the 1911 estimates of sl.5a4.-
867.22. VI sA'"'f'-
rof the year ending June 80. 1913.
.ne estimated receipts, exclusive of the
postai revenues, are $780,, goo, 200. whila
the total estimated appropriation.
exclusive or the Panama canal ana
posui disbursements payable from
p psn 90, revenues VIII amount to $685.
1o.a oo "se ms Is a decrease In the
1919 estimates from that Of tho 1919
estimates of 1854 1868.
~ Credit Of the United States.
Ahe credit of this government wa.
SHOWN TO be better than that of anv
1.he' government by the sale Of tha
fahaFna canal 3 per cent. bonds Thsso
po,lus o1d not give their owners the
pithese Oh using them as a basis for
n@tiote circulation, nor was there
,,,to, s',.ei privilege extended to them
wnich would affect their general mar
het Vaiue. Their sale, therefore mas
"iga the credit of the government.
At Is exceedingly fortunate thai The
| wise ana undisputed policy of main.
| tAihih8 unchanged the main feature.
% oor banking system rendered II at
ohce impossible to Introduce cen
trai oankj for a central bank would
s..Anliy nave been resisted. and a
piah INTO which 1t could have been
| t,,leouueed would probably have been
could not be a part of the only nia
discussed or considered. that tro,ihie-
some Question is eliminate. And In
senious and novel as the pron,.aa
Natlonai Reserve Association appear.
1t simply Is logical outRrowth ~
what Is best In our present system
ana Is, in fact. the fulfillment ~
that system "a
Exactly how the managein Of
.hat association should be Organised
II question still open. II seam. ~
be desirable that the bank. ,rh,ns'
would own the association shonld q,
the main manage 1t. 1t will be- an
agency OF the banks to act for them
anu tney can be trusted better than
anybody else chiefly to conduct n n
II mainly bankers' work. But there
must be some form of government
supervision and ultimate control. ana
4 FAVOR q reasonable representation
OF the government in the manage
.hent entertain no fear Of the in
PRODUCTION Of politics or OF anv nm
desirable influences from propsrlv
measured government representation
| Inere - now before Congress q btu
the purpose OF which IL to inorea A.
the efficiency and decrease tho ar
| panss OF the army. am opposed
to any plan the result Of which would
be to break UP or interfere with the
essential principles of the detail .y.-
tenn In the star corps established By
! the act OF February 2. 1901, and I
am opposed to any plan the result
! which would DO to give to the officer
selected as chief Of stan or to any
other member Of the general stan
corps greater permanency Of office
than he now has.
Another feature Of the bill which
1 believe TO be a mistake Is the pro-
posed increase in the term OF enlist
ment from three to Ave years. 7 be-
neve IT would be better to enlist men