Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-12-22
RE paEsipsNT,s MESSAGE.
Continued from Page one)

The actual disbursements for the year
ending June 30. 1910. exclusive of the
Panama canal and the postal service
disbursements, were S65s,7ob,39l.0S,
making a decrease OF $685., 1913 ~ in
yearly expenditures in the year 1911
under that of 1910. For the year epd-
ing June go, 1872, the estimated re-
ceipts. exclusive of the postal rev.
enues, are $685., 900, while the total
estimates, exclusive of those for the
Panama canal and the postal expendi-
| lures payable from the postal rev.
enues, amount TO $645, $40, 1884 This
| is a decrease in the 1912 estimates from
that OF the 1911 estimates of s1,534,-
1922.
For the year ending June 30, 1919.
| the estimated receipts, exclusive of
the postal revenues, are $667, 00,00p,
while the total estimated anpropria-
tons, exclusive Of the Panama canal
and postal disbursements payable from
| postal revenues. will amount to s637,-
500 so3. 3d. This Is d decrease in the 1913
estimates from that of the 1912 esti-
mates of 1922, 99599,
| As to the postal revenues, the ex-
pansion of the business in that de-
| n.rtpant tho nor,nhJ Increase in the
| p pos,'f and ,hssfiea.x ans sion of mo
ser~;ca viii ,,fGr,aaase fiibe ontlav- 10
the sun, If s2eo az 4s3 'bl,,f as the de-
partment was ssif- sustaining, this
year, the postmaster general is assured
,nat Rex5 y 'eaIs 'He lsse w -
fas' etlai ~. ypp', ,ii}'it'i = s ~, -
propapg exceed tncnl H It9l 9 II
fhe surplus q }lis ysi' II y lall III.
EQUITABLE, tnhlerelore, IN delfFrfiflln 1lls
me economy W VIII "picn Inc go over
piehe has peeh run, 70 excia re we
tr,as'nsactieons Oh q depar.n .N nhe w
postoltiee depart1he e11s.i Wh q. renes ioi
its Support upon its reeff ,lp : ~ 81
cuiatioIis ti1erreIofe maze lor III
son Oh economy IN esssn year, i mas
peen Tue pr9eper custom es5t''n oiis 70 IN III
ciude N 1ne s.a.ell stIl :. ne qei,eit ~
the postoinee aeP Pai1.1 @hieh was as
"a ! ostc,4Iatian as the dctpai ireraasf,
| IN the ex<ren4es ar government aris-
| ING frbnd me increase in The nonnla-
ton and tlia yane,.bl IF nv
| aJ,,,,,antal if,,,,etsiaf,n's aV6erf tbnse of
| III nostofticeG fot n1}}j,fnher nj yeafs
shows i normal Increase Of about 4
per cent $, q year, By Z, directing ss the
the expenses and tie estimates Ne
nave si1cceeded in redncing Inc tof5l
| 6;sb,,rser,ents 4acb Year ? -. -.
9a.e st
| Credit OF the United States.
The credit of This ,gevernment was
shown to he better than that of any
other government by the sale of the
| Panama Canal 8 per cent. bonds.
Thess bonds did not give their own
ers the privilege OF using them as a
basis for banknote circulation. nor
| was there any ether privilege extend
ed to them which would AFFECT their
| general market value Tier sale,
| therefore measured the credit Of tf,
! government. The premium which was
reaiizcd upon the bonds made the ac-
| tual interest, rate of the transaction
| 2,9G9 per cent.
| Monetarv Reforn,.
/ A matter of fi,s, Importance that
/ will come Before Congress for action
at tits session is uibnetary REFORM
! The Congress has itssslf arranged an
early Introduction OF this great dties-
/ ton. through the report Of IT'S aftId}e-
L tdls ILLS AllSSltlf
! Wis appointed to r1>pInmeifd a ss,iii-
ton Of the banking and :" ctrrefs.y
lprCblefns 50 long confronting she na-
tiop and 70 furnish the facts ana data
necessary to eria bic the Congress to
take action. -t''. ''A7z ns-4ala
In order t. do its work Wifi thor
oughness and precision this commits
sion has taken Some time to MAKE: its
report The cotintry 4iis. tindotibfetfiys
hoping for as prompt action on the
report as the convenience Of the Cor
gress can permit. The recognition OF
the gross fmperfectior1s and marked
fnadequacy OF our banking and elit7s,
rency system even IN our most qfiiet
financial periods is or long standing:
and later there has matured a recognf-
ton or the fact that our system IS re-
sponsible for the extraordinary deyas-
tation. waste and business paralysis
of our recurring periods of panic.
1t is exceedingly fortunate that the
wise and undisputed policy Of main
-taining unchanged the main features
of our banking system rendered it at