Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1912-12-12
PRESIDENT SENDS
SECOND MESSAGE
>)eaIIng With Fiscal, judicial,
Military and Insu|ar Affairs.
HIGH OFFICE FOR COCKTAILS.

TUT VJVlOe TUT OUe uIlHlCs
Increasing Naval Construction Strong
ly Urged and Army Reorganization
Commended - Wage Farmers and
Farmers, az Well as Bankers. Should
Advise a. to Currency System.
Sending second message TO con-
gress on fiscal. judicial, military and
lnsular affairs. President Taft explains
hat. as the message of Dec. wns
confined to foreign relations and as
full discussion of ell the transactions
II the government requires more space
,hun one message of reasonable length
Affords, Il have therefore adopted the
.ourse Of sending three or four mes
,aces during the first ten days of the
session so as 70 include reference to
more important matters that should
I've brought to the attention Of con-
gress.''
The president finds the country In a
period OF successful Business, with n
year Of bumper crops. For the last
three years the government has saved
much by sensible economy. He finds
the crying need Of the country is a
proper banking and currency system
and says that customs duties should
he revised downward. He strongly
urges congress to make the necessary
appropriation for strengthening our
foreign possessions at the earliest pos
sible day. In recognition Of his work
on the Panama canal President Taft
recommends the promotion Of Colonel
Goethals to the rank Of major general.
The president says reduced expendi-
lures In the navy mean reduced mill
tary strength and deems that the in
crease should be at least two battle
ships a year and battle cruisers. gun
boats and torpedo destroyers and sub
marines in proper proportion.
He commends the calm. orderly way
in which the trusts are being proceed
ed against and says a steady. consist
ent course. without any radical legis-
lation changing the present govern
mental policies. Is going to offer So
luton to the problem. The country's
business first engages the presidents
attention.
Business Conditions.
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
vestmeut, 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 stats.
tics. The business of the country il
now on solid basis. Credits are not
unduly extended. and every phase OF
the situation seems in a state of pre-
paredness for period Of unexampled
prosperity.
Manufacturing concerns are run.
ming at their full capacity. and the
demand for labor was never SO con.
slant and growing. The foreign trade
Of the country for this yenr will ex-
coed $4,000 100000. while the balance
In our favor-that Of the excess of ex-
ports over imports-wil exceed $780,.
10000.
1t Is year of bumper crops. The
Total money value of farm products
will exceed $4,000. 100000. 1t ia a year
when the bushel or unit price Of agri-
cultural products has gradually fallen,
and vet the total value Of the entire
crop Is greater by over $1,000, 900 900
Tran we have known in our history.
Condition Of tho Treasury.
The condition of the treasury is very
satisfactory. The total interest bear.
ing debt is $363,77777O. of which Sl34..
b3l.3eO constitutes the Panama canal
loan. The noninterest bearing debt is
s37S,301 .2s4.9O. including S346. 6S1 ,O16
Ut greenbacks. We have in the treas.
nry $15O,OO0.OOO in gold coin as a re-
serve against the outstanding green
backs; and In addition we have a cash
balance in the treasury as a general
'und Of $751;, 152, 47S.93, or an increase
II $28.975.552 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 economic.
This year presents an apparent excep-
tton. The estimate by the secretary Of
the treasury Of the ordinary receipts.
exclusive Of postal revenues for the
year ending June 80. 1914, indicates
that they will amount to $4,000 900.
The sum Of the estimates Of the ex-
penditures for that same year. exclu-
sive Of Panama canal disbursements
and postal disbursements payable from
postal revenues. is s732OOO,OOO. indi-
eating . deficit Of S22,OOO,OOO.
For the year ending June 30. 1913.
similarly estimated receipts were $685.
100000. while the total corresponding
estimate Of expenditures for that year,
submitted through the secretary of the
treasury to congress. amounted to
S858.O00.0O0. This shows an increase
Of $4,000. 900 In the estimates for 1914
. 'ver the total estimates OF 1913.
Banking and Currency System.
A tme when panics seem far remov-
I'd is the best time for us to prepare
our financial system to withstand q
storm. The most crying need this
country has Is a proper banking and
currency system. The existing one IL
inadequate. and every one who has
itudied the question admits 1t.
Tie only part OF our monetary medi.