The Portland daily press., 1900-09-10
BONDS PAID FOR.
Industrial and Agricultural Conditions
Promising.


During the past year more than nine
teen millions OF United States bonds have
been paid from the surplus revenues of
the treasury and in addition twenty five
millions OF two per cents matured, called
by the government are in process of pay
ment. Pacific railroad bonds issued by
the government in aid of the roads in
the sum of nearly forty-four million dol
lars have been paid since December 81,
1897. The treasury balance is In salts
factory condition, showing on Septem-
$3.50, 600, 90 gold reserve held in the treas
ury. The government S relations with
the Pacific railroads have been substan-
italy closed, 1924, 421 QUO being received
from these roads, the greater part in
cash and the remainder with ample secur-
tiles for payments deferred.
Instead Of diminishing, as was predict
ed four years ago, the volume of our cur
rency is greater per capita than it has
ever been. 1t was S21. 10 in 1896. 1t has
increased to S26 30 on July 1, 1900, and
$26.S5 on September 1, 1900 Our total
money on July 1, 1896 was ST. 5c6. 434, 500
on July 1, 1900, it was 81, O62, 425 400; ana
s., 096 6S3, ,042 on September /, 1900.
Our industrial ana agricultural cOndt.
tiOns are more promising than they have
been for many years probably more sc
than they have ever been, Prosperity
abounds every where throughout the re-
public 1 rejoice that the southern as
full share of these improved national
conditions and that all are contributing
SO largely to our remarkable Industrial
development. The money lender receives
lower rewards for his capital than if
it were invested in active business. The
ever been in this country while those
things which are produced on the farm
and In the workshop, and the labor
producing them, have advanced in val
ne.
Our foreign trade shows a satisfactory
and increasing growth. The amount OF
our exports for the year 1900 over those OF
the exceptionally prosperous >year OF
1899 was about half a million dollars for
every day of the year, and these sums
have gone into the homes and enterprises
Of the people. There has been an In crease
of over S5J, 600, OOO in the exports or agri-
cultural products; S92, ,692, ,220 in manu-
factures and in the porducts of the mines
of over $40, 900, 900 Our trade balances
cannot fall to give satisfaction to the
people OF the country. In 1898 we sold
aroad S615, 1872, 676 of products mora thar
we bought abroad in 1899 $529, 1874, ,S13
and in 1900 S544, Al ,7O01, making during
or OF 81, ,6S3, ,719, ,l9O-neaPly five times the
balance of trade in our favor for the
whole period of 1OS years from 1890 tC
June 30, 1897, inclusive.
-Four hundred and thirty-six million
dollars of gold have been added to the
gold stock of the United States since Ju-
" l. 1896 The law of March II, 1900, au.
th Orized the refunding into two per cent
bonds of that part of the public debt rep
resented by the three per cents due in
1903, the four per cents due in 1907 anC
the i've per cents due in 1904, aggregat-
ing SS4O, 900, 900. More than one-third of
the sum Of these bonds was refunded in
the first three months after the passage Of
the aet and on September the sum ha
been increased more than $33, 900, 0O0
making in all $3.50, SIS, %, resulting in q
net saving of over So, $40, $40. The ordin-
ary receipts of the government for the fis
cal year 1900 were $40, 52T, 600 in excess oi
It's expenditures.
While our receipts both from customs
and internal revenues have been
GREATLY INCREASED,
our expenditures have been decreasing.
Civil and miscellaneous expenses for the
fiscal year ending June 30, 1900 were
nearIy>$14, 900, 600 less than in 1899, while
on the war account there is decrease OF
more than $50, 900, ,0O0 There were re-
quired S8 900, 900 less to support the navy
this year than last. and the expenditures
on account OF Indians were nearly two
and three.q u8rters million dollars less
than in 1899. The only two items of in.
crease In the public expenses of 1900 over
1899 are for pensions and 1nteres on the
public debt. For 18 80 we expended foi
pensions Sl89, 1874, 929, and for the dscal
year 1900 our payments on this account
amounted to $40, ,877, 318, The net in
crease of interest on the public debt of
1900 over 1899 required by the war loan,
was S263, 408 % While Congre ss author
lied the government to make war loan
of S4OO, 600, 900 at the beginning OF the
war with Spain, only $500, 900, OO1 of bonds
were Issued, bearing three per cent In.
terest, which were promptly and patriot
ically taken by our citizens.
Unless something unforeseen OCCURS to