The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1911-12-18

ANNUAL REPORT SECRETARY Of
TREASURY ON COUNTRy'S FINANCES

the immediate reform of the country
| banking and currency system and
scientific tariff legislation. based upon
entirely new reasons-the practical cA-
perenCes of the customs service
stand out prominently in the apnua'
report OF Secretary of the Treasury
MacVeagh, submitted to congress today
This statement OF the nations finances
bristles with urGent suggestions for
corrective financial laws, enacted i'm
the light of the lamp of experience.
The secretary Ul the treasury fore.
sees, according to the estimate Of eN-
perts, a surplus in the treasury at the
end of the fiscal year 1913 of abod,
Z9,0000OO exclusive of expenditure
on the Panama Canal Including the
estimated canal disbursements, how
ever, the treasury will face a deficit OF
approximately SIS 900, 600. The total
estimates of expenditures for neX,
year, exclusive o. the Panama Cana!
and the postal service, payable from
postal revenue, are $637 ,920, ,S0S. The
estimates OF receipts available for the
general fund are $667, 100000. The os-
Inmates for the construction of the
Panama Canal during the next year
ar $47,263,7 ,760, making a grand total
OF estimated expenditures of $6S5,1S4,-
563.
With all the preliminaries for revis-
ing the financial system accomplished,
Mr.. MacVeagh declares there is 10
reason to postpone action.
The tentative plan of the National
Monetary Commission, outlined by its
chairman, former Senator Aldrich, he
says satisfies in its essentials the
larger part of the expert opinion of the
nation and is supported by the 0asi-
ness men. The secretary pledges the
administration to do its part in keep
ing this financial issue wholly non
partisan, believing that the result
should be the product of both parties.
In the contemplated organization
of the financial structure, Mr.. Mac
Veagh emphasizes the atNolute need
cannot be attained unless national and
state. from holding stock in other
banks, as safeguard against any pos
| sible formation of a much feared
money trust in the future. He urges
equality of national and state banks in
doing trust company and saving bank
! business.
We must prov ide, and without res
ervation," he declares, for a perfect
equality of privileges and opportunity
between national and state banks.
State banks must have every advan-
tage national banks have; national
banks must have every advantage
state banks have. And this equality
|
state banks are on the same footing
as to trust company banking and ar TO
savings bank functions.
And it is indispensable that the
new law shall deny with great precis-
ion to any bank included witn,n its
provisions, whether national or state
the right to own stock in any other in
dependent bank. The law should not
| fail to conclusiyely forbid such own
ership There is no immediate danger
to be apprehended from such hold
ings; but now is the time to protect
for the future the independence and
individuality of the banks; and to fore
stall in their case the general tend.
ency to the formation of undue COM
binations and trusts. The prohibition
should be so explicit that its spirit
as we'll as its letter could be enforced.
We must prevent perpetually the con-
centratiOn of the banking power in
the hands OF the few-a concentration
which under our present system is in
evitable by the mere operation of fin
ancial evolution
The new banking system, the secre-
tary of the treasury AYERS, must pro-
vide with distinctness and complete
ness ample banking facilities for the
foreign commerce of the United states,
which, with proper government en-
couragement he believes will be world
wide and world-varied.
1T is idle to expect" he adds, "tha-
We shall ever have developed foreign
commerce without developed foreign
banking system. Our present system
grew up in a period of isolation
To congress Which is expected to
remodel some OF the tariff schedules,
Mr.. Mac eVagh III ges from the stand
loint of experience the establishment