Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1911-12-22
TAFT STRONG For
CURRENCY REFORM
President Sends Special Mes
sage to Congress on Ma
tons Finances.
CUT IN EXPENSES IS SHOWN
Postoffice Department Shows Surplus
for First Time in ~ Years
Hopes Monetary Reform Will
Not BE Made Party Issue
Urges Parcel Post.

Urges Parcel Post.
Washington.-Pres Taft sent a
fpecial message to congress dealing
with the finances of the country. The
message in part follows:
The financial condition of the govern
ment, as shown at the close of the last
fiscal year, June 80, 1911, was very salts
factory. The ordinary receipts into the
general fund, excluding postal revenues.
amounted to SOL, 1872, 374.99, 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 $654, 37I, 907 3D.
leaving surplus of $47,2 ,3T. 10.
The postal revenue receipts amounted
to 1921. s79, $3.50, while the payments made
for the postal service from the postal
revenues amounted to $2S7 $50, 705.48, which
left surplus of postal receipts over dis
bursements of $219, u.s. IL, the first time in
II years in which a surplus occurred.
The interest bearing debt of the United
States June 80, 1911, amounted to $915,-
1853, 100. 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, 751, 917.4S, or a total Of interest and
non-fnterest bearing debt amounting to
81, 303, 1884, 93769.
The actual disbursements, exclusive of
those for the Panama Canal and for the
postal service for the year ending June
60 1911, were 1854, 137, 997.S9. The actual
disbursements for the year ending June
3d. 1910. exclusive of the Panama Canal
and the postal service disbursements,
were $685. zoe, LOS, making a decrease of
$5,567, 393. 10 in yearly expenditures in the
year 1911 under that of 1910. For the year
ending June 80, 1912. the estimated re-
ceipts, exclusive of the postal revenues,
are 1866 100000, while the total estimates,
exclusive of those for the Panama pay
able from the postal revenues amounted
to 1854, S42 799. "a. This is decrease in the
1912 estimates OF s1,5S4, 1922.
For the year ending June 3d. 1913, the
estimated receipts. exclusive of the pos
tai revenues, are 1861, 600, coo, while the
total estimated appropriations, exclusive
Of the Panama Canal and postal dis
easements payable from postal revenues,
will amount to $637 800 S03.35. This is a
decrease in the 1918 estimates from that
Of the 1912 estimates of 1891, $685.
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
crease the outlay to the sum of $3.50, $685.,
1863; 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. 1t is fair and equit-
able, therefore, in determining the econ
omy with which the government has been
run, to exclude the transactions of de-
partment like the post office department,
which relies for it's support upon it's 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 ap. Provision is made for the
elimination of 1874 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 A.
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
dropped out. In the field service of the
department, too, 1859 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.
A 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 it's 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 it's 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 imperfec-
lions 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 a
recognition of the fact that our system
Is responsible for the extraordinary de-
vastation waste and business paralysis
of our recurring periods of panic. Though
the methods of the monetary commission
have for a considerable time been work
ing in the open. and while large numbers
of the people have been openly working
with them, and while the press has large
~ noted and discussed this work as it
has proceeded so that the report of the
commission promises TO represent a ma
tional movement, the details of the re-
port are still being considered. ! can
not. therefore. do much more at this time
than commend the immense Importance
Of monetary reform, urge prompt consid-