Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-12-04
Macveagh in Annual 1erU1s
Warns Congress Eani9
Hangs Like Sword Of Dane
Cles Over Present System
OUTLINES HIS IDEAS Oh. \
NECESSARY LAw.MAEXMU
Secretary Foresees Deficit %
$22,5OO,0O0 Exclusive oa
Canal Cost First EsrcaS
Year of President Wilacl.

my Leased Wire 90 Mveunnm usaNaRH
Washington, Dec. 4.--stronglR 'agca
ing radical reform OF the 'unroasona4
ana unsclcntinc" banking aEsat eiirs
rcncy system OF the United gtAtaM
Franklin MacVeagh, secretary of tha
treasury, freely warns congress "a hia
annual report submltted today .fllaf
the fedcrul governments. ~ sop@ az
tn" present scheme exists. will ha cKs
chalVcly responsible for tina ciftHAeI
cIal Industrial and social ofeAtaot
when How from panlca aIie nfthphu
directly or Indirectly. every nclpa -
tho nation. ~ 80
The present aystom promotSa hn1
dcNclopcs panics and teEialafle# II
urgent declares Mr. MAcveoaN l4
outlining his iden of the neqee1n
general provisions OF an adealaAl& ri
lief measure. Aside from AlRor0IhIA
flexible and elastic currency and ~
serves, such revision, he says. n1&al&
bring tho banks into orKaniaed co..
operation ana provide for 4 eoAtrak
agency through which they could
work together, FREQ of pollungN et
trust control. "
According TO tho estimates OF the
I ".
forcsees deficit Of t22,BBe, ,0aN, 04s
elusive OF Panama canal expeuditueqn,l
for tho fiscal year ending June aot
1914, tho flrat fiRcal year of pFeelaeAk.
Wilson's administration InclNdlnR
the canal axpenheu, the aofoit ~ anlia
ihatpu NJ eb7,7s0. .asx Tita clsfihi 81.
pcndlturos. no ndub. however. may ha
paid under the law from bond b9iea.
Tho estimated receipts fSr lhat year
nro S7l0,006, 900. while tho ordinary
/ appropriations are estimated At 1712,-
$50, 023, and tho canal expOnditdrea
at $40, i74,4S2. Undoubtedly havimT
probable tarlf revision In mind, cha
secretary announces that these este
mates ara based upon present eonais
tlnns ana laws. ~
For the current fiscal yons, eRdina
Jnnc 80. 1913, Mr., Macveaeh' enif-
mni"s that there will be suPplua Of
! $40, 100000, exclusive OF Panama
canal expenditures, and deficit Of
El,S00,OO, Including the canal tfsneac-
tioms. lie estimates receipts e0Est
year nt $Tli,O0O, 900. and ordinary
disbursements at fG70, 800, 900, "@N
In connection with financial reform
Mr. MHcVcngh says the peopiu are
helpless under cAis.lng evils. The
present sybteIn never permits ftNahRop .
tlun at any time, because its hnbNity
in sudden VonAtTaint and restriction
In always II part OF the nations ,Jlnaf@
cial consciOusneas. ys3Er
"Thoro never is n time." oSHtlfies
the secretary of tho treasury, when
there II any long look ahead. eTcept
whom wo are In tho midst of Asbanic
when there In long look Of lltantor
nhcud. There In never "a long look OF
"ns" aud convenience and prospoEity
ahead"
In the crop mOvIng season, MIR
MacVcuRh points out, there In a ppe-
ciai stress ana restraint ana tho secs
rctary found an object lesson IN Rho
conditions during the past autumn
when tho banks were called Nppp 90
finance the movement OF nearly all
of their available RESOURCES utideF
"our constructing system"
\ This relief which In 30 uf6ettly
. needed by the legitimate business ana
. cntorprisc OF our people," he AIDA, -
= not relief from n financial situation
built M by a financial world itbeig put
|, In from n system and conditions Supera
. induced by tho government, ana
forced upon the business community
and upon American society. 7'ha
banking and currency system ~ tina
= product oR federal law. and theya can
: be no rellef from II until. oohGfo19
I acts. And this la why eongroa1lonai
4 action In urgent" {l
/. Pointing nut tbnt tho bahhs ) h6tnA
0 nntoly had boon able 10 fnano0 tA&
. crop movement of tho past aslR
. unaidod by che government, thA Heet
y, rotary says that tho nnomaluaih Relaa
q tion between the treasury dephTtineHf
\ and tho general tlnanolal w0fl6 q 4
/, part OF the Hystem 10 BE- eote9,
: 10 added; Taking, large saNs e
!: actual money out Of tho otGlnaR q
nanoinl use and locking a ur ~ 4
y dead mass In tho vaults oK thNoNenes
/ ury IL n proceeding % unnnloD
n unreasoned as any other next 1f nHF
n unroasoned aud unaeientilte
r. and currency uyetom."
!. A RELIEF measure rafornnlNN lN
y banking ana currency syetaa No
y ~ rotary declares, 'mprt i4nlua
!. = ita nsceasaFy ttakrfoa. ptt4
nover-tailinR 4lNoFtoA nne
ing 0uFrency hnA lAr tI,A noel
tieity and neAiNliliS "a hoet|i
!. permanent afeAnlHalNNn an4
d co-Operatlon ~ The bAnkT
+ pow uufleflng and oonaloa &
4 to suffer w E9aapn ot lnfIE
y iAed atntoi FOR 4 ObnANeA
Eeprenent and eet lps VA
Ma I4iG tt It|