The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-12-04
MESSAGE OF
PRESIDENT
Continued from Second page.

: over the preceding year Of S1l955, ~ A.
/ Receipts from internal revenue were SIS,
S2I,92s.76, an increase Of 81. $50. .55.25. The
receipts from miscellaneous sources were
$S8,74S O5397, as against S36. 3s4 1852 Tor the
previous year.
Gratifying Reduction of Expenses.
/ It is gratifying also to note that during
! the year a considerable reduction is
shown in the expenditures of the govern
ment The war department expenditures
Tor the fiscal year 1850 were Sl84, ia 767.7s,
/ a reduction Of So, 066, 1858 over those Of
1893. In the navy department the expen-
! ditures were So, 53077.72 for the year 1907
as against S63.942 1925 for the preceding
/ year, a decrease Of 81, ESQ. 026.53. In the ex-
/ penditures of account Of Indians there
was a decrease in 1850 over 1853 Of 81 &c.
! 604.8S; and in the civil and miscellaneous
! expenses for 1900 there was a reduction Of
/ s15,41S O65.74.
| Because Of the excess Of revenues over
| expenditures the secretary Of the treasury
was enabled to apply bonds and other Sc
curities to the sinking fund TO the amount
Of s56. "a 556O6. The details Of the sink
ing fund are set forth in the report Of
/ the secretary of the treasury, TO which I
invite attention. The secretary Of the
! treasury estimates that the receipts for
the current fiscal year viii aggregate
1886, 100000 and the expenditures $4,000
co. leaving an excess Of revenues over ex-
penditures Of Ss00O001O The present con
dition TO the treasury is one of undoubt-
ed strength. The available cash balance
November 30 vas $1S9, sos. 1880 Under the
f-,g
law Of March Il, last this would have
included in the statement of available
cash gold and bullion held for the re-
demptiOn of United States notes.
Better system Of Cash Balances,
II this form were pursued the cash
balance, including the present gold re-
serve Of Sl50,000000, would be $3.50 903,-
1880 Such balance November 3d. 1880
was 1926, 301.55. In the general fund,
which is wholly separate from the re-
serve and trust funds, there was on Nov
ember 80, s7O,O90073.15 In gold coin and
bullion, to which should be added 81,
957, 200 in gold certificates subject to issue
against which there is held in the dtvis-
ion Of redemption gold coin and bullion,
making a total holding Of free gold
amounting TO S93,047 ,373.15.
It will be the duty as 7 am sure It win
be the disposition Of the congress, to
provide whatever further legislation Is
needed to insure the continued parity I'M
der all conditions between our two forms
Of metallic money, silver and gold.
Our surplus revenues have permitted the
secretary of the treasury since the close /
of the fiscal year to call in the funded
loan Of 1891 continued at . per cent in the
sum Of S25 361. 800 To and including Nov
ember 80, S28 ASS. 100 of these bonds have
been paid. This sum, together with the
amount which may accure from further
redemphons under the call, viii be sup
piled to the sinking fund.
Refunding of the National Debt.
The law Of March "A, 1900. provided for .
refunding into 2 per cent thirty-year (
bonds, payable, principal and interest, in /
gold coin of the present standard value, /
that portion Of the public debt represent !
ed by the per cent bonds of 1893. the
per cents Of 1907. and the 5 per cents Of /
1894 Of which there was outstanding at /
the date Of said law $3.50. JAG $50. The hold I
ers Of the old bonds presented them for .
exchange between March IA and Novem- I
Der 30 to the amount of 1854 "a, 80. The I
net saving to the government on these /
transactions aggregates 50, 1876.
Aonther effect Of the operation, as stat (
ed by the secretary is to reduce the .
charge upon the treasury for the pay I
ment Of interest from the dates of re-
funding to February l. 1904. by the sum 4
of omre than 100000 annually. From F.
February l, 1904, to July 1. 1907, the an I
nuaI interest charge viii be reduced by F.
the sum Of more than $4,000 and for the /
thirteen months ending August l. 1908, by /
about one million. The fun details Of the /
refunding are given in the annual report T.
Of the secretary Of the treasury.
Benefits OF Financial Act Apparent
The beneficial effect of the financial act /
Of 1900, as far as 1t relates TO the modi- /
fcation Of the national banking act is al
ready apparent. The provision for the !
Incorporation of national banks with a /
capital Of not less than $4,000 in places /
not exceeding 5000 inhabitants has re-
suited in the extension Of banking faciI-
ties TO many small communities hitherto .
unable TO provide themelves with bank
ing institutions under the national sys-
tenn. There were organized from the en-
actment of the law up TO and including
November 80. $50 national banks Of which
2s6 were with capital less than S50.G0o and
l08 with capital of S50,0o0 OF more.
Tt is worthy Of mention that the great
er number Of banks being organized uu-
der 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 and (
middle and western sections Of The coun-
try have also avaIed themselves largely
OF the privileges under the new law.
National Bank Circulation Increased.
A large increase in national bank note
has resulted from the provis-
ion Of The act which permits national
banks TO issue circulating notes 70 arhe
par value Of the United States bonds d.
posted as security. instead Of only 20 per
cent thereof as heretofore
The increase IN circulating notes from
March "A "a November En-. is ST $50 SO
The party in power IS committed 10
such legislation as VIII better make the
currency responsive to the varying needs
Of business a. al seasons and BIZ ali sec
tons
Foreign Trades Great Increase.
Our foreign trade shows remarkable
record Of commercial and industrial pro
gress- The total Of Imports ana exports
fer the first time IN the history ~ our
country exceed two b.Hians OF dollars
The exports are greater than they have
ever been before me total fer she fiscal
wear 1890 being s. 2ft 4s3 6s1 an increase