Minister of Finance

“ The Ministry of Finance can authorize the responsible Minister or Ministers, subject to the
provision below, to reallocate the approved budget appropriations from one spending unit to
another up to a limit of five per cent of the amount approved by the annual or supplementary
budget law for the spending unit that is to have its appropriation reduced. ”

“ Not only two million francs, but indirectly I shall make three or four millions more. Besides, with the General's influence, I shall have an entrée to the Elysée, and be able to secure the Government contracts through the Minister of Finance. Of late several of my schemes have misfired, and my credit on the Bourse is nearly gone, but the moment I can secure this concession directly from the Government, I can obtain credit for as many millions as I require, and then my position is assured for ever. You do want to help your old father, don't you? ”

“ As a member of the Government, the Finance Minister has, of course, a voice in deciding what sums should be spent and upon what purposes, but, as Chancellor of the Exchequer, his duty is not to reason why but to find the money. ”

“ A new reign produced a new minister of finance whose name will be respected by posterity for a set of measures as new to the political world, as any late discoveries in the system of nature have been to the philosophical world.—Doubtful in their operation, as all unproved measures must be, but distinguished by their tendency to lay a solid foundation for endless peace, industry, and a general enjoyment of the gifts of nature, arts, and commerce.—The edicts issued during his administration exhibit indeed a phænomenon of the most extraordinary kind. ”

“ The Council of Ministers
may, within the agreed aggregate limit, adjust appropriations in accordance with their
collective priorities. Any increase in the aggregate spending limit must be based on a
proposal submitted by the Minister of Finance and approved by the Council of Ministers. ”

“ The Minister of Planning and Finance shall administer the affairs on the establishment of mid and long term strategies for national development, establishment, overall control and coordination of economic and financial policies, management of compilation, execution and outcome of budget and fund, money, foreign exchange, National Treasury, governmental accounting, internal tax system, customs, international finance, management of public agencies, economic cooperation, state property, private investment and national debt. ”

“ In the system thus organised the Minister of Finance was charged with the functions of providing for periodical inspections of weights and measures, for superintendence of sales and for valuation of commodities, while to other officials was entrusted the duty of controlling shops, stores, and all commercial institutions. Each market was placed under the direction of a headman, who not only presided over its affairs, but also had the responsibility of examining the weights and measures used as well as the quality of the coins circulated, and fixing the prices which dealers were entitled to ask. ”

“ Prime Minister (continuing at the same time to hold the portfolio of Finance) , 1891-1892; again appointed Minister of Finance, 1895, but resigned soon afterwards: Prime Minister and Minister of Finance 1896 ”

“ In order that the finances of the country should not be controlled by one man, the whole Cabinet should discuss every tax suggested by the Minister; and it should be the privilege of the King to call in not more than five Senators to discuss with them.
The Army and Navy should be in the hands of experts, with the same provisions as in dealing with Finance.
Foreign Affairs should be in the hands of the King and Minister; only in cases of serious import, such as the sending of an Ultimatum, or great change in foreign policy, should full debate be allowed in the Cabinet. ”

“ A good finance minister therefore would not content himself with restoring order in the collection of taxes, and economy in the disbursements of the treasury, but must apply himself to far greater and more difficult problems, must study how to increase the resources of the country to their utmost capacity, and how to adjust the necessary taxation so as to interfere as little as possible with their development. ”

“ The Minister shall have authority to delegate his duties and functions under this
Law, except the power to delegate, to any person within the Ministry of Finance.
3. The Minister shall publish all regulations issued under this Law in the Official
Publication.
4. Prior to any sale, the Minister shall list the terms and conditions applying to a
Government Debt Security in a regulation or an offering announcement. An
offering announcement shall be publicized in a manner that ensures wide
circulation among potential buyers.
3
�
ANNEX B
5. ”

“ Chapter Ten The Government has certain responsibilities to control and account for government expenditure, which are primarily exercised by Treasury ministers, although other ministers and accounting officers also have important responsibilities. The Treasury is required to approve finance and public expenditure by other government departments. The Government has established procedures for ensuring efficient and transparent departmental governance and ways to account for government expenditure. ”

