Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-12-05
.MCAdoo Discusses currency
Situation In Annual
Communication
Simply Nervousness He Says
Preceding |illg Monetary
Changes lI7!gg
Gives General Review Of
Accomplishments IN His
Department

washington, december 4.-Secfetary
McAdoo's first report to Congress, deliver
Cd today, is largely confined to a review
Of the achievements of the Treasury Ae-
partment III matters that have been OF
nationwide interest; to recommendations
for increased appropriations Tor bureaus
which, he declares necessary to the bet
ter conduct OF the government and the
protection of the people.
The Secretary discusses at some length
the subject of currency legislation re,
viewing the activities in his Department
related to it. He speaks of an unrest in
business circles following the beginning
Of the special session OF Congress in
April, refers to propaganda OF pes
simism which designedly or not. produc-
and tension" and points to his an
nouncement in June that the Treasury
was ready to issue $500.000,000 of emer-
gency currency under the Aldrich Vree-
land Act to prevent restriction of cred
Its and to ease any situation.
Mr.. McAdoo details the Treasury's Of
fer to loan to banks Of the country money
to move the fan crops. The sum Of $46,
100000 out of $50,0O0000 estimated to be
needed, was apportioned among the
states. s
1T was essential" says the Secretary,
that the action of the Department
should be non partisan and non-political;
the corps of Republicans, Democrats and
people had to be moved, and the earnest
effort Of the department was to have
the benefits of this action diffused as
widely and irnpartially as possible"
After praising the psychological value
Of these incidents. the report continues:
Improvement In our financial system
which will permanently establish conf
dence. Will In itself be an immense gain
and II that improved financial system
4 In nrf,r Nv 10 ne ~
times the necessary funds and credits
to meet the expanding and legitimate
needs of the commerce and industry hof
the country, it will be an achievement of
enduring benefits. @at
THESE incidents also show conclusive
ly the enormous value of an altruistic
governmental agency in the financial af-
fairs of the country So long as the
government has the power to intervene
IN beneficient and unseitish way, the
tees will be largely, il not wholly des
troyed. This is one Of the chief objects
sought in the proposed reformation and
reorganization of our banking and cur
are to be congratulated upon the early
prospect OF sound legislation on this Wit.
ally important subject. Should the Con-
gress enact the fundamentals of the
pending measure it is believed that per-
manent protection will be provided
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"
Adoo says it has not been in force a
sufficient length of time to make possible
an accurate estimate of its ultimate re-
Venue producing powers. He asks Con
gress to impose a nominal tax Of one
per cent: proof gallon on all alcohol with
drawn for denaturation-and legislation
requiring every dealer in leaf tobacco to
make an inventory of stock January
OF each year and make report of his
transactions quarterly or monthly. and
bond. 554 IA IN
The present oleomargarine law il de.
clared to be unsatisfactory and the gov
eminent is said to lose more taxes from
Illicit practices in oleomargarine than
through moonshine stills. The difference
IN the tax on colored and uncolored Cleo
Is held responsible for the loss and Con-
gress Is asked to impose a fiat nominal
tax without any difference for color with
provision for individual stamped or orig
inal packages Of certain sizes adequately
marked and safeguarded. The law gov
erning the sale OF adulterated butter lis
declared to have brought about unfor,
tunate conditions through the difficulty
Of Its just enforcement. iyt@
Among his principal recommendations
following: III
Enlargement OF the Public Health Ser.
vice and closer cooperation with State
authorities to prevent AMI stamp out
epidemics Of disease .i5 "a
Building .. four revenue cutters, for
need Of which the Secretary points cut.
the service is seriously crippled S
Constellation of the Revenue Guitar
and Life-Saving 5 .rvices into one or
gaizatlon to he known as the Coast Guard
Such q consolidation, the Secretary saws
would increase the efficiency Of each
service with the idea that the new coas,
guard should become a first naval re-