Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1911-12-21

Washington, Dec. 21.-The presi-
dent offered the following message to-
day:
To the Senate and House Of Represent
atives:
The financial condition Of the gov
eminent as shown at the close Of tie
last fiscal year, June 80, 1911. was
very satisfactory. The ordinary re-
ceipts into the general fund, excluding
postal revenues, amounted to SOL ,372,-
374.90. and the disbursements from
the general fund for current expenses
and capital OUTLAWS. excluding postal
and Panama canal disbursements, in
Guiding the interest on the public debt.
amounted to $654. 137 ,eO7.s9, leaving
a surplus of SAT ,234,377.10.
The postal revenue receipts amount
ed to $237 ,s7e, $3.50. while the pay
ments made for the postal service from
the postal revenues amounted to $237,-
66o.705.4S. which left Q surplus of
postal receipts over disbursements Of
$219,11s.12, the first time in twenty
seven years in which a surplus &C.
CURED.
The interest bearing debt Of the
United States June 30, 1911, amounted
TO $915,353, 100. The debt on which in
terest had ceased amounted to 81 .S79.-
SSO.28, and the debt bearing no Inter
est including greenbacks. national
banknotes to be redeemed and frac-
tional currency. amounted to $685.
751,917.43. or a total Of interest and
noninterest bearing debt amounting to
$1,000. 1854. $3.50.
The actual disbursements. exclusive
OF those for the Panama canal and for
the postal service for the year ending
June 30, 1911, were 1854, 137 ,997. SO.
The actual disbursements for the year
ending June 30. 1910, exclusive Of the
Panama canal and the postal service
disbursements. were $G59.T05. 391 .OS.
making n decrease OF S5,J67, 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 $666.00O.O00, 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 $40, 1894. This
Is a decrease in the 1912 estimates
from that OF the 1911 estimates Of ST.
53I, 1922.
For the year ending June 80. 1913.
the estimated receipts. exclusive OF
the postal revenues. are $66I 600 600,
while the total estimated appropria-
tions. exclusive of the Panama canal
and postal disbursements payable from
postal revenues, will amount to $637.-
g20,SC33J. This is n decrease in the
1913 estimates from that OF the 1912
estimates of 1921 1850.
As 10 the postal revenues, the ex-
pansion OF the business in that de
partment, the normal increase in the
postofice and the extension OF the
service will increase the outlay TO the
sum OF S260.03S, 463, but as the depart
ment was self sustaining this year the
postmaster general II assured that
next year the receipts Will at least
equal the expenditures and probably
exceed them by more than the surplus
OF this year.
The Credit Of the 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 3 per cent bonds. These
bonds did not give their owners the
privilege OF using them as basis fol
banknote circulation, nor was there any
other privilege extended TO them which
would affect their general market val
ne. Their sale. therefore. measured
the credit Of the government. The pre-
MUM which was realized upon tbs
bonds made the actual interest rate o.
the transaction 1900 per cent.
In the treasury department the ef
fciency and economy work has beer
kept steadily up. Provision is made
for the elimination Of 1874 positions
during the coming year Two hundred
ard sixty-seven statutory positions
were eliminated during the last yea
In the Office Of the treasury in Wash
ington and III positions in the yea
1910. making an elimination Of 81.
statutory positions since March 4. 1908
and this has been done without tn
discharge OF anybody, because tn
normal designations and deaths hav'
been equal. to the elimination Of tn
places. n system OF transfers having
taken care OF the persons whose posi-
dons were dropped out. In the feel,
service OF the department. too. 1,25
positions have been eliminated down {
the present time. making a total ne
reduction OF al Treasury positions {
the number OF 1901. Meantime tn
efficiency OF the work Of the depart
ment has increased.
Monetary Reform.
A matter OF first Importance this
Sill come before congress for action a
this Gession is monetary reform. Tn