New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-07

WASHINGTON. Dec 6-President Taft viii
make 10 further effort to have Congress
reduce the tarr. In general message
TO Congress submitted to-day the Presi-
dent clearly indicated his intention OF
leaving further tariff revision to Mr.. Will
son and the Congress just elected.
Now that a new Congress has been
elected on a platform of :arifr for revenue
only. rather than a protective tariff, and
is TO revise the tariff on that basis, he
said, ut is needless for me to occupy the
time of Congress with arguments or rec
concentrations in favor of a protective
tariff"
This message, the second submitted
by the President since the present session
began, will be his last Of a general char
acter II dealt with every department
of the government except the State De-
partment, recommended much of the leg
islation which Mr.. Taft previously had
urged on the attention OF Congress, ana
took up and discussed at length several
subjects comparatively new.
Business Conditions.
The message began with review OF
business conditions. on this point the
President said:
The condition OF the country with ref
erence TO business could hardly be Detter.
While the four years of the administra-
ton now drawing TO close have not
developed great speculative expansion or
a wide field of new investment, inc recoS-
cry and progress made from the depress-
ing conditions following the panic or EVl
have been steady and the improvement
has been clear and easily traced IN tne
statistics. The business OF the country
is now on a solid basis. Credits are not
unduly extended. and every phase or the
situation seems in a state OF preparedness
for a period OF uneXampled prosperity:
Manufacturing concerns are running al
their full capacity, and the demand Tor
labor was never so constant and growing.
The foreign trade OF the country Tor inns
year will exceed A,OUoo"D: WINE tns
OF exports over imports-will exceed Wv
100000 More than half our exports are
manufactures or partly MANUFACTURED
material, while our exports OF farm prod
ucts do not show the same increase be-
cause OF domestic consumption. II Is
year of bumper crops; the total money
value Of farm products Will exceed VOW, :
100000 1t is a 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
-. 0oO0 10000 than we have known IN our
history
Condition Of the Treasury.
The condition Of the Treasury is very
satisfactory. The total Understanding
debt is ssss III. no. OF which a34, 6Sl $50
non-interest- bea ring debt is 1915, 3Gl, 2S4 80,
including $S46.6S1,0l6 OF greenbacks. We
have i'm the Treasury sl50.WoUo In gold
coin as a reserve against the outstanding
greenbacks, and in addition We have a
cash balance in the Treasury as gen
eral fund of 1851 AIS So, or an increase
Of $685. ,552 over the general fund last
year.
Receipts and Expenditures.
For three years the expenditures of the
government have decreased under the In
iluence OF an effort TO economize. This
year presents an apparent exception.
The estimate By the Secretary OF the
Treasury of the ordinary receipts, exclu-
sive of postal revenues. Tor the year emu,
ing June 80. 1914. indicates that they WIZ
amount 10 $7l0.0D0,00O The sum or the
estimates of the expenditures for that
same year, exclusive of Panama Canal
disbursements and postal disbursements
payable from postal revenues, ls 49, 81
100000. indicating a deficit OF sZ2,Oo0,0o.
For the year ending June 30, 1913, SINH
larly estimated receipts were $66I OOOVo,
while the total corresponding estimate
Of expenditures for that year, submitted
through the Secretary OF the Treasury, TO
Congress. amounted TO s656,OO0.00O. This
shows an increase Of Sl6,o0oOOO In the es-
Inmates for 1914 over the total estimates
Of 1913. This is due to an Increase OF
200 in the estimate for rivers and
harbors for the next year on projects
and surveys authorized by Congress-; 10
an increase under the new pension bill
Of $32 500, 900, and 10 an increase in the
estimates for expenses OF the Navy De-
pertment OF S24.000000.
The estimate for the Navy Department
for the year 1913 included two battleships.
Congress made provision for only one bat
tleship and therefore the Navy Depart
ment has deemed II necessary and proper
70 make an estimate which includes the
first years expenditure for three battle
ships In addition 10 the amount required
for work on the uncompleted ships now
under construction. In addition 10 the
natural increase in the expenditures for
the uncornpleted ships, and the addition
al battleship estimated for, the other IN
creases are due 70 the pay required Tor
400 or more additional enlisted men In
The navy. and TO this must be added the
additional cost of construction imposed
by the change in the eight-hour law
which makes II applicable 10 ships built
i'm private shipyards.
With the exceptions OF these three
items. the estimates show a reduction
this wear below the total estimates Tor
1919 OF more than 100000.
The estimates for Panama Canal con-
struction for 1914 are 100000 less than
for 1918
Banking and Currency System.
A time when panics seem far removed
he hao inn