The Hawaiian gazette., 1915-12-17

emergen y tax, Mr.. McAdoo pits at
$685., 100000 and ordinary disburse-
ments at $685., 0Ol 900 leaving an excess
of disbursements over receipts IL legis-
!ation Is not passed TO change condi.
tions, of S252, 101, 900. As explained in
his recent statement however, that
amount would be reduced to about $780,.
600, 900 by the extension Of the emer-
gency and sugar tax laws
Secretary McAdoo = report says the
people of the United States have rea.
son to congratulate themselves on the
financial and business condition of the
country after the seriOus situation
which confronted them a year ago.
Healthy Growth In Commerce
THE European war produced inevi.
table suffering in this country as well
as in Europe, sold the secretary. "Our
industrial situation was, for a time,
seriously hurt, and the lotion growing
states of the South sustained heavy
losses through declines in the price
of cotton. Every power of the govern.
mpnt was exerted to mitigate the stu.
at ION and | believe it is not inexact to
say that but for the active agency Of
the government in protecting and con-
serving the business interests of the
country during that critical period
grave disaster would have resulted.
alt is a pleasure to acknowledge that
the efforts of the government were sec
onded and supported by the earnest
and patriotic cooperation of the bust.
ness interests of the country. During
the year there has been a steady, heal.
thy, forward movement in every line
of activity, until now prosperity has
been firmly established throughout the
country.'
Mr.. McAdoO included letters from
mercantile agencies 60 support his
statement, and quoted figures on rail
road and other business operations to
show increased activities.
Financial Situation Strong
THE financial situation of this coun.
try,' he continued, "has never been
so strong and favorable as now Our
financial resources are the greatest in
our history, and our baking system,
through the creation of the Federal Re
serve system, is now the strongest in
the world. In every respect the econo
mic and financial condition of the coun.
try is extraordinarily sound. 1t is
greater than that of any other nation
and if we use our resources and our
opportunities intelligertly and wisely,
we shall establish the prosperity of this
nation upon an impregnable foundation
for many years to come"
In that connection the secretary s re-
port showed the stock of gold in the
United States on November !, 1915,
was So, ,1l3,762 compared with 81,
500, $50 on January 2 and that it is
by far the largest sum in gold ever
held by one country. Indications were,
he added, that the present stock would
be greatly augmented.
The report reviews at length, opera
tons of the treasury department for
the year, Mr.. McAdoo's deposits OF
gold in the Atlanta, Dallas and Rich
mOnd Federal Reserve banks, and his
decision to make reserve banks govern
ment depositaries and fiscal agents.
Legislation recommended included
$780, 900 for a second Pan American Fl
nancial Conference in Washington in
1917 and $4,000 for the use of the
United States section of the Interna
tional High Commission on Uniformity
of Laws for the two Americas.
Omnibus Appropriations Disapproved
The method of legislation for publ"
buildings in an omnibus bill received
the Secretary s disapproval and he ask
ed that it be discontinued. Needless
waste of public money, he said, will be
avoided if Congress will hereafter not
authorize the acquisition of public
building sites until authorization is
made for the buildings to go on the
sites. He asked that the Secretary Of
the Treasury be authorized to fit the
building TO the city and not to make
it just as imposing as the sum appro-
priated under the present system will
permit.
Mr.. McAdOO asked for two cruising
cutters for the Coast Guard service on
the Pacific Coast, to cost $700,00 a
harbOr cutter for New York to cost
$l25,OO0 and one for San Francisco to
cost $50,O00. He says that in plans for
national defense the Coast Guard will
have important assignment and that
authorizations for the service will be
valuable from a military standpoint
Reviewing the OleOmargarine and
whiskey frauds of the year the report
again recommends changes in the cleo
law to reduce the invitation to com.
NIT similar frauds.