| Show MACVEAGH URGES RADICAL REFORMS A Aldrich I d rich Currency Plan PI lay A Ap Approved Approved Ap- Ap p proved by Secretary of the Treasury Y FAVORS SPECIFIC DUTIES Prospects Bright for Surplus in ill Stroh Strong Box at End of Fiscal Year 1913 Washington Dec IS Appeals 1 Appeals for reform of ot the countr country's tho tiro and sc banking hanking and currency system tariff legislation bused upon entirely en entirely en- en new nea reasons the thc the practical experiences ex ex- cx- cx of r the customs service stand service stand standout out prominently In the annual report of ot MacVeagh l h Secretary of ot the Treasury submitted to Congress Congress s today today- This statement I of the nations nation's finances bristles bristles bristles bris bris- with urgent suggestions for tor corrective corrective cor cor- financial laws enacted In the thc lI light ht of ot tho lamp of ot experience The secretary of ot the treasury foresees foresees fore tore sees according to the estimate of ot experts experts ex ex- a surplus In the tho treasury treasur at al the tho end of oC the fiscal year 1913 of ot about S exclusive of or expenditures on the thc Panama canal Including the estimated estimated esti esti- mated canal disbursements however tho the treasury will m face a deficit of ot approximately approximately approximately ap ap- ap- ap proximately this coming ot of expenditures expenditures expenditures expendi expendi- year ear The total estimates tures for next year exclusive of or the Panama canal and the postal service payable from postal revenue arc 63 The estimates of ot receipts available available available avail avail- able for tor th the general fund are arc The estimates for the construction of ot the Panama canal during the next year are making a grand rand total of ot estimated expenditures of or lime for Action With all aU the tho preliminaries for fot revising revis rovis- ing the financial systems accomplished Mr Mt h declares there Is no reason reason rea rea- to postpone action son lSon Tho The tentative plan of ot the nation national al monetary commission outlined by Its chairman former Senator Aldrich ho In Its essentials tho the larger larger larger lar lar- satisfies says as of ot the ger par part of ot the expert opinion nation and Is supported b by the business men The Tho secretary pledges the thc administration administration administration ad ad- ministration to do its Us part parl In J. J keeping this financial Issue wholly holly believing that the result should be the product of ot both parties In the contemplated reorganization of ot tho the structure Mr MacVeagh Mac Mac- emphasizes mph the absolute need of prohibiting all banks national and state from holding stock in other banks as a safeguard against an any possible possible pos pos- sible formation of ot a much feared mony mon mon- trust In the future He urges ty y equality of ot national and state banks In doing trust company and savings hank business We We must provide and without t reser- reser for perfect pe Tation he declares a a. equality of ot privilege and opportunity between national and state banks State banks mim nave have every anta ad advantage e national national national na na- banks have and national banks banks must have ha every ever advantage state have havo And this equality cannot be at attained attained at- at t Ined unless s national and state banks are arc on t the e same ame footing as to trust company banking and as to savings s bank banle functions Commerce Needs Greater Grenter Facilities The Tho new banking s system stem the secretary secretary sec sec- avers must provide with distinctness distinctness dis dis- and completeness ample bankIng banking bank- bank Jn Ing facilities for for the foreign commerce of the United d States which with proper prop- prop c CT er r government encouragement he believes believes believes be be- will be world-wide world and world- world varied It Is is' Idle die to expect he adds that developed foreign foreign for for- we e shall over ever have a eign commerce without a 30 developed e foreign banking system Our present system grew up In a period of ot isolation Isolation Isola Isola- tion To a Congress Cons which Is Js expected to remodel some of the tariff schedules Mr MI agh ash urges from the standpoInt standpoint standpoint stand stand- point of experience the establishment of or specific duties instead of or ad valorem wherever the nature of or the article involved Involved In Involved In- In makes that possible Mr MI reagh Ilc recommends the appointment appointment appointment ap ap- ap- ap of or a commission consisting consisting- of or representatives es es of or Congress and tho thu I executive departments to a bud budget et system for Cor the government This Is Js necessitated ed he says h by the scattered ll and aud disintegrated responsibilities s governing Ao estimates appropriations and n venue The abolition n of or all aJl the tho assay offices except the ono one at New York IB is ur urged cd b by the secretary They Thc cost the government government gov gov- O yearly and antI the whole amount Is thrown awa away he lie headds adds |
