Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1911-12-22

To the Senate and House of Represent
atiyes:
The financial condition OF the gov
eminent as shown at the close OF the
last fiscal year. June 80, 1911, was
very satisfactory. The ordinary re-
ceipts into the general fund, excluding
postal revenues, amounted to $TO1 ,372,
374.99. and the disbursements from
the general fund for current expenses
and capital outlays. excluding postal
and Panama canal disbursements, in
Guiding the interest on the public debt.
amounted to S654, 1871 .9o7.S9, leaving
4 surplus of SAT ,234, 37T.1O.
The postal revenue receipts amount
ed to 1921. s79, s23.6O. while the pay
ments made for the postal service from
the postal revenues amounted to $237,-
$50. 705.4S, which left q surplus Of
postal receipts over disbursements of
S219,11S.12. the first time in twenty
seven years in which a surplus oc-
CURED.
The interest bearing debt Of the
United States June 80, 1911, amounted
TO $915.353, 1870 The debt on which in
terest had ceased amounted to 81 49,
S3O26. and the debt bearing no inter
est. including greenbacks, national
banknOtes to be redeemed and frac-
tional currency. amounted to $780,
151 ,91I-43, or a total of interest and
noninterest bearing debt amounting to
s1,S03, 9s4, 937. 90.
The actual disbursements, exclusive
of those for the Panama canal and for
the postal service for the year ending
June 80, 1911, were S654, I37, 997. SO.
The actual disbursements for the year
ending June so. 1910. exclusive of the
Panama canal and the postal service
disbursements, were 1858, 705, 391. O8.
making a decrease of So, 567, 39S.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. 900, 600, 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, S42, 1894. This
n a decrease in the 1912 estimates
from that of the 1911 estimates of ST.
b34, 367. %.
For the year ending June 80, 1913,
the estimated receipts. exclusive OF
the postal revenues, are $667 900, 900,
while the total estimated appropria-
tons, exclusive of the Panama canal
and postal disbursements payable from
postal revenues, viii amount to s637,-
900. So3.35. This is a decrease in the
Tac -
estimates of 1921, 995.99.
AS to the postal revenues, the ex-
pansion of the business in that de-
partment, the normal increase in the
postof1ce and the extension of the
service will increase the outle- to the
sum OF $26o, e3s, 46S, but as the depart
ment was self sustaining this year the
postmaster general 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.
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 8 per cent bonds. These
privilege of using them as a basis for
banknote circulation, nor was there any
other privilege extended to them which
would affect their general market val |
ue- Their sale, therefore, measured |
the credit Of the oyeTnment. The pre-
MUM which was realized upon the |
bonds made the actual interest rate of |
The transaction 1900 per cent.
In the treasury department the ef- |
iciency and economy work has been |
Kept steadily up. Provision is made /
Tor the elimination OF 1874 positions |
turing the coming year. Two hundred |
Ind sixty-seven statutory positions !
we're eliminated during the last year
n the Office of the treasury in Wash |
ngton and 141 positions in the year
91O, making an elimination of 542
tatutory positions since March 4, 1909,
md this has been done without the
discharge OF anybody, because the
formal designations and deaths have
,een equal to the elimination of the
ilaces, a system Of transfers having
AIKEN care OF the persons whose posi-
ions were dropped out. In the field
ervice of the department. too. 1853
osidons have been eliminated down TO
he present time. making a total net
eduction of all treasury positions TO
he number of 1901, Meantime the
mciency of the work of the depart
1ent has increased.
Monetary Reform.
A matter OF first Importance that
rill come before congress for action at
his session Is monetary reform. The
ngress has itself arranged an early
production OF this great question
trough the report of its monetary
,mmission. This commission was sp-
,inted to recommend a solution of the
inking and currency problems so long
,nfronting the nation and to furnish
lie facts and data necessary to enable
le congress to take action.
In order 10 do it's work with thor
aghness and precision this commits