The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1912-12-04
PRESENT SYSTEM
PROMOTES PAN|CS
SECRETARY OF TREASURY
URGES RADICAL RE
FORM OF SYSTEM.
A DEFICIT Of s22,556,023
Exclusive Of Panama Canal Ex-
penditures. for Fiscal Year
Ending June 80, 1914, In
dicated in Report.


Associated Pres Special.
Washington. Dee. T. Strongly
ursjns radical reJorm OF the auH-l
-', ,.s..,..s,ysed aud nosei4ntifie9 baakia4
49, ,,.,,.g..e, system Of The tnjfed
ctato.. rra.,,l,1isx NaeNeasn. secre-
ta,.. af 4ka ,,.a=,.s;-N. freelt warns
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.t.,5r.f@zt md social disasters ,vhfrh
fioa. fro,, n,,3rs md sftark III.
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Iael,ai,o the Ind sxnangas The
,4o,,,.f, j.. ag,..aa,aa At g "a 49,
III, e,,.,4 axaeadI4a,as he .4as
n,,,..,za, nov IVA aafd under tho
la.. f,a,, hou5 5,t.l NV. coti,nafad
ro.ainte for ,b., vaar AFRO
x-to ooo nan mil. rho nrd;n.,,. m
,,,o,.ria,ion.. ..a agti,,.taa ~ $50
80 o9e md Tho ean.I avnanditnres
a, $3o.l74.432. Undoubtedly having
probable tariff revision in mind. the
secretary announces that these esti-
mates are based upon present condi-
lions and laws.
For the current fiscal wear ending
.lune 30. 1913. Mr.. MaeNeag}, estI-
mates that there Will be a surplus
Of $4n. zoe .0NU. exclusive of Panama
Canal expenditures, and a deficit Of
Sf.s0p zoe including the canal
Transactions. He estimates receipts
for this wear at $71t.ou0 600 and
ordinary disbursements at $67g,-
Sa0. 600.
tn connection with financial re
fnrm. Mr.. MacNeagh said the peo-
pie are helpless under existing
evils The present system never
permits free action at any time. be-
cause its liability TO sudden con
straint and restriction IS always
part OF the hatloh financial con-
scloushess,
There never is a time, coutin-
ues the secretary OF the treasury.
when there is my long look
ahead except when We are in the
midst OF panic when there is
long look OF disaster ahead There
is never d long look Of ease and
convenience and prosperity
ahead.
In the crop moving season Mr.
MacNeagh points out. there Is a
speeiai stress ana restraint ana the
secretary louhd an OBJECT lesson III
the eohdllohs curing the past au-
Iliiih lien the pahh5 were caiiea
upon 10 t'hahce tue movement o.
record breaking crops. hece7Slia al
Ing the employment OF nearly all OF