Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1900-12-13

r''''N''Noh eAuhNH nave tNlnceu the live
Hest interest, and the fact that an inter-
national American congress will be held
In the City OF Mexico while the EXPOSE
tion is in progress encourages the hope
OF ailarger display at Buffalo than might |
otherwise be practicable. The work of !
preparing an exhibit of our national re-
sources is making satisfactory progress |
under the direction of different officials of |
the FEDERAL government, and the various |
states OF the Union have shown dispo- |
sltlon toward the most liberal participa- !
uon in tie enterprise
The president dwells on the value of !
the consular reports and then turns to
the revenues and expenditures He says.
III Is gratifying to be able to state that
the surplus revenues for the fiscal year
ended June 3d. 1900, were 79,527 ,O60.1S.
for the six preceding years we had only
dement's, the aggregate of which from
1874 to 1899, inclusive, amounted to
S2S3,O22,991.14. The receipts for the
year from all sources, exclusive of postal
revenues aggregated 1857 ,240, S51 SO and
expenditures for all purposes, except for
the administration of the postal depart
ment, aggregated $lS7, 713,791.71. The
receipts from customs were $233, 1884,
o'l'lo an increase over the preceding
year Of $27,036, 3S9.41. The receipts
from internal revenue were $780,, 327,-
92o.I6, an increase of S21 800, 1852
over 1899. The receipts from miscel-
laneous sources were S3S, 74S,053 81 as
against $36,394, 1862 for the previous
year.
1t 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
for the fiscal year 1900 were $134, IA
1918, reduction of sos, 066, 1856 60 ovsr
those of 1899. In the navy department
the expenditures were $50, 1853, 07772 for
the year 1900 as against $63, 942, 104. %
for the preceding year, decrease of ST.
9S9,O26.53. In the expenditures on &C.
count Of Indians there was a decrease in
1900 over 1899 of 50, $50, 604 .3S, and in
the civil and miscellaneous expenses for
1900 there was a reduction of S13,41S,-
OG5.74.
Because of the excess of revenues over
| expenditures the secretary of the treas
ury was enabled to apply bonds and 9TH
er securities to the sinking fund to the
amount of S56,544 556.O6. The details
of the sinking fund are set forth in the
report of the secretary of the treasury,
to which | invite attention. The secre-
tary of the treasury estimates that the
receipts for the current fiscal year will
aggregate $5S0,000,0O0 and the expendi-
lures $oOO,OOO,OOO, leaving an excess of
revenues over expenditures of $S0,O00,-
600. The present condition of the treas
ury is one of undoubted strength. The
available cash balance Nov. 80 was $780,,
1903, 1880. Under the form of statement
prior to the financial law of March Ii
Il, :
the statement of available cash gold cor
and bullion held for the redemption OF
United States notes.
If this form were pursued, the cash
balance, including the present gold re
serve of $150,O0OO0O, would be $3.50,
303, 794.50. Such balance Nov. 80, 1899
was $296, 495, 301.55. In the genera
fund, which is wholly separate from the
reserve and trust funds, there was or
Nov. 80, $4,000, 073.15 in gold