Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1911-12-27
TAFT ON FINANCES
CONDITION or FEDERAL TREAs-
URY is REPORTED TO BE
EXCELLENT.
CURRENCY REFORM is URGED
Prompt Action on Report OF Monetary
Board is Recommended-Fo First
Time in 27 Years Postal Depart
ment Shows SurpIus-cut In Elk
penses Shown.

ment Shows SurpIus-cut In Elk
penses Shown.
Washington.-A special message on
the subject of finances was read to
congress. A synopsis follows:
The financial condition of the govern
ment, as shown at the close of the last
fiscal year June 30, 1911, was very salts
factory. The ordinary receipts into the
general fund, excluding postal revenues,
amounted to Sol, 372, 37499. 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 1851, BIT, S07. SO,
leaving surplus of SAT, 234, 37T. TO-
The postal revenue receipts amounted
to 1921, 879, S23. 60, while the payments made
for the postal service from the postal
revenues amounted to $237, $50, 705.4S. which
left surplus of postal receipts over dis
bursements of $219, 1872, the first time in
q years in which surplus occurred.
The interest bearing debt of the United
States June 80, 1911, amounted to $780,
1853, 1870. Teh debt on which interest had
ceased amounted to $3.50, S30.26, and the
debt bearing no interest, including green
backs, national bank notes to be redeem
ed, and fractional currency, amounted to
1886, ISL, 917.43, or a total Of interest and
non-interest bearing debt amounting to
s., 303, 9S4, 1897 SO.
The actual disbursements, exclusive of
those for the Panama Canal and for the
postal service for the year ending June
80, 1911, were 1854, 1877, 997.S9. The actual
disbursements for the year ending June
80, 1910, exclusive of the Panama Canal
and the postal service disbursements,
were $685. 705, .0S, making decrease of
S., So, 1878 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., 000,00O, while the total estimates,
exclusive of those for the Panama pay
able from the postal revenues, amounted
to 1864, S42 799. "a. This is a decrease in the
1912 estimates of $1.534, 367.22.
For the year ending June 3d. 1918, the
estimated receipts, exclusive of the pos
tai revenues, are $667, O00, coo, while the
total estimated appropriations, exclusive
Of the Panama Canal and postal dis
easements payable from postal revenues,
will amount to $685., 800 3.35. This is a
decrease in the 1918 estimates from that
of the 1912 estimates of 1921, 995. SO.
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
469 but as the department was self-sus-
tanning 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. It is fair and equft-
able, therefore, in determining the econ
omy with which the government has been
run, to exclude the transactions of a de-
partment like the post office department,
which relies for it's support upon its re-
ceipts. In calculations heretofore made
for comparison of economy in each year,
It 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 efficien-
cy and economy work has been kept
steadily up. Provision is made for the
elimination of 134 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 141 positions
In the year 1910, making an elimination
of 542 statutory positions since March 4,
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, a
system of transfers having taken care
of the persons whose positions were
department, too, 1889 positions have been
eliminated down to the present time, ma
king a 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.
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
the report of its monetary commission.
This commission was appointed to rec
ommend a solution OF the banking and
currency 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 its 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 irnperfec-
tions and marked inadequacy of our
banking and currency system even in our
most quiet financial periods is of long
standing: and later there has matured
recognition of the fact that our system
Ia responsible for the extraordinary de-
VISITATION waste and business paralysis
Of our recurring periods of panic. Though
TIE. methods of the monetary commission
have for a considerable time been work
Ing in the open. and while large numbers
n9 the people have been openly working
with them and while the press has large
iy noted and discussed this work as it.
has proceeded, so that the report of the
commission promises to represent a ma
honal movement the details of the re-
port are still being considered. I can
not therefore. do much more at this time
ihan commend the immense Importance
u monetary reform. urge prompt consid-
Grafton and action when the commissions
report is received, and express my salts
faction that the plan to be proposed
promises to embrace main features that
saving met the approval of a great pre-
vonderance Of the practical and profess
sional opinion of the country, are likely
ID meet equal approval in congress
No Doubt About One Thing.