Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1911-12-22
MESSAGE OF PRESIDENT T7sa n
~ TAFT SHOWS FINANCIAL
CONDITION OF TREASURY

conditions. submitted TO congress to-
! day:
TO THE SENATE AND HOUSE OF
REPRESENTATIVES,
The financial condition OF the Gov
crnn,ent. rs shown nj the close Of the
last fiscal year. tune 20. 1911. was
very Satisfactory he ordinary re-
ceipts into the general fund. exclud-
ing postal revenues amounted to
s70l,S72.37t.sa. and the disburse-
ments from the general fund for
current expenses and capital OUTLAWS
excluding postal and Panama Canal
disbursements. including the inter
est on the public debt. amounted TO
ss5t .1s7.e 50. leaving a surplus Of
si7.29a.:77.1O.
The postal revenue receipts
amounted TO s237.S79. 1923 60. whils
the payments made for the postal
service from the postal revenues
amounted to 1897 Sea. 705.iS. which
left surplus of postal receipts over
disbursements OF s2l9.l1S1g. the
first time In % wears In which I sur
plus occurred
The interest. bearing debt of the
United States June 30. 1911. amolnt-
cd to s915.95S. 100. The dabt on
which interest had oeesrd amounted
to sl.S7e,S20.96. and the debt bear
Ing no interest. including greenbaoks
national hank notes to he redeemed
and fractional currency. amounted to
s3s6.75l ,el7 AZ, or total OF inter.
est and noninterest bearing debt
amounting to 81 800, eS4.937.s9.
The actual disbursements. exclu-
sive OF those for the Panama Canal
and for tho postal sersyice 70 the
wear ending June 30. lalL were
$685.. T05. 3ol .0S. making a decrease
Of SS,b67, 1910 In yearly eNpendl-
lures In the year 1911 under that of
1910. For the year ending June 20,
1912. the estimated receipts. eNclu-
slve Of the postal revenues. are 1865 =
600 900. while the total estimates. OK
elusive OF these for the Panama Canal
and the postal expenditures payable
from the postal revenues, amount 10
seiF S42.7992i. This Is decrease
In TIE 1912 estimates from ;nat of
the 1911 estimates OF Sl.53i.3G7.22
Fer the year ending June 80. 1913.
the estimated receipts, exclusive Of
the postal revenues. are s66i ,00O.-
200, while the total estimated appro-
] prlations, exclusive Of the Panama
Canal and postal disbursements pay
able from postal revenues. Will
amount to S637.9?O.SO335. This Is
decrease In the 1874 estimates from
that OF the lat2 estimates of S7,ael,
as5.9a.
AS 10 the postal revenues. the ey-
mansion of the business in that do
I partmcnt. the normal Increase I'm the
4 Post Office and the extension Of the
service win increase the outlay 10
the su moi s960,93S,i62; but ms tho
department was self-sustairing this
wear tie Postmaster General is as.
sprcd that next wear the receipts Will
at least equal the expenditures, AMI
/ probably exceed them nv more than
tie surplus of this wear. II Is fai-
and equitable. therefore. In determin-
ing the economy with which the Gov
eminent has been rIn. to eNclrde the
transactions Of q department ike tho
Post office Department which relies
for its support upon its receipts. In
calculations heretofore made fer COM
parison - each year. II has been the
proper custom only to include in the
statement the deficit in the rost Of
flee Department which was Paid out
OF the Treasury.
A calculation of the actual Increase
In tie expenses OF Government arls-
ing from the increase In the popdla.
,ion and the general expansion OF
governmental functions, except those
or the post office. for a number OF
wears shows normal increase Of
about per cent year BY direct
ing the exercise OF great care to keen
down the expenses and the estimates
Ne have succeeded IN reducing the
total disbursements each wear
The Credit of the United states.
The credit of this Government was
shown To he better than that OF any
other Government b the sale of thu
Panama Canal per cent bonds.
These bonds did not give their owo-
ers the privilege OF using them as 4
basis for bank-note circulation. nor
was there any other privilege extend
ed to them which would attest their
general market value. Their sale,
therefore. measured the credit OF the
/ Government Tho nrer,inm which
was realized upon the bonds made
tho actual interest rate OF the trans
action 2.909 per cent
Efficiency and Economy IN the
Treasury Department.
In the Treasury Department the
efficiency and economy work has
been kept steadily up. Provision Il
made for the elimination Of lSi posi-
lions during the coming year Two
hundred and siNtv-seven statutory
/ D0aiftnpo "A ara ,ltr,tuos.l l,,,f.,., IA d.