Rogue River courier. (Grants Pass, Or.) 1886-1927, 1913-12-12
UNCLE SANS PURSE
Is IN FINE CONDITION

10 IN TINE NONDAAiC-N
Washington, Dec. 11.-Uncle Sam
has fairly healthy purse. True, he
owed 2,916,204,913.66 on June 30,
but at the same time he had the neat
little sum of s1,SS7,11S,15S.79 in
hand, which makes him fairly we'll
to-do and puts him high in the king
row of world financial powers.
These figures were reported to con-
gress today by Secretary of the
Treasury McAdoo in his annual
statement on finances. With them
he submitted estimates of appropria-
tions for 1915 totalling s741,O11,-
66O.02, an increase Of a little over
$12,O00,OO0 over the appropriations
made for 1914.
The secretary recommends en-
largement OF the public health SER
vice; construction of four new rev.
enue cutters; consolidation OF the
revenue cutter service and the life
saving service into a single organiza-
tion to be known as the coast
guard; substitution Of an effective
ice patrol by international agreement
for the present patrol maintained by
the United States off the Grand
Banks; three light draft river steam
ers to be constructed for the revenue
service to aid in salvage work on In
terror rivers and lakes, and Increase
OF the treasury contingent fund from
$4,000 to $4,000
Secretary McAdoo's report partook
OF the nature OF a brief In advocacy
OF currency reform. He mentioned
"a certain propaganda of pessimism
which. whether designedly or not,
produced condition OF extreme ner-
vousness and tension" early In the
spring in justifying his $500, O,OOO,OOO
emergency currency announcement.
He referred to the financial uneasi-
ness in the same terms in explaining
his crop moving deposits this fall.
ut is Characteristic Of our imper-
feet and unsatisfactory banking sys-
tenn" he said, that the very pros
perity of the country becomes at
times a menace because Of the ap-
pretended inability of the banks to
meet the seasonal demand for the
large amounts OF money required to
move bounteous harvest.
"The psychological and practical
value of these incidents cannot be
overestlmated. They demonstrate
clearly that any improvement in our
financial system which will perman-
emily establish confidence will in it.
self be an immense gain, and If that
improved financial system assures the
opportunity to secure at all times the
necessary funds and credits to meet
the expanding and legitimate needs
Of the commerce and industry OF the
country, 1t will be an achievement Of
enduring benefit,
"These incidents also show con-
clusively the enormous value of an
altrulstlc government agency in the
financial affairs Of the country. So
long as the government has the
power to intervene in benehclent
and unsel6sh way, the danger OF
panics and OF unjust practices will
be largely, II not wholly, destroyed.
This is one of the chief objects
sought In the proposed reformation
and reorganization Of our banking
and currency system. The country
is to be congratulated upon the early
prospect OF sound legislation on this
vitality important subject. Should
congress enact the fundamentals Of
the pending measure, II is believed
that permanent protection will be
provided against recurring CONNER
clal crises and that adequate facilities
will be created for that legitimate
and sound expansion OF credits so
vital to the prosperity Of our great
and growing country"