Evening journal., 1912-12-06
Increasing Naval Con-
sfrucfion Strongly Urg-
ed and Army Reorgani-
ration Commended.
High Office for Goefhals
Should Ponder Change
In Currency System

Sending a second message to con.
gress on fiscal, judicial. military and
iusular affairs. President Taft explains
that, as the message Of Dec. was
confined to foreign relations and as
full discussion OF all the transactions
of the government requires more space
THAI one message OF reasonable length
affords. II have therefore adopted the
sourse OF sending three or four mes
sages during the hrst ten days Of the
session 50 as TO include reference to
more important matters that should
be brought to the attention VI con-
gress.'
Tue 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
aud says that customs duties should
be 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
I'm which the trusts are being proceed
ed against and says sterly. 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
have not developed great speculative
expansion or a wide field Of new ih-
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 solid basis. Credits are not
unduly extended. and every phase OF
the situation seems in state of pre-
paredness for period of unexampled
81 prosperity.
Manufacturing concerns are run
5 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 year will ex
coed S4,0OO.OO0.0O0. while the balance
IN our favor-that of the excess of ex
ports over imports-will exceed 500.
100000
II is year OF bumper crops, The
S total money value OF farm products
will exceed $4,000, 100000 1t is a year
M when the bushel or unit price of agri
cultural products has gradually fallen
s and yet the total value of the entire
crop is greater by over Sl.O00.00O,O0'
than we have known in our history.
Condition Of the Treasury.
The condition of the treasury is yer,
.. satisfactory. The total interest bear
ing debt is S96S. TITO. of which S134
az 631 $50 constitutes the Panama cana
& loan The noninterest bearing debt 1
XII $37s. 301 .2S4.9O. including S34G.GS1 OF
of greenbacks. We have in the treas
ury $150O0O,000 in gold coin as re
serve against the outstanding greer
M backs: and in addition we have a cas-
balance in the treasury as a genera
Z fund OF S167. 152. 47s.99. or an increas
u of S26.975.552 over the general fun
last year.
Receipts and Expenditures.
For three years the expenditures q
the government have decreased unde
the influence Of an effort to economic
1 This year presents an apparent exceI
ton The estimate by the secretary {
the treasury of the ordinary receipts
exclusive OF postal revenues, for th
year ending June 80. 1914. indicate
that they will amount to S710,000O0l
The sum Of the estimates Of the e.
i penditures for that same year, excl
sive of Panama canal disbursement
and postal disbursements payable frol
postal revenues. is $732.0O0000.. ind
eating deficit of S22.0o0OO0.
For the year ending June 80, 1911
similarly estimated receipts were 1857
100000. while the total correspondent
estimate Of expenditures for that yea
submitted through the secretary Of u
treasury 10 congress. amounted
$3.50. 100000 This shows an increai
of $4,000, 900 in the estimates for 1el
pver the total estimates OF 1913
Barking and Currency System.
A time when pAnies seem far reno
I'd Is the best time for us TO prepa
nur financial system to Withstand
storm. The most crying need III
country has is a proper banking AT
currency system. The existing one