Perth Amboy evening news., 1912-12-06

Farmers, as Well as bsnkeFS, ohouio
Advise as to Currency System.
Sending a second message to con-
gress on fiscal, judicial, military and
insular affairs, President Taft explains
that, as the message Of Dec. 8 was
confined to foreign relations and as a
full discussion of all the transactions
of the government requires more space
than one message of reasonable length
affords, 81 have therefore adopted the
course Of sending three or four mes
sages during the first ten days OF the
session so as to include reference to
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. He 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 max 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 eKpendi-
lures in the navy mean reduced mill
tary strength and deems that h In
crease should be at least two battle
ships a year and battle cruisers, gun
boats and torpedo d%estroyers 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 a 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 a close
not developed great speculative |
or a wide field of new in |
vestment. the recovery and progress
from the depressing conditions
the panic of 1907 have been
and the improvement has been
and easily traced In the stats-
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'ow on a solid basis. Credits are net
nao.s offended. s.9aakErsTy p6a.. Of
eSsHpcems in a state OF pre-
sgY4ass;s for a period Of unexampied
prosperity.
Manufacturing concerns are run
ling at their full capacity, and the
for labor was never S con-
slant and growing. The foreign trade
If the country for this year will K
coed S 4 1000, 100000, while the balance
In our favor-that of the excess of e1-
ports over imports-will exceed $780,
900.
1t Is a year OF bumper crops. The
total money value of farm products
will exceed SO, Goo 900. 1t Is a year
when the bushel or unit price of agri-
cultural products has gradually fallen.
and yet the total value Of the entire
crop is greater by over 81, 900, 900 900
than 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 1868, 777,77O Of which 1884,
631,9SO constitutes the Panama canal
loan. The noninterest bearing debt Is
S37S,301, 2s4. 80, including $346, 6S1 ,01G
OF ~greenbacks. We have In the treas
ury $150.OOO,00O 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 $167, 152,478.99, or an increase
Of S26.97 ,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 e1cep-
ton. 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 $4,000 600.
The sum of the estimates Of the ex-
penditures for that same year, exclu-
Biye. Of Panama canal disbursements
and postal disbursements payable from
postal revenues, Is 1872, 0 ,0OO, indi-
eating a deficit Of $50, 200, 900.
For the year ending June 80, 1913,
similarly estimated receipts were $687.-
100000, while the total corresponding
estimate Of expenditures for that year.,
submitted through the secretary OF the
treasury to congress, amounted to
$3.50. 600 1000. This shows an increase
Of $4,000. 900 in the estimates for 1914
over the total estimates Of 1918.
Banking and Currency System.
A time when panics seem far remov-
ed Is the best time for us to prepare
our financial system to withstand a
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
studied the question admits it.
The only part of our monetary medi-
UNI that has elasticity is the banknote
currency. The peculiar provision of
the law requiring national banks to
maintain reserves to meet the call of
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