The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1912-12-07

f1i-sso consutu's N. Panama Canal
.y1n The uunfrfsrest-hearlnE debt -
80 1ei tsa Including fJssssi.oie %
flpN.NHN. Coo ir gold coin a. q reaeNs
hEainst The "~4tsfandlnE
and IN addition Ne have = cash ball
~ tisI lS2tTs 20. 80 Hn incr-ars ~ t2s 81
fsss.5sz over ths general furf last year.
Hseeapts .Ha E1psnses
the SoNernmcnt naH decreased unt-r
the Influence - an Effort fn efnrnmfxe
lo als ATsssf rr,s-hts - spParsnt ss,spt,
mo Treasury % the ordinary receipts
exclusive - postal revenues. fo- the
}~ar exclusive 81 psrams canal dls-
lHfrsmeufs and postal disbursements
laNhhle from postal revenues BE- fT1g.-
'N.N"n. indicating a deficit 80 t22 600 20
'.o tnr ne year sufinE June so. 1919.
oep. uon. while tfe total c-orrr-ponffrs
sfiluafe ~ expenditure for that Year.
snhWitt"d through the Secretary - to
,f-srurr To- 1eugreSr. 20
81 10 100000 in fhe estimates FOR 1914
'fer tho total o. 1914 This
D. cue 20 an Increase OF 81. 600 GOO tr
ne estimate FOR rivers and harborz far
The neNt year on projects and surveys
authorized bN rouErerz. 10 an Increase
Nsvy Department ~ sStoao goo " Trbss
estimate Tor tho %Hgv napnrfnauf Tor
ne year 1918 Included two battIsshIus.
'HA a'"" maze provision Tor only ono
laillHhiT, ana Therefore tho Navy he
r~arfurut has deemed 20 NECESSARY and
proper - make an estimate which fn-
tlLdeH the frzt wears ~
three hattle~hips IN addition to The
mount required Tor work on tho un-
'mpleted ships now under construct
ton In addition 20 the natural in
crease 90 tho expenditures FOR fhe NM
'""lli"tri rhips. and the additional bait
tlfFrtp setlmated for. tho other in
treases are due 70 tho pay required Tor
HNNM nH moro AAIHHHAnAH LAnH 80 80.
structi'n Imposed by the change in the
ffnf-hOur law which make o. nrufle-
'hie ." ships huilt IN private ~shirNar1s.
with Tho exceptions - these three
items. tho m show o. reduction
tiis year below the total estimates for
1873 uf more than s.. 600 nn0.
The estimates FOR Panama Canal COM
suuciiou Tor 1914 are fl5.Oor.noo less
Our Bandng and Currency system.
y iifne when puuirs seem far rpuoE-
"a T. tho best lime for us to prerare
our hnancial system 20 Withstand 4
TORN TN" most crying need this
currency system. The existing ono 4
Inadequate ana everyone who iaz stud
led the question admits ".
" rs The business Of tho National
Government to provide = medium auto
radically contracting and expanding ia
volume. Q" meet tho needs of trade our
quality "f elasticity.
The "ulv part OF our monetary mod
lun ihii mas elasticity f- the htuF-uote
currency. Tie peculiar urukf.t.ra ~
tho law requiring national t.rLs 10
maintain reserves fu meet tho call W
me nfru~l'"r~ operates 90 increase the
money -f~flugeucE when 90 arises rnfhe-
ihtn O.. expand tho supply OF currency
ana relieve o. n operates upsu each
uauh Hni furnishes e motive Tor che
withdrawal % currency from tho rhar-
rcl- of trade hy each bank 10 sa,c h.
SELF. and offers up ir-4ucrmrut whaf.vs-
cor ~" use OF tho reserve TO expand m.
uppIl of currency to meet the except
After tile panic ~ 1907 Congress real.
lN-N iNut the present system Was NOT
nl5pieo 90 tho countrys needs anil that
property hc avoided by legislative pro-
-l"N accordingly "a m~uuft4rv com
mission wtS appointed which made a
tn uiuafN. 1912. TIL. system
Mhl'l lN"f recommended involved "a Ns-
IlnuII ke~frNe Association. w.fr. w4s
lh certain - tt~ faculties ard functions.
p bank, ana which was Ftt,r through It's
governing avi urlttleS t.r power. By is.
@'.-s CIRCULATING notes FOR approved
Sommet'ial paper. Dog. liking discounts
ana bA afher methods 90 transfer II
currency. 2" expand The supply of tho
monetary medium where 30 was most
iren'. i' prevent The EXPORT ur boarding
or gold and generally Co. tN,f. So SlrI
supervision over tho surrIV OF money
ih every part ~ the country as 10 pre-
vent S~trinE"ncy and arautO. The stool
lN lhi~ a>s''iHtiou was tp Do Distribute
iu t.c banks ~ TIE whole United states
STATE utI National. Ir 20 UINcI rrpr.r.
t"u 2" bank units and fo capital stork
was vested iu a board OF directors 10 D..
elected i} rcprrse utativts Of tie BANKS
'N.'.l certain eN "ni,lo directors. tIrc.
NdNInet oTirer-. % tic COMPTROLLER of
rue currency. The President was Or. an.
I'lNl me governor of the aseorfHffar
from three persons to h- selected Iv t.t
Drs were o. Dee elected Iv The hoard d.,
uie.l'@ Ih" details 90 the plan were