The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1912-12-07

Comme nded - Wage Farmers and
Farmers, as Well ,as Bankers, Should
Advise as to Currency System.
Sending second message TO con-
gress OH fiscal, judicial, military and
insuiar affairs, President Taft explains
that, as the message of Dec. 3 was
confined to foreign relations and as a
full discussion of all the transactions
of the government requires more space
than one message of reasonable length
affords, Il have therefore adopted the
course of sending three or four mes
sages during the first ten days Of the
session so as to include reference to
more important matters that should
be brought to the attention of con-
gress."
The president finds the country in a
period of successful business, with Il
year of bumper crops. For the last
three years the government has saved
much by sensible economy. He finds
the crying need of the country is a
proper banking and currency system
and says that customs duties should
be revised downward. He strongly
urges congress to make the necessary
appropriation for strengthening our
foreign possessions at the earliest pos
sible day. In recognition of his work
on the Panama canal President Taft
recommends the promotion of Colonel
Goethals TO the rank OF, major general
The president says reduced eXperdi-
lures in the navy mean reduced mill
tary strength and deems that the in
crease Should be at least two battle
ships year and battle cruisers, gun
boats and torpedo destroyers and sub
marines In proper proportion.
He comments the calm. orderly way
in which the trusts are being proceed
ed against and says steady. consist
ent course without any radical lcgis-
lation changing the present govern
mental policies. is going to offer so
luton to the problem. The country's
business first engages the presidents
attention.
Business Conditions.
The condition of the country with
reference to business could hardly he
better. While the four years of the
administration now drawing to a close
have not developed great speculative
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 stats
tics. The business Of the country Is
now on q solid basis. Credits are not
unduly eA ended. and every phase of
the situation seems i'll n state of pre-
paredness for period of unexampled
prosperity.
Manufacturing concerns are run
ming at their full capacity, and the
demand for labor was never so con-
stant and growing. The foreign trade
Of the country for this year will ex-
ceed $4,000, 100000, while the balance
in our favor-that Of the excess of ex-
ports over imports-will exceed $780,.
100000.
1t Is a year of bumper crops. The
total money value of farm products
will exceed $9.5OO 100000. 1t Is year
when the bushel or unit price of agri
cultural products has gradually fallen,
and yet the total value of the entire
crop Is greater by over $1,OO0,OOO, 900
than we have known in our history.
Condition of the Treasury.
The condition of the treasury is very
satisfactory. The total interest bear
ing debt is $963,777.770 of which $134.-
G31, $50 constitutes the Panama canal
loan. The noninterest bearing debt is
$37S.3O1 ,2S4.9O. including $346.6Sl .016
Of greenbacks. We have in the treas
ury $15O,OOO,OOO in gold coin as a re-
serve against the outstanding green
backs and in addition we have a cash
balance in the treasury as general
fund of $16T, ,152, 1880. or an increase
of S26,975,552 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 apparent excep-
ton. The estimate by the secretary of
the treasury of the ordinary receipts.
exclusive of postal revenues, for the
year ending June so. 1914. indicates
that they will amount to $710,OO0,OOO.
The sum of the estimates of the eX
penditures for that same year. exclu-
sive OF Panama canal disbursements
and postal disbursements payable from
postal revenues, is $I32, 100000, indi-
eating a deficit of $22,0OO,OOO.
For the year ending June 80, 1913.
similarly estimated receipts were S661.-
100000. while the total corresponding
estimate of expenditures for that year.
submitted Rhrough the secretary of the
treasury to congress. amounted to
S656.OOO,OOO. This shows an increase
of S76.OO0,OOO in the estimates for 1914
over the total estimates of 1913.
Banking and Currency System.
A time when panics seem far remov-
ed is the best time for us to prepare
our financial system TO withstand a
storm. The most crying need this
country has is a proper banking and
currency system. The existing one is