The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-04
Secretary McAdoo Re-
views Achievements of
Treasury Department.
PRAISES VALUE OF
THESE INCIDENTS
Congratulates People of Country
Upon Early Prospects of Sound
Legislation on Currency.
Recommends Increased Ap-
propriations for Sew
eral Bureaus.

! Warrington. December, 3.-Secretary
McAdooe first report to Congress, de-
! livcred to-day, is largely confined to a
review OF the achievements OF the
Treasury Department In matters that
have been of nation wide interest; TO
recommendations for increased appro-
priations for bureaus under his author
ii,y. ana for legislation, which, he de-
clares. necessary to tho better conduct
OF the government and the protcctiol
/ OF the people.
! The secretary discusses at some
! length the subject Of currency lcgisia-
! tion reviewing the activities in his de-
! partmeut related to it. He speaks of an
unrest in business circles following
! the beginning of the special session OF
! Congress in April. refers TO a pro
[ paganda OF pessimism. which designly
/ or not. produced a condition of extreme
nervousness and tension" and points to
/ his announcement in June that the
/ Treasury was ready to issue $500, ,000,-
/ -c0 OF emergency currency under the
| Aidrich- -Vreeland act 10 prevent re-
atrction of credits and to ease any
I situation.
! Mr.. 9IcAdoo details the Treasury's 8
offer TO loan TO banks OF the country
none yto move the fall crops The
! sum of Si6.500. 600 out Of $50.O0O.O0o cs-
timated 10 be needed, was apportioned
among the States.
Nonpnrtisan and SonpOlfticul.
1T was essential" says the score
tary. that the action OF the depart
ment should be nonpartlsan md nom
political; the crops OF Republicans
Democrats and Progressives, and all
other classes of people had to be moved.
and the earnest effort OF the depart
mcnt was to have the benfits of this
I action diffused as widely and importial-
ly as possible"
After praisinG the psychological value
81 these incidents, the report CON
tinues:
They demonstrate clearly that any
/ Improvement in our financial system
2 which Will permanently establish con-
itdence viii in itself be an immense
gain. and II that improved financial
! system assures the opportunity to Sc
cure at all times the necessary funds
and credits to meet the expanding
and legitimate needs of the comm erco
and Industry Of the country. it will
be an achievement OF enduring bene-
/ fits
These incidents also show conclu-
sivcly the enormous value OF an al
truistic governmental agency in the
I financial affairs Of the country SO
/ long as the government has the power
TO intervene in u benencient and un-
selfish way, the danger OF panics and
OF unjust practices Will be largely, If
not wholly. destroyed. This is one OF
the chief objects sought in the pro-
posed reformation and reorganization
OF our banking and currency system
The people OF the country are to be
congratulated upon the early prospects
of sound Legislation of this vtally i'm
portant subject. Should tho Congress
enact the fundamentals OF the pending
measures, 1t is believed that permanent
protection will he provided against re-
curing commercial 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"
| New Tariff Act.
| or the new tariff act Secretary Nc
Adoo says It has not been in force
n sufficient length Of timc to make pos
siDle an accurate estimate of It's ulti-
mate revenue producing powers He
asks Congress to impose nominal
tax OF / per cent proof gallon on all
alcohol withdrawn for dcmaturation-
and legislation requiring every dealer
in leaf tobacco to make an inVuntory of
stock January ] of each year and made
n report OF his transactions quartely or
monthly. and that every dealer be re-
qured to give bond.
The present oleomargarine law is
declared to be unsatisfactory, and tho
government is said TO lose more taxes
from Illicit practices in oleomargar rinc
( than through moonshine stills The
/ difference in the tax on colored and
! uncolpred "oleo" Is held responsible for
! the loss. and Congress is asked to i'm
! pose a fiat nominal tax without any
difference for color. with provision for
/ Individual stamped or original pack
! ages OF certain sizes adequately mark
ed and safeguarded. Tho law govern
Continued on Third PaSe.)