New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-05

market, and the tension of a month
ago has been somewhat relieved by me
action of various corporation borrow
ers in postponing new financing until
the investment demand broadens ma
terially. Some Of the largest roads
are well prepared TO do this, and from
present indications it looks is 4
great many bond offerings would be
held up for the time being at least
In business circles, too, there is dis
position to proceed cautiously and 10
be governed largely with reference TO
making fresh commitments by what
follows the enactment of the new tarIif
law. These tendencies are of immense
significance at a time when the money
markets of the world are just recover-
ing from the strain incident TO the
financing Of a complicated quarterly
settlement.
ITO this extent, therefore, il may be
said Mat the money market outlook
has improved, and that there is no
longer danger of our having 10 make
large shipments of gold to Europe. 1t
is also evident that the much feared
congestion in the bond market on
scale similar to that now being wit
messed in London is no longer posi-
bility in Wall Street. There will have
to be some important financing done
later on in the year by railroads, indus
trial corporations and municipalities
But the situation so far has been ad-
mirably handled and there Is no rea-
son to believe that the corporation Dor
rowings of the near future will he
scaled down to cover only such OUTLAWS
as are imperatively needed
Regarding the business conditions OF
the country there is a marked division
of sentiment. but it must be conceded
that an exceptionally firm attitude is
being assumed by the leading business
interests in view Of the changes when
the proposed tariff issue will make in
| many of the protected lines of trade.
The present Washington administra-
| ton has shown signs of reform in sew
eral departments, but ii is too early
yet to praise or criticise the result
There are opportunities for an intelll-
gent installation of business methods
which will not only facilitate the con-
duct of the governments business, but
the application of a system along lines
which may he found in use among the
great corporations of the country Will
result in saving time, money and an
noyance
Referring to the lack Of system in
our national government, the National
city Bank. New York. in its May let
ter says, in part:
The men who for the first seventy
years OF our history kept the average
annual cost of government down To
about 50 per capita had no such prob
lens TO handle as have confronted leg
islators and administrators in the last
half century. In 1860 there were ~,
$50 postofices in the United States.
To-day there are more than 10000. In
| 1865 there were 40 money order offices
in opera ton, and they did a business or
! 81. 36O.1 In 1911 there were ~ so
money order Offices. ana their transac-
! lions amounted TO SGS1.1l5Gii. In
! 1866, G6 cities Of the United States had
! free mail delivery. employing go car
riers. In 1911 the service was estab-
lished in oil cities, employing 29.1GS
| carriers and involving an expense OF
almost $4,000 900 year. Rural free
delivery was not established until 1871
when So carriers were put on the road.
travelling 1.S43 miles. That service
| cost S14. $40 In 1911 there were II 800
rural carriers. The mileage Of their
routes was ,O15 O23 and the cost of the
service was S37. l2G.Sl2. in 1860 the
per capita consumption OF sugar was
| 1917 pounds. and it's cost was over -
cents a pound In 1910 the per capita
consumption had increased TO I9,9o
pounds and the cost had decreased to .
cents a pound The highest production
of cotton before the war was J,3SI.oJ2
bales, in 1913. IN 1tlD IL WIS ll''''
962 bales. In 1860 the farms and farm
property Of the United States were
valued at a little under $1,000 100000.
In 1910 they were valued at almost
Sal. OOO. 100000. In 1850 the total i'm
ports were $3.50. 616119. In 1910 they
were 81, 500, 947, 430. In 1850 the total
exports were 1888, 576.057. In 1910 they
were S1.744. 9S4. 720. and year later
thew had grown to more than 5000
600 900. All these increases in the ac-
tivities Of the people have necessarily
| involved increases in governmental ac-
tivities corresponding to those shown
in the Postoffice Department. And
therein lies the legitimate reason for
| most OF the increase in the cost of
| government. But there can be no
legitimate reason for the continued
maintenance Of the archaic and I'M
businesslike methods OF governmental
| administration. which involves every
wear the waste of millions of dollars.
From the beginning of our government
there has never been any definite pro-
gramme in regard TO national finances
and expenditures. The annual appro-
priations on account of wars, past and
e,@,ra for tho War and NAVY 0pDart-