The Yale expositor., 1912-12-12

nen0eG.
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 close
have not developed great speculative
expansion or a 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 solid basis. Credits are not
nnduly extended, and every phase Of
the situation seems in a 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 S4,000,000,000, while the bal
ance in our favor--that of the excess
OF exports over imports-will exceed
S500.000,000. 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. IL Is year of bumper
crops; the total money value OF farm
products will exceed S9500,00 900.
1T 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 $1,000, 100000 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 $963.777,770. OF which
3I34. 1881 $50 constitute the Panama
canal loan. The non-interest-bearin
debt is $37S,301, ,2s490, including
S34s671.016 Of greenbacks. We have
IN the treasury $150000,000 In gold
coin as q reserve against the out
standing greenbacks; and in addition
we have a cash balance in the treas
ury as a general fund OF $167, ,152,478.-
'S9. or an increase OF $26.975,552 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
economize. This year presents an APP
parent exception. The estimate by
the secretary OF the treasury OF the
ordinary receipts, exclusive OF postal
revenues. for the year ending June
20, 1914. indicates that they will
amount to $710,000.000. The sum of
ahe estimates of the expenditures for
that same year, exclusive OF Panama
canal disbursements and postal dis
bursements payable from postal
revenues is 1872 100000, indicating
deficit OF s22,000,000. For the year
ending June 30, 1913. similarly est-
mated receipts were 1867 900 900,
while the total corresponding esti-
mate OF expenditures for that year,
submitted through the secretary of
fhe treasury to congress, amounted
10 S656.00O.000. This shows an in
crease of $76,000,000 in the estimates
for 1914 over the total estimates of
1913. This is due to an increase of
s25,000000 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 $32,500,000; and
30 an increase in the estimates for
expenses OF the navy department of
e24 100000 The estimate for the
navy department for the year 1913
included two battleships Congress
made provision for only one battle
ship. and therefore the navy depart
ment has deemed il necessary and
proper to make an estimate which in.
sIudes the first years expenditure for
fbree battleships in addition to the
amount required for work on the un-
completed ships now under constr1lc.
hon. In addition to the natural in
crease in tho expenditures for the un.
eomDieted ships, and tho additional
Sat;ieship estimated for, the other in.
creases are due TO the pay required
,or A.00) or more additional enlisted
h'rr In the navy: and to this must be
zdGsd the additional cost OF construc. |
'Ior imposed by tho change in the |
righthour law which makes It ap-
rIicoble TO ships built In private ship. !
7rds.
with the exceptions Of these three |
2 'sfris Tho estimate" show q reduction |
So, --sr~ hc'c~' 'he 'o'al estimates for |
I;'S of more than se,006,o0o