The Elk Mountain pilot., 1900-12-11
PRESIDENT M'KINLEY SENDS
HIS MESSAGE TO CONGRESS.

modification of the national banking
act, is already apparent. The provls-
ion for Incorporation of national banks
with a capital of not less than $25, 600
in places not exceeding 5000 inhabit-
ants has resulted in the extension of
banking facilities to many small COM
munities hitherto unable to provide
themselves with banking institutions
under the national system. There
were organized from the enactment of
the law up to and including November
3Oth, 1863 national banks, of which 266
We're with a capital less than $4,000,
and 103 with capital of $4,000 or
more.
at is worthy of mention that the
greater number of banks being organ
lied under the new law are in sec
tions where need of banking facilities
has been most pronounced. Iowa
stands first with thirty banks of the
smaller class, while Texas, Oklahoma,
Indian Territory and the middle and
western sections of the country have
also availed themselves largely of the
privileges under the new law.
In my last message to Congress l
called attention to the necessity for
early action to remedy such evils as
might be found to exist in connection
with combinations 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 action upon this subject in several
states is much to be desired. 1t is to
be hoped that such uniformity, fouud-
ed in n wise and just discrimination
between what is injurious and what is
useful and necessary in business oper-
ations, may be obtained, and that
means may be found for Congress.
within limitations of its constitutional
power, so to supplement an effective
code of state legislation as to make
complete system of laws throughout
the United States adequate to compel
a general observance of the salutary
rules to which 1 have referred
1.-The imports of the year amounted
to SS49.941, ,1S4. and an increase over
1899 of S152, ,792, ,695. This increase is
largely in materials for manufacture,
and is in response to the rapid develop
ment of manufacturing in the United
States. While there was imported for
use in manufactures in 1900 material
to the value of $40, 76S, ,9T2 in excess of
1899, it is reassuring to observe that
there is tendency toward decrease in
the importation of articles manufactur-
ed ready for consumption, which in
1900 formed 1917 per cent. of the total
imports, against 1851 per cent. in 1899
and 21.O9 per cent. in 1896.
Il recommend that Congress at its
present session reduce internal revenue
taxes imposed to meet expenses of war
with Spain in the sum of S3O,OOo,OoO.
This reduction should be measured by
remission of those taxes which expert
ence has shown to be most burden
some to the industries of the people. L
specially urge that there be included In
whatever reduction is made the legacy
tax bequest for public uses of liter
ary, educational or charitable charac-
ter.
''In my inaugural address l referred
to the general subject of lynching in
these words: Iynching must not be
tolerated in great and civilized coun-
try like the United States. Courts, not
mobs, must execute the penalties OF
law. The preservation of public order,
right of discussion, integrity of courts
and orderly administration of Justice
must continue forever This is the
rock of safety upon which our govern
ment securely rests. This l most urg-
entity reiterate and again invite the at
tention of my countrymen to this re-
proach upon our civilization.
THE all-important matter of an In
ter-oceanic canal has assumed new
phase. Adhering to its refusal to re-
open the question of forfeiture of con-
tract of the Maritime Canal Company,
which was terminated for alleged non
execution in October. 1899 the govern
ment of Nicaragua has since supple
mented that action by declaring the So
styled Eyre Cragin option void for non
payment of the stipulated advance.
Protests in relation to these acts have
been filed in the state department and
are under consideration.
1.-THE Nicaraguan government shows
a disposition to deal fairly with the ca
nal question, either in the way of ne
gotiations with the United States or
by taking measures to promote water
ways.
"Overtures for a convention to effect
the building of the canal under the au-
spices of the United States are under
consideration. In the meantime the
views of Congress upon the general
subject, in the light of the report of
the commission appointed to examine
the comparative merits of the various
trans-isthmian ship canal projects, may
be awaited.
II recommend to the early attention
of the Senate the convention with
Great Britain to facilitate the construc-
ton of such canal and to remove any
objection which might arise out Of the
convention commonly called the Clay
ton-Bulwer treaty.
American vessels during the last
three years have carried about nine
per cent. of our exports and imports.
Foreign ships should carry, at least,
not the greatest part of American
trade The remarkable growth of our
steel industries, the progress of ship
building for domestic trade, and our
steadily maintained expenditures for
the navy have created an opportunity
to place the United States in the first