The Caucasian. (Clinton, N.C.) 188?-1913, 1912-12-12
r Deals With Fiscal, Military,
InSUIar and Judicial Affairs
of Nation.
aONEY CONDITIONS ARE GOOD
Plans for Reorganization of the
Army Explained.
FILIPINO BILL CONDEMNED

Chief Executive Declares the Island
ers Are Far From Ready for Self
0overnment-Rseulatlon Of Water
Power Site Projects Urpsd-Pro-
noting Of Colonel ossthais Recon-
mencsd.
Washingto Dec. e~Congress to
day received from President Taft the
second Of his messages TO the short
session. II deals with fiscal. military.
insulAr and judicial affairs and In
part In a. follows,
Tho condition Of the country with
reference to business could hardly be
better While the four years of the
Administration now drawing TO d close
have not developed great speculative
expansion or wide Geld 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 IL
now on a solid basis. Credits are not
unduly extended, and every phase Of
the situation seems in q state Of pre-
paredness for a 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, 100000, while the bal
ance in our favor-that Of the excess
of exports over imports-will exceed
$500, 100000. 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. It Is a year Of bumper
crops; the total money value Of farm
products will exceed S9,500,00O, 900.
1t Is a wear when the bushel or unit
price Of agricultural products has
gradually fallen, and yet the total
value OF the entire crop Ia greater by
over $1.OOO,O0O,OOO than we have
known in our history.
Condition Of the Treasury.
The condition of the treasury In
very satisfactory. The total interest
bearing debt is 1893, 777,77o, Of which
$134,631,9S0 constitute the Panama
canal loan. The Notwithstanding
debt is $378,301, 2s4s0, including
s346,671.016 OF greenbacks. We have
In the treasury $150,000,0o0 in gold
coin as a reserve against the out
standing greenbacks; and in addition
we have a cash balance in the treas
ury as general fund Of $157, 1924
30, or an increase of $2e975,552 over
the general fund last year
For three years the expenditures
Of thu government have decreased
under the influence of an effort to
economize. 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 will
amount to $710,00000O. 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 $732.000, 900, indicating q
deficit Of $22,O00,000. For the year
ending June 80, 1913. similarly esti-
mated receipts were 1867 200, 900,
while the total corresponding est
mate Of expenditures for that year,
submitted through the secretary Of
the treasury to congress, amounted
to $65e,0O0,000. This shows An IN
crease Of $76,000,0 900 In the estimates
for 1914 over the total estimates of
1913. This Is due to an Increase Of
S25,0O0,000 in the estimate for rivers
and harbors for the next year on
projects and surveys authorized by
congress; to an increase under the
new pension bill Of $4,000, 900; and
20 an increase IN the estimates for
expenses Of the navy department of
S24 600, 900. The estimate for the
navy department for the year 1913
included two battleships. Congress
made provision for only one battle
sniD, and therefore the navy depart
mont has deemed It necessary and
proper to make an estimate which in
oludes the first years expenditure for
three battleships in addition to the
amount required for work on the un-
completed ships now under construc-
uon. In addition to the natural in
crease In the expenditures for the un-
completed ships, and the additional
Dattiesh1p estimated for, the other in
creases are due to the pay required
Ior 1000 or more additional enlisted
men in the navy; and to this must be
"uueo the additional cost of construc-
uon imposed by the change in the
e,gnt-nour law which makes it ap-
pncaole to ships built in private ship
yards.
with the exceptions Of these three
Items the estimates show a reduction
.nls year below the total estimates for
i'ua OF more than s5.000,0 900.
Ane estimates for Panama canal