The Bridgeport evening farmer., 1912-12-07
PRESIDENT SENDS
 SECOND MESSAGE:
Dealing With Fiscal, JudlsIaL MIlita.y a..d IDSular Affairs.
HlGH OFFICE FOR 6OETRllS.

increasing Naval Construction Strong
 N Urged and Army ReorsanizatIon
 Cron1nended - Wage Earners and
 Farnasrs, as Well as Bankers, Should
 A6viss as Co Currency System.
 Sending a second message to con- xress on fiscal. judicial. military and iusular affairs. President Taft explains that. as the message Of Dec 3 was eOufued to foreign relations and as a fuli discussion of all tIe transactions 0f the government requires more space Nrnan one message of reasonable length affords, "I have therefore adopted the cOurse of sending three or four mes saEes during the first ten days of the session so as to include reference to e more important matters that should be brought to the attention of con- gress-''
 The president finds the country in a period of successful business. with a year of bumper crops For the last three years the government has saved much by sensible economy. HS finds the crying need of the country is a proper banking and currency system and says that customs duties Should be revised downward He strongly urges congress to make the neeessary appropriation for strengthening our foreign possessions at the earliest pos sIble day. In recognition of his work on the PAnamas canal President Taft recommends the promotion of Colonel G0ethais to the rank of major general.
 The president says reduced expendi- lures in the navy mean reduced mili- tary strength and deems that the fn- crpase should be at least two battle snips a year and battle cruisers gum boats and torpedo destroyers and sub marines in proper proportion.
 He commends the calm. orderly way sn which the trusts are being proceed cd against and says a steady. consist ent course. without any radical legis- Iztion changing the present govern mental policies, Is going to offer so- Iution to the problem. The country's bussress 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 dra wing to a close have not developed great speculative expansion or q wide field of new tn- xestmeut. the recovery and progress made from the depressing conditions following. the panic of 1907 have been steady. and the Improvement has been clear ard easily traced in tf1e statis- tics The business of the country is now oD solid basis Credits are not unduly extended. and every phase of the situation seems in a state of pre- paredness for a period of unexampled prosperity
 Manufacturing concerns are run- ming at their full capacity. and the demand for labor was never so con Etanr and growing. The foreign trade of the country for this year will ex- ceed S4.oOO. GOO. 900. while the balance in our favor-that of the excess of ex- ports over imports-will exceed S5OO,- 100000
 1t Is year of bumper crops The total money value of farm products will exceed S9.5OO. 100000. 1t is a year when the busheI or unit price of agri-- cultural products has gradually fallen, and yet the total value of the entire crop is greater by over SI 900 OOO, 900 than we have known in our history
 Condition G the Treasury.
 The condition of the treasury is very satisfactory The total interest bear iog debt is S963. .TT7.77O. of which S134;- 5s6 9S0 constitutes the Panama canal loan The noninterest bearing debt is S31S-sO1 .2S4. 90. including S346, ,6S1. .O16 of green backs We have in the treas ury $1J0OO0.OO0 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 fund of S16T. .152.47S.99 or an increase of $26.975.552 over the general fund last year.
 Reeeipts and Expenditures
 For three years the expenditures of the government have decreased under the influence of an effort to economize This year presents an apparent excep- ton. The estimate by the secretary of the treasury of the ordinary receipts. exclusive of postal revenues. for the year ending June 30. 1914. indicates that they will amount to S71O.OOO.UOO. The sum of the estimates of the ex- penditures for that same year. excfu- sive Of Panama canal disbursements and postal disbursements payable from postal revenues. is $132.OOO.UOO. indf- eating 8 deficit of S22. 100000
 For the year ending June 30. 4oi3. similarly estimated receipts were Ste7. .- oOO.0UO. while the total corrpsponding estimate of expenditures for that year, bIbrnitfed through the secretary dF the treasury te congress. amounted 10 EG56.OtD1O0. This shows an increase of $76.OCO.OO0 in the estimates for 1914 over the total estimates of 1913.
 Banking and Currency System.
 A time when panics seem far renoov- ed is lie best time for us to prepare Dur nBancdal system to withstand q storm. The most crying need this -oantry has is q proper banking and currency system The existing one is Inadequate. and every one who has Btudied the question admits 1t.
 The only part of our monetary medi- un that has elasticity is the banknote