The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-12-03
FAT PURSE OF
UNCLE SAM
Report of Secretary of the
Treasury Shows United
States to be Wealthy
Nation.

| UNITED Press Leased Wire Service. j |
WASHINGTON, Dec. 3.-Uncle Sam
has fairly healthy purse. True, he
owed s2,916,204,913.6 on June 30. but
at the same time he had the neat lit |
tie sum of s1.SS7,11S.153.T in hand. |
which makes him fairly well and puts
him high in the king row of world
financial powers.
These figures were reported to con-
gress today by Secretary of the Treas
ury McAdoo in his annual statements
on finances. With them he submitted
estimates Of appropriations for 1915,
totaling s741,o11. .66O02, an increase of
little over s12,0Oo,00O over the ap-
preparations made for 1914
The secretary recommends enlarge
ment of the public health service;
construction OF four new revenue cut
ters; consolidation of the revenue cut
ter service and the life saving service
into single organization 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 steamers to be constructed 70.
the revenue cutter service to aid IN
salvage work on interior rivers and
lakes and increase of the treasury
contingent fund from $4,000 to $780,
coo.
Secretary McAdoo's report partook
of the nature of brief in advocacy
of currency reform. He mentioned
"a certain propaganda Of pessimism
4 which, whether designedly or not,
produced a condition Of extreme
nervousness and tension" early in the
spring In iustifying his s500O00,0 900
emergency currency announcement.
He referred to the financial uneasi-
ness in the same terms In explaining
his crop moving DEPOSITS this fall.
1t is characteristic of our imperfect
J and unsatisfactory banking system,
he said, that the very prosperity o.
the country becomes at times g
} menace, because of the apprehended
inability Of the banks to meet the
seasonal demand for the large
amounts OF money required to move
Z ia bounteous harvest
The psychological and practical
value of these incidents cannot be
: overestimated. They demonstrate
clearly that any improvement in our
financial system which will perman
emily establish confidence will in itseli
be an immense gain, and IL chat i'm
proved financial system assures the
opportunity to secure at all times the
, necessary funds and credits to meet
the expanding and legitimate needs o.
the commerce and industry of the
country, it will be an achievement ci
enduring benefit.
These incidents also show cor
clusively the enormous value of al
t altruistic government agency in th,
Y financial affairs Of the country. 81
I long as the government has the powel
to intervene in a beneficient and un
selfish way, the danger of panics ant
: of unjust practices will be largely, /
e not wholly destroyed This is one o
! the chief objects sought in the pro
t posed reformation and reorganization
i Of our banking and currency system
. The country is to be congratulated up
2 on the early prospect of sound legis
S lation on this vitally important sub
I ject. Should congress enact the funda
t mentals of the pending measure. it i
! believed that permanent protection
: will be provided against recurrint
i commercial crises and that adequat
i facilities will be created for tina
S legitimate and sound expansion o
/ credits so vital to the prosperity 0
r our great and growing country"
Roosevelt in Brazil.