“ Under existing legislation it is in the power of the Treasury Department to maintain that essential condition of national finance as well as of commercial prosperity—the parity in use of the coined dollars and their paper representatives. The assurance that these powers would be freely and unhesitatingly used has done much to produce and sustain the present favorable business conditions. ”

“ It is well known, that the great minister who presides over our finances, took occasion, at opening the Budget in April last, to enter into a particular account of the state of the nation. In this account, he represented us as in a condition the most sound and happy; our trade and revenue flourishing; our common people well provided for; our debts and taxes light; our current specie sufficiently ample; our paper-circulation safe; and the Bank, in particular, as little less firm and durable than the world. ”

“ Large functions in connection with public finance, likewise, are vested in the body. By it the annual budget is prepared, the accounts which the Empire carries with the states are audited, and important supervisory relations with the Imperial Bank, the Imperial Debt Commission, and other fiscal agencies, are maintained. ”

“ The first problem on this side of expenditure is the due balancing of outlay by income. The financier has to “cover” his outlay. There is, further, the duty of establishing a proper proportion between the several forms of expenditure. Not only has there to be a strict control over the total national expense; supervision has to be carried into each department of the state. No one branch of public activity is entitled to make unlimited calls on the state’s revenue. ”

“ Whoever contemplates the extent of the United States, and the vast amount of their present expenses, while at the same time all our operations languish, must certainly be convinced that some immediate remedy ought to be applied. The office of Superintendent of Finance I suppose is meant as one means of restoring economy and vigor ”

“ He cannot have the knowledge, and must therefore lack the efficiency, of a permanent official separated from the partisan conflicts of politics and advanced to the highest office of his department by a regular series of promotions won by long service. The general policy of the government in matters of finance, everything that affects the greater operations of the Treasury, depends upon legislation, and is altogether in the hands of the Committees of Ways and Means and of Finance ”

“ In regard to devising means to fill the deficit of duties and likin, the Ministry of Finance is desired carefully to consider the question. It is, undoubtedly, an important point to be dealt with, but it may be disposed of by weighing advantages and drawbacks and considering all possible resources. Viceroys and Governors who may have valuable suggestions on the question are ordered to memorialise the Throne for their adoption, so that those carrying out the suppression need not be hampered by financial considerations. ”

“ The Minister of Commerce is empowered for well considered reasons to be indulgent with reference to the loss of capital, which, in conformity with the regulations, would occur to the surplus deposits. ”

“ Running through the different national systems there are some common elements the result not of inheritance merely but still more of necessity, or at the lowest of similarity in environment. Over and above the details of financial development there is a thread of connexion which requires treatment under Finance taken as a whole. As the great aim of this side of public activity is to secure funds for the maintenance of the state’s life and working, the administration which operates for this end is the true nucleus of all national finance. ”

“ In England, the first great increase of taxes took place under the long Parliament and Commonwealth.
The only administration carried on by delegated authority, that is from necessity obliged to be executed with unabaiting rigour, is the department of finance. Money is a thing of such a nature, that strict rules are absolutely necessary in its administration. ”

“ So much being expected as receipt from domaine, aides, and gahelle, and so much anticipated as expenditure,—then the faille must be so much to meet the balance. And to a certain extent the Council of State kept its hand on finance, assisted at need by the financial officers specially convened. But unity of management and administration was conspicuously wanting.
The expenditure of the four Kings cannot, on the whole, if tried by a royal standard, be called extravagant. ”

“ Accordingly, we decided that if we must "raise money" each year in some way or other, we must go about it in a well thought out way and not leave such an important matter to haphazard uncertainties. We have, therefore, formed a small Finance Department and have studied all of the ways of raising money that are known to us, trying of course to make out which ones are particularly adapted to our needs. ”

“ As soon as the result was known, the President elect addressed a letter to Mr. Webster, offering him any place he might choose in his Cabinet, and asking his advice as to the other members of which it should be composed. The wants and wishes of the country in reference to currency and finance having brought about the political revolution which placed General Harrison in the chair, he was rather desirous that the Department of the Treasury should be assumed by Mr. Webster, who had studied those subjects profoundly, and whose opinions were in full concurrence with his own. ”