The state herald., 1912-12-13

Washington, Dec. 6.-Congress to-
day received from President Taft the
second of his messages to the short
session. 1t deals with fiscal, military,
insular and judicial affairs and in
part is as follows:
The condition of the country with
reference to business could hardly be
better While the four years OF the
administration now drawing to a close
expansion or wide field of new in
vestment, the recovery and progress
made from the depressing conditions
following the panic OF 1907 have been
steady and the improvement has been
clear and easily traced in the statis-
tics. The business OF the country is
now on q solid basis. Credits are not
unduly extended. and every phase OF
the situation seems in a state OF pre-
paredness for period OF unexampled
prosperity. Manufacturing concerns
are running at their full capacity and
the demand for labor was never so
constant and growing. The foreign
trade Of the country for this year will
exceed $4,000, 900. 900. while the bal
snce in our favor-that OF the excess
Of exports over imports-will exceed
s5O0,OOO,oOO, More than half our ex.
ports are manufactures or partly
manufactured material. while our ex.
ports OF farm products do not show
the same increase OF domestic CON
sumption. 1t is a year OF bumper
crops: the total money value OF farm
products will exceed s9,500,00O. 900
II is year when the bushel or unit
price OF agricultural products has
gradually fallen and yet the total
value OF the entire crop is greater by
over s1,0OO,OOo,0OO than we have
known in our history,
Condition Of the Treasury.
The condition OF the treasury is
very satisfactory, The total interest.
bearing debt is ss63. 40. of which
s134.631 $50 constitute the Panama
canal loan. The MISUNDERSTANDING
debt is s37s,3Ol .2s4sO. including
s5i6,s7i.0l6 OF greenbacks We have
In the treasury si50.0O0.0OO In gold
coin as reserve against the out.
standing greenbacks: and in addition
we have a cash balance in tho treas.
ury as general fund OF Si6715247s..
30, or an increase OF s26,s75.552 over
the general fund last year.
Receipts and Expenditures.
For three years the expenditures
OF the government have decreased
under the influence OF an effort to
economic. This year presents an ap.
parent exception. The estimate by
the secretary OF the treasury OF the
ordinary receipts, exclusive OF postal
revenues. for the year ending June
80. 1914. indicates that they viii
amount to s1iO.00O.O0O. The sum Of
the estimates OF the expenditures for
that same year. exclusive OF Panama
canal disbursements and postal dis.
bursements payable from postal
revenues. is s732 900 600 indicating a
dehcit Of s22 100000 For the year
ending June 80 1913, similarly estl,
mated receipts were sGGT 600 600.
while the total corresponding esti.
mate OF expenditures for that year
submitted through the secretary Of
the treasury 10 congress. amounted
10 $3.50 .000. 900 This shows an IN
crease OF $4,000 900 In the estimates
for 1914 over the total estimates OF
1918. This iu due 10 an Increase OF
s:S,000.0O0 in tho estimate for rivers
and harborr for the neit year on
projects and surveys authorized b,
congress; TO an Increase under ,hs
new pension bill Of So. 900 900. and
20 an increase IN the estimates ,oi
expenses OF the navy department o
$4,000 900. The estimate for IN,
navy department for tho year 1871.
included two batti-shlps Congress,
made provision for only one battle
ship. and therefore tho navy depart
men, hAs deemed Il necessary ant
proper TO make an estimate which In
ciudes the nrst years srpenditur. foi
three battleships In addition TO the
amount required for work on tho un
complc,ed ships now under construo
oon. In addition TO tho natural In
crease IN the expenditures for tho un
oomplstsd ships. aud the additional
battisship estimated for the other In
or~ases are due 10 tho pay required
for 1000 or more additional enlisted
rnsn In the navy; and 10 this must be
added the additional cost Of oonstruo
Non imposed by the change in ths
sishthour law which makes I, ap
piicabis 20 ships built In private ship
yayds.
with the exceptions Of these three
Sssms, the estimates show a reduction
this year below the total estimates for
1sis OF more than fs.oooooo