The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1911-12-28
Taft ON FINANCES
CONDITION OF FEDERAL TREAS
URY IS REPORTED TO Be
EXCELLENT.
CURRENCY REFORM IS U...c-0
Prompt Action on Report Of Monetary
Board Is Recommended-For First
Time In 27 Years Postal Depart
ment Shows sur'p,uv.-cut Ii *
penses Shown.

Went onoWs ouIpluc--Sut w ="
penses Shown.
Washirgyon.-A special message on
the subject of finances was read to
congress. synopsis follows:
The financial condition of the govern
ment, as shown at the close OF the last
fiscal year. June 30, 1911, was very salts
factory. The ordinary receipts into tie
general fund. excluding postal revenues.
amounted TO ,70l,3i227 and the dis
bursements from the general fund for
current expenses and capital outlays. ex-
Guiding postal and Panama Canal dis
bursements. including the interest on the
public debt, amounted TO $05i,30,g ,gOhSs.
leaving a surplus of s4723i.377.1O.
The postal revenue receipts amounted
TO s237,S79 $3.50, while the payments made
for the postal service from the postal
revenues amounted to S237, $50 7C5.iS. which
left a surplus OF postal receipts over dis
bursements Of S2i9, llSl2, the first time In
q years in which surplus occurred
The interest bearing debt of the United
States June 30. 1911, amounted to s9l5.-
S53 100. Teh debt on which interest had
ceased amounted to $3.50, ,SA.26 and the
debt bearing no interest, including green
backs. national bank notes 10 be redeem
ed and fractional currency amounted TO
$3.50. 75i.9l743, or a total OF interest and
non-intorest bearing debt amounting TO
81. .303. 1894, ,937G9
The actual disbursements. exclusive OF
those for the Panama Canal and for the
postal service for the year ending June
30, 1911. were 1854, ,l3i .99ls9. The actual
disbursements for the year ending June
90 1910, exclusive OF the Panama Canal
and the postal service disbursements.
were $3.50 705 39l0s making a decrease OF
S.S7 10 In yearly expenditures In the
year 1911 under that Of 1910. For the year
ending June 30. 1912. the estimated re-
ceipts, exclusive Of the postal revenues
are SG60Q0C0), while the total estimates
exclusive OF those for the Panama pay
able from the postal revenues amounted
TO se54 S42. 100 %. This Is decrease in the
1912 estimates OF Sl53l 1922
For the year ending June 30. 1918 the
estimated receipts. exclusive Of the pos
tai revenues are s667. 900 O00. while the
total estimated appropriations, exclusive
Of the Panama Canal and postal dis
busements payable from postal revenues,
will amount to sG3792o .s0325. This is a
decrease in the 1913 estimates from that
Of the 1912 estimates OF $792l .995 %.
As to the postal revenues. the expan-
sion OF the business In that department
the normal increase I'm the post office
and the extension OF the service, will in
crease the outlay TO the sum of s26O93S,
1853. but as the department was sclf-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 a de-
partment like the post, office department,
which relies for It's support upon its re-
ceipts. In calculations heretofore made
for comparison of economy in each year
II has been the propp custom only to
include in the statement 'Se deficit In the
post office department which was paid out
OF the treasury
In the treasury department the efficlen-
cy and economy work has been kept
steadily up. Provision is made for the
elimination of l3i positions during the
coming yenr Two hundred and sixty
seven statutory positions were eliminated
during the last year in the office Of the
treasury In Washington, ana lil positions
In the year 1910. making an elimination
Of 200 statutory positions since March 1.
1893 and this has been done without the
disc ge of anybody, because the nor
NAL 'gnations and deaths have been
equal n 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
Guction 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 it's 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 lmperfec-
tons 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
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 Tor considerable time been work
Ing In the open, and while large numbers
Of the people nave been openly working
with them, and while the press has large
ly noted and discussed this work as II
has proceeded, so that the report of the
commission promises to represent n 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-
Grafton and action when the commissions
report is received. and express my salts
faction that the plan 10 be proposed
promises to embrace main features that.
having met the approval of a great pre-
ponderance Of the practical and profess
siOnal opinion of the country, are likely
10 meet equal approval in congress.