The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-12-21
in GOOD SHAPE.


Nle estimated receipts, exclusive Of the
postal revenues are S6o4 ,VVV,uvV'
while the total estimated approprIa-
lions. exclusive of the Panama canal
and postal disbursements paya PIE
from postal revenues, viii amount "
s637 900 SO335 This is decrease
IN tile 1e12 estimates from that of the
1912 estimates of S7.921.9 1858.
As to the postal revenues the eA-
pansion of the business IN thdt ue Pc
ueut the normal increase IN the posi-
oFffre ar5 the extension of the ser
vice will increase the outlay 20 int
sum of S26O.93S,463; but as me u
nart7nent was self-sustaining TINS year
fT1e Dostula ster general Is assured tnstt
newt year the receipts viii at least
equal the expenditures, and propaply
exceed them by more than the sur
plus of this year II Is al c. ~
eo,,itabIe therefore. in determining
the economy with which the govern
Y1ent has been run, to eXclude the
transactions of a department IKE IN
TOstoffice department. Whlch AsAlT9
for its support upon It's fect lpts- II
caTc11Iatfons heretofore made for com
0arison of economy in each year II
has been the proper custom oills -
sfnclude in the statement the deIlcll ~
the postoffice department WilcH "es
maid out of the treasury
a calculation Of the actual increase
IN the expenses of government diisiI7
from the increase in the populatloii
nr5 the general expansion OF govern
v,,ar4al functions. except those OF the
nOstoffice for a mum Der OF Years
shows a normal Increase or apouI
ner cent a wear BY ulfectlhg tHe
ercise of great care TO keen down the
evnanses and the estimates We have
srcoeedeH in reducing the total dls-
b1rsements each year
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 3 per cent BONDS 1Hese
bonds did not give their owners the
privilege of using them as basis Tor
hank note circulation. nor was there
any other privilege extended to them
which would affect their general mar
ker value Their sale, therefore, meas !
,1rad the credit of the government |
rT-ba premium which was realized up |
on The bonds made the actual inter /
est rate of the transaction 2-9Os per
cent. r.. |
cheney and economy work has been |
kent steadily up- Provision Is made /
for the elimination of 134 positions
during the coming year Two hunured
and sixtv-seven statutory positions |
we're eliminated during the last year
i'm the office of the treasury in Wash
inston. and 141 positions IN the year
1910. making an elimination of 542
statutory positions since March 1,
lang. and this has been done without
the Discharge of anybody, because the
normal designations and deaths nave
been equal to the elimination OF places,
- system of transfers having taken
care of the persons whose positions
We're dropped out. In the field ser
vice of the departm ent, too. 1853 po-
sitions have been eliminated down 10
the present time. making total net
reduction of all treasury positions TO
the number of 1901. Meantime the
of the work of the depart
ment has increased
Monetary Reform.
A matter of first Importance that
viii come before congress for action at
this session is monetary reform. The
congress has itself arranged an early
of this great question
through the report of its monetary
commission. This commission was
appointed TO recommend u solution of :
he banking and currency problems so
ong confronting the nation and TO
furnish the facts and data necessary to
enable the congress to take action
The commission was appointed when
an Impressive and urgent popular de-
nand for legislative relief suddenly
arose out of the distressing situation
IF the people caused by the deplOrable
panic of 1907. The congress decided
hat while it could not give immedi-
ltely the relief required, It would pro- 7
-ide a commission to furnish the I
neans for prompt action at a later {
late.
In order to do this work with thor !
,ughness and precision this commits {
;ion has taken some time to make its =
-eport The country is undOu btedly :
loping for as prompt action on the :
-epOrt as the convenience of the con- :
sress can permit. The recognition of :
he gross imperfections and marked
nadequacy of our banking and cur l
encv system even in our most quiet z
financial periods is of long standing; (
nd later there has matured a recogni-
ion of the fact that our system is (
espOnsible for the extra ordinary de- i
astation. waste. and business para1y- t
is of our recurring periods of panic /
7hough the members of the Monetary T
commission have for a considerable f
ime been working in the open. and r
chile large numbers of the people 7
ave been openly working with them f
nd while the press has largely noted | a
nd discussed this work as it has pro- Q
eeded, SO that the report of the COM :
Mission promises To represent a ma
iona1 movement. the details of the
eport are still being considered I
an not. therefore. do much more at I
his time than commend the immense I
of monetary reform, urge e
rompt considera ton and action when
he commissions report is received. g
nd express my satisfaction that the I
Ian to be proposed promises to en- +
he approval Of a great preponderance .
T the practical and professional opin- il
N of the country, are likely to meet C
1ual approval in congress. Il
Tt is exceedingly fortunate that the r,
Use and uudisputed policy of main r
aiming unchanged the main features =
E our banking system rendered It at =
nee impossible to introduce a cen =
al bank: for a central bank would ~
9rtainIy have been resisted. and a q
Ian into which it could have been e
itroduced would probably have been
But as a central bank could o
at be a part Of the only plan dis p
used or considered. that trouble A
me question is eliminated. And in c.
snious and novel as the proposed ma p
onal reserve association appears. It
IMPLY is a logical outgrowth of what
hest in our present system and =
IN fact the fmIfiIlmant Of that s. y