Lawrence democrat. (Lawrenceburg, Tenn.) 1884-1925, 1912-01-19

Washington, Dec 21.-A special mes
sage OF the president on the financial
condition of the treasury, needed bank
Ing and currency reform and depart.
mental questions was read to congress
today. The message follows:.
The financial condition OF the gov
eminent, as shown at the close Of the
last fiscal year, June 80, 1911, was
cry satisfactory. The ordinary re-
ceipts into the general fund, aXclud-
ing postal revenues, amounted 10 S7Ol,.
S72,37499, and the disbursements from
the general fund for current expenses
and capital outlays, excluding postaI
and Panama Canal disbursement Is, ia.
Guiding the interest on the public
debt, amounted to $654,37, 9O7S9, leav-
ing q surplus of S47,2S4, 37710
The postal revenue receipts amount
cd to 7.s79,s2 while the pay.
ments made for the postal service
from the postal revenues amounted to
t237, $50, 705.4s, which left a surplus
of postal receipts over disbursements
VI VAAStAAosAAl tic nA1h AlLAG III = 3
years in which a surplus occurred.
The interestbearing debt OF the
United States June 30, 1911, amounted
TO S915,S5S,1s0. The debt on which
interest had ceased amounted to 81,
S79s30.26, and the debt bearing 40 IN
terest including greenbacks, national
bank notes TO be redeemed, and frac-
tional currency, amounted to 1886, $751;
a17,43, or total of interest and non
interest bearing debt amounting to
S1.SOS, 1884, sSI69
Shows Cut in Expenses.
The actual disbursements, exclusive
Of those for the Panama Canal and tor
the postal service for tho year ending
June 80, 1911, we're SOCIALIST, 0978S.
The actual disbursements for the year
ending June 30, 1910, exclusive II the
Panama Canal and the postal service
disbursements, were 1868, 1885, SOLOS,
making a decrease Of $5,567, 39319 in
yearly expenditures in the year 1911
under that of 1910 For the yea end
ing June 30, 1912, the estimated re-
ceipts, exclusive of the postal rev.
enues, are S666, 100000, while the total
estimates, exclusive of those for the
Panama Canal and the postal expendi-
lures payable from the postal rev
enues, amounted to $646,842,7 1884.
This is a decrease In the 1912 esti-
mates Of S1,534,S67.22.
For the year ending June 80, 1913,
the estimated receipts, exclusive OF
the postal revenues, are 1867, 100000
while the total estimated appropria
tons, exclusive Of the Panama Canal
and postal disbursements payable from
postal revenues, will amount to $685.
S20 ,803.35 This is a decrease in the
1918 estimates from that of the 1912
estimates Of 1921 .99599
AS TO the postal revenues, the ex
panSion Of the business in that de-
partment, the normal increase in the
post once and the extension Of the
service, will increase the outlay tc
the sum Of $3.50, ,463; but as the
department was self-sustaining this
year the postmaster general is assured
that next year the receipts will at least
equal the expenditures, and probably
exceed them by more than the sur
pluS Of this year It is fair and equita
bic, therefore, In determining thC
economy with which the govern mem
has been run, to exclude the trausac
tons Of q department like the post
office department, which relies for its
support upon its receipts. In calcula
lions heretofore made for comparison
Of economy In each year, 1t has beeI
the proper custom only to include II
the statement the deficit in the pos
once department which was paid GU
OF the treasury.
A calculation Of the actual increas,
IN the expenses of government arising
from the increase In the population
and the general expansion OF govern
mental functions, except those of th'
post Office, for a number of year,
shows q normal increase Of about
per cent. a year BY directing the ey
ercise Of great care to keep down tn,
expenses and the estimates we hay,
succeeded in reducing the total dis
buraements each year.
The Credit Of the United statea.
The credit Of this government wa
shown 10 be better than that Of an
other government by the sale of tn
Panama Canal per cent, bonds
These bonds did not give their owner
the privilege of using them as basi
for banknote circulation, nor wa
there any other privilege extended t
them which would AFFECT their genera
market value. Their sale, therefore
measured the credit Of the govern
ment The premium which was rea
iaed up. the bonds made the actus
interest Eite Of the transaction ESQ
psr cent
ErHoisney ard Economy In the Trea'
ury Department.
In the treasury department the Ell
cheney and economy work has hee
kept steadily up. Provision Is mad
for the elimination Of 1s4 positions d.
ring the coming yea. Two hunire