The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1912-12-13

noting of Colonel Cocktails Recon-
mended.
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 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
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
tics. The business of the country is
now on a 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 running at their full capacity and
the demand for labor was never so
constant and growing. The foreign
trade of the country for this year will
exceed $4,000,000,000,- while the bal
ance in our favor-that Of the excess
OF exports over imports-will exceed
$500,000.000. More than half our ex-
ports are manufactures or partly
manufactured material, while our ex-
ports of farm products do not show
the same increase of domestic con-
sumption. 1t Is year of bumper
crops; the total money value of farm
products will exceed $9,500,000, 900.
1t is a 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.OOO,OOO,OOO than we have
known In our history.
Condition Of the Treasury.
The condition of the treasury ig
very satisfactory. The total interest
bearing debt is 1868, 777,77O, of which
s134, 1851, $3.50 constitute the Panama
canal loan. The misunderstanding
debt is s37S,3O1, 2s4.sO, including
s346,671 ,016 of greenbacks. We have
in the treasury $150,000,000 in gold
coin as a reserve against the out
standing greenbacks; and in addition
we have cash balance in the treas
ury as a general fund of $167 ,152, 47S.-
90, or an increase OF s26,975.552 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
economize. 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
30, 1914, indicates that they will
amount to $710,000,000 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, is 1872, 100000, indicating a
deficit OF $22,O00000 For the year
ending June 80, 1918. similarly esti-
mated receipts were $667,000, 900,
while the total corresponding esti-
mate of expenditures for that year,
submitted through the secretary Of
the treasury to congress, amounted
&c S656000,000. This shows an in
crease of s76,OO0,O00 in the estimates
for 1914 over the total estimates of
1913. This is due to an increase of
S25,000.000 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 So, 100000; and
TO an increase in the estimates for
expenses Of the navy department of
100000 The estimate for the
navy department for the year 1913
included two battleships. Congress
made provision for only one battle
ship, and therefore the navy depart
ment has deemed It 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 the I'M
completed ships now under construc-
ton. In addition to the natural In
crease IN the expenditures for the I'M
completed ships. 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-
ton imposed by the change In the
eight-hour law which makes IL ap-
plicaole TO ships built in private ship
yards.
With the exceptions of these three
items. the estimates show a reduction
this year below the total estimates for
1913 OF more than s5.o0o.000.