The Washington weekly post., 1900-12-04

tfrest from the dates Of rsfuHding 70
February I, 1901. bY the sum Of more than
seyen million dollars annually. From
February ]. 1894, to July l. 1906. the annual
interest charge will be reduced By the
sum of more than i've millions. and for
the thirteen months ending August !. lsJs
by about one million. The fun details OF
the refunding are given In the annual ie-
port of the Secretary Of the Treasury.
New carreaey Aes.
The beneficial effect OF the financial acs
Of 1900. 50 fer as 1t relates 10 a mOdifra-
ton of the national banking act. Is a.
ready apparent. The provision for the in
corporation or national banks with a
capital of not less than $500 In places
lot exceeding three thousand Inhabitants
has resulted in the extension Of banking
faeilities 10 many small communities
unable TO provide themselves
With banking Institutions under the na-
tional system. There were organized from
the enactment Of the law up to and in
Guiding November %. s5s national banks.
CT which 26s were with capital less than
s5oooo. and ICE with capital Of s58,0o0 OF
more.
Ii i worthy OF mention that the greater
rumber Of banks being organized under
the new law are in. sections where the
need of banking facilities has been most
pronounced. Iowa stands first, with thirty
banks OF the smaller class. while Texas,
Oklahoma. Indian Territory. anu the mid
Gle and western sections of the country
have also availed themselves largely OF
the privileges under the new law.
A large increase in national bank note
circulation has resulted from the pro-
vision of the act which permits national
banks to Issue circulating notes to the
par value OF the United States bonds de-
posted as security instead OF only 30 per
cent thereof. as heretofore. The increase
In circulating notes from March IL to No
vember 80 is 81. $50 SO.
The party In power is committed 20
such legislation as will better make the
currency responsive TO the varying needs
OF business at all seasons and In all sec
tions.
Our foreign trade shows a remarkable
record of commercial and Industrial prog
Iess. The total OF imports and exports
for the first time in the history Of the
country exceeded two billions OF dollars
The exports are greater than they have
ever been before. the total for the fiscal
year 1900 being 1884, $685. an increase
over 1899 of Sl67. 9.7S0, an increase over
1898 of 1853, ,000 752, over 1SaI of $3.3, 4S9 52e
and greater than 1886 by Ss11, ,&61ii
The growth of manufactures in the
United States is evidenced by the fact
that exports Of manufactured products
largely exceed those of any previous year.
their value for 1900 being $i3S, ,S5l, ,756
against SS9, SO. 14S In 1899. an increase of
Is per cent.
Agricultural products were also export
ed during 1900 in greater volume than in
ha NJ oil for he. lsot. -
12, against S7S4. 1912 in 1872.
The imports for the year amounted to
SS49. 94l 1s4. an increase over 1899 of si52.-
7s2. .695 This increase Is largely in ma
terials for manufacture. and is in response
to the rapid development of manufactur-
Ing in the United States. While there
was imported for use In manufactures In
1900 material TO the value OF s79 7eo NO In
excess of 1889, ii is reassurin~ TO observe
that there is tendenc- coward decrease
in the importation OF articles manufac-
tured ready for consumption. which in
1900 formed 1911 per cent. of the total
imports, against 1854 per cent In 1899 and
=. % per cent. in 1886.
Reduction Of War Taxes.
present session reduce the internal rev.
enue taxes imposed - meet the expenses
of the war with Spain In the sum of thir-
tv millions of dollars. This reduction
should be secured by the remission of
those taxes which experience has shown
to be the most burdensome TO the indus
tries of the people.
/ specially urge that there be included in
whatever reduction, is made the. legacy
tax beduests for public uses Of a literary,
educational, or charitable character.
Aid for Merchant Marine.
American vessels during the past three
years have carried about per cent. of
our exports and imports. Foreign ships
should carry the least, not the greatest
part of American trade. The remarkable
growth of our steel industries, the prog
ress Of ship-building for the domestic
trade. and our steadily maintained ex-
pendjtures for the navy have created an
opSortunIty 10 place the United States
m the first rank of commercial maritime
powers.
Besides realizing proper national as-
piration. this will mean the establishment
and healthy growth along all our COSTS
OF distinctive national industry. expand
ing the field for the profitable employment
Of labor and capital II will Increase the
facilities and reduce freight
charges on the vast volume OF products
brought from the interior to the seaboard
for export, and will strengthen an arm
of the national defense upon which the
founders of the government and their sue
cesSors have relied. In again urging I'M
mediate action by the Congress on meas
ures TO promote American shipping and
foreign trade. 1 direct attention 10 the
recommendations on the subject in pre-
vious messages, and particularly to the
opinion expressed in the message Of 1893:
Il am satisfied the judgment Of the country
fayors the policy Of aid to our merchant marine
which will broaden our commerce and markets and
upbuild cur sea carrying capacity for the prod
uets Of agriculture and manufacture, which, With
the Increase OF our navy, mean more work aud
wages TO our eountrymen. as well as a safeguard
to American interests in every part OF the world
The attention Of the Congress is invited
to the recommendation Of the Secretary of
the Treasury in his annual report fer Leg
islatiOn In behalf Of the Revenue Cutter
and favorable action Is urged.
Control Of Trusts.
In my last annual message TO the Con-
gress / called attention to the necessity
for early action 10 remedy such evils as
might be found 10 exist In connection with
combina tions OF capital organized into
trusts, and again invite attention to my
discussion of the subject at that time,
which concluded with these words:
1T Is apparent that uniformity OF legislation
upon this subject in the several States is much 10
be desired. It is to be hoped that such uniformity
founded in wise and Just discrimination between
what is Injurious and what s useful and necessary
la business operations. may Be obtained and thar
means may be found forsths Congress, within the
Limitations OF It's constitutional power so 10 sun
Dlement effective code OF State legislation a.
TO make complete system Of laws throughout ths
Cnited States adequate TO compel q general OBJ
serVsnee Of the salCtary rules to which have re-
fefred
The whole question Is 50 important and far
reaching that I am sure no part Of il viii Is
lightly considered, but sysTy phase Of it will have
the studied eeibersti0n Of the Congress resaltsaz
In wise and iudici0gs action
Restraint upon such combinations as
are injurious, and which are within Fed
eral jurisdiction, should be promptly ap.
piled by the Congress.
The Philippine Islands.
In my last annual message / dweIt at
some length upon the condition OF affairs
In the Philippines. While seeking IA fya-