Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1911-12-18
Scientific Tariff Legislation
Urged by Secretary Of
Treasury
Report ForeseeS Surplus Of
$29,O0O,0OO In Treasury
lRx Associated Presa.l

(8y Associated Press.)
WASHINGTON, Dee. 1S-Appeals
for the immediate reform of the
country's banking and currency sys
TEN and scientific tariff legislation
based upon entirely new reasons
the practical experience Of the Gus
toms service-stand out prominently
in the annual report Of Secretary 0:
the Treasury McVeagh, submitted to
Congress today. This statement OF
the nations finances bristles with ur
gent suggestions for corrective finan'
cial laws enacted in the light of the
lamp OF experience"
The secretary of the treasury fore.
sees, according to the estimate OF
experts, a surplus in the treasury at
the end of the fiscal year 1913, OF
about $29,OOO,OO0, exclusive Of ex-
penditures on the Panama canal. IN
cluding the estimated canal disburse-
ments, however the treasury Will
face a deficit Of approximately $751;
O0Q, 900. The total estimates OF the
expenditures for next year, exclusive
Of the Panama Canal and the postal
service. payable from postal revenue,
are $685., ,920 8O3. The estimates OF
receipts available for the general
fund are $667,00D,000. The estimates
for the construction of the Panama
Canal during the next year are $47.-
263, ,760, making grand total Of esti'
mated expenditures Of *}S85,1S4, ,563.
With all the preliminaries for reyts-
ing the financial system accomplished,
Mr.. McVeagh declares there is no
reason to postpone action,
The tentative plan Of the National
Monetary Commission, outlined 10y
its chairman. former Senator Aldrtch,
he says satisfies in is essentials the
larser part Of the expert, opinion OF
the nation and is supported by the
business men. The secretary pledges
the administration to do its part In
keeping this financial issue wholly
non-partisan, believing that the result
should be the product Of both parties.
In the contemplated reorganization
Of the financial structure, Mr.. NC.
Veash emphasizes the absolute need
Of prohibiting all banks, national and
state. from holding stock in other
banks, as a safeguard against any
tpossible formation of much feared
money trust" in the future. He
urges equality Of national and state
banks in doing trust company and
saving bank business.
1--WE must provide and without re.
servation," he declares, "for a per.
feet equality OF privilege and oppor-
tunity between national and state
banks. State banks must have every
advantage national banks have; and
national banks must have every ad.
vantage state banks have And this
equality cannot be attained unless
national and state banks are on the
same footing as to trust company
banking and as to savings bank func-
tions.
"And it is indispensable that the
new, law shall deny with great pre-
cision to any bank included within
it's provisions, whether national or
state, the right to own stock in any
other independent bank. The law
should not fail to conclusively forbid
such ownership. There is no immed-
late danger to be apprehended from
such holdings; but now is the time to
protect for the future the independ-
ence and individuality of the banks;
and to forestall in their case the gen.
eral tendency to the formation OF
undue combinations and trusts. The
should be so explicit that
its spirit as we'll as it's letter could
be enforced. We must prevent per-
petually the concentration of the
banking power in the hands Of a few
"A concentration which under our
present system is inevitable by the
mere operation Of financial evolu-
tion."
The new banking system, the Sec
retary of the treasury AYERS. must
provide with iistinctness and COM
pleteness ample banking facilities for
the foreign commerce of the United
States, which, with proper govern:
ment encouragement he believes Will
be worldwide and world-varied.
1T is idle to expect" he adds. ''that
we shall ever have developed for
eien commerce without developed
foreign banking system. Our present
system grows up in a period of isol:
ation." |
70 q congress which is expected to
remodel some of the tariff schedules
M.sr. Mcveagh urges from the stand.
point of experience the establishment
of specific duties. instead OF advalor'
en-. wherever the nature Of the ar
ticle involved makes that possible
He says:
"The practice Of adopting ad ya!9f'
en- duties adds to the ease and quick
ness with which legislation may pe
prepared; but that is its only hope1ul
that lonely quality has
it's pafpable drawbacks. Ad vaiorem
duties lead directly to the great ma
ioritv Of all the frauds upon the rev
emnes with which the treasury de-
has to contend; and they
fcS1fided on !bsse y |