Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1911-12-28
TAFT STRONG FOR
CURRENCY REFORM
President Sends Special Mes
sage to Congress on Ma
tons Finances.
CUT IN EXPENSES IS SHOWN
Postoffcs Department Shows Surplus
for First Time in q Years
Hopes Monetary Reform VIII
Not BE Made Party Issue
Urges Parcel Post.

Observation-Disclosures Taft sent a
special message to congress dealing
with the finances of the country. The
message in part follows:
The financial condition Of the govern
nent, as shown at the close of the last
fiscal year. June 80, 1911, was very salts
factory The ordinary receipts into the
general fund excluding postal revenues
amounted to 500, 81, 374.99, and the dis
bursements from the general fund for
current expenses and capital OUTLAWS ex-
Guiding postal and Panama Canal dis
bursements, including the interest on the
public debt, amounted TO 1854, 81 907. SO,
leaving surplus of s47, 234 ,377.10.
The postal revenue receipts amounted
TO S2SI, S79. S23 go. while the payments made
Tor the postal service from the postal
revenues amounted to S237, $50, T05. As which
left surplus of postal receipts over dis
bursements of s219, 1872, the first time in
z years in which surplus occurred.
The interest bearing debt of the United
States June 80, 1911 amounted to S915-
35S, 1919. Teh debt on which interest had
ceased amounted to $3.50. $50. 26, and the
debt bearing no interest, including green
backs, national bank notes to be redeem
ed, and fractional currency. amounted to
1856, 151,9174S or q total of interest and
non-interest bearing debt amounting to
81, 303, 9S4, $3.50
The actual disbursements, exclusive of
those for the Panama Canal and for the
postal service for the year ending June
80, 1911, were 1854, 49,, 99LS9 The actual
disbursements for the year ending June
30, 1870 exclusive Of the Panama Canal
and the postal service disbursements
We're S659. io5. .0S, making a decrease of
s., 1893. 10 in yearly expenditures in the
year 1911 under that of 1910 For the year
ending June 30, 1912. the estimated re-
ceipts, exclusive of the postal revenues :
are $685., O00000, while the total estimates
exclusive of those for the Panama pay
able from the postal revenues amounted
to st5f,Si2 1884. This is a decrease in the
1872 estimates Of $1.534. 1922
For The year ending June 30 1913. the
estimated receipts, exclusive of the pos
tai revenues, are $685., 600 COO, while the
total estimated appropriations, exclusive
of the Panama Canal and postal dis
easements payable from postal revenues.
will amount to $685.. 500 sos. 35. This is
decrease in the 1913 estimates from that
OF the 1912 estimates of S7,921 $3.50
AS to the postal revenues, the expan-
sion of the business in that department.
the normal increase in the post office
and the extension Of the service, will in
crease the outlay to the sum of $3.50 $685.
1863; but as the department was self-sus-
NNN@A~-4-to
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 equit-
able, therefore, in determining the econ
ony with which the government has been
run, to exclude the transactions of de-
partment like the post office department.
which relies for its support upon its re-
ceipts. In calculations heretofore made
for comparison of economy in each year.
1t has been the proper custom only to
include in the statement the deficit in the
post office department which was paid out
of the treasury.
In the treasury department the eff1cien-
cy and economy work has been kept
steadily up. Provision is made for the
elimination of 1874 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 Washington, and AL positions
in the year 1910, making an elimination
of 542 statutory positions since March T.
1909 and this has been done without the
discharge OF anybody, because the nor
nal designations and deaths have been
equal to the elimination of the places
system of transfers having taken care
of the persons whose positions were
dropped out In the field service of the
department. too, 1853 positions have been
eliminated down to the present time, ma
king total net reduction of all treasury
positions to the number of 1901. Mean
time the efficiency of the work of the
department has increased.
Monetary Reform.
A matter of first Importance that will
come before congress for action at this
session is monetary reform. The con-
gress has itself arranged an early intro
duction of this great question through
,,ff fc
This commission was appointed to rec
a solution of the banking and
problems so long confronting
the nation and to furnish the facts and
data necessary to enable the congress
to take action.
In order to do its work with thorough
ness and precision this commission has
taken some time to make it's report The
country is undoubtedly hoping for as
prompt action on the report as the con-
venienceS of the congress can permit
The recognition of the gross imperfec-
tons and marked inadequacy of our
banking and currency system even in our
most quiet financial periods is of long
and later there has matured a
recognition Of the fact that our system
is responsible for the extraordinary de-
vastatiOn. waste and business paralysis
Of our recurring periods of panic. Though |
the methods of the monetary commission
have for a considerable time been work
ing IN the open. and while large numbers |
of the people have been openly working
with them. and while the press has large
Iy noted and discussed this work as il |
has proceeded, so that the report of the |
promises to represent a ma |
tonal movement. the details Of the re- |
port are still being considered. can |
not therefore. do much more at this time |
than commend the immense importance |
Of monetary reform, urge prompt consid-