The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1912-12-12

Washington, Dec 6.-Congress to-
day received from President Taft the
second OF his messages to the short
session. 1t deals with fiscal, military,
insular and judicial affairs and In
part is as follows:
The condition OF tho country with
reference to business could hardly be
better While the four years OF the
administration now drawing to a close
have not developed great speculative
expansion or a wide field OF new In
vestment, 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.
ties. The business OF the country is
now on solid basis. Credits are not
unduly extended, and every phase Of
the situation seems in n state OF pre-
paredness for period OF unexampled
prosperity. Manufacturing concerns
are running at their full capacity and
the demand for labor was never 80
constant and growing The foreign
trade OF the country for this year will
exceed $4,000, 100000. while the bal.
ance in our favor-that OF the excess
OF exports over imports-will exceed
t500.000000. More than half our ex-
ports are manufactures or partly
manufactured material, while our ex.
80 40 .hnu
the same increase OF domestic con.
sumption. It 10 a year OF bumper
crops: the total money value OF farm
products will exceed 39,500.000 900
II is n year when the bushel or unit
price OF agricultural products has
gradually fallen and yet the total
value of the entire crop is greater by
over $1,000 100000 than we have
known in our history.
Condition OF the Treasury.
The condition of the treasury is
very satisfactory. Tho total interest.
bearing debt Ia s963.77I77O, OF which
$134G31 $50 constitute the Panama
canal loan. The nonintercst.b bearing
debt is s37S,30l .2SL9O. including
f3i6.671, 016 OF greonbacks We have
in the treasury sl5O0O0,0O0 in gold
coin an reserve against the out.
standing greenbacks; and in addition
we have a cash balance in the treas.
ury MS general fund OF SlG7152 AS
90. or an increase OF s2G975.552 over
the general fund last year
Receipts and Expenditures.
For three years the expenditures
~ tho government have decreased
under the influence Of an effort to
economic. This year presents an ap.
parent exception. 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 S710,000,000. The sum OF
the estimates OF the expenditures for
that same year. exclusive Of Panama
canal disbursements and postal dis
bursements payable from postal
revenues, ia 1892 100000, Indicating a
deficit Of s22.O0O.O0O For the year
ending June 30. 1918, similarly esti.
mated receipts were 1867 100000
while the total corresponding est.
mate OF expenditures for that year
submitted through the secretary OF
the treasury to congress, amounted
TO s656,000000 This shows an IN
crease OF $4,000. 900 in the estimates
for 1914 over the total estimates OF
1918. This is due to an increase OF
S25000,000 in the estimate for rivers
and harbors for the next year on
projects and surveys authorized by
congress. to an increase under the
new pension bill OF s32 ,500.000; and
to an increase In the estimates for
expenses OF the navy department OF
s24,000,000 The estimate for the
navy department for the year 1918
included two battleships. Congress
made provision for only one battle
ship. and therefore the navy depart
ment has deemed II necessary and
proper to make an estimate which in
cludes the first years expenditure for
three battleships in addition to the
amount required for work on tho un
completed ships now under construc
ton. In addition to the natural in
crease In the expenditures for the un
completed chips. and tho additional
battleship estimated for, the other in
creases are due to the pay required
for 1000 or more additional enlisted
men in the navy; and to this must be
added the additional cost of construc
tion imposed by the change in the
eight.hour law which makes II ap
plIcable to ships built N private ship
yards
With the exceptions OF these three
items. the estimates show reduction
this year below the total estimates fol
1913 Of moro than 100000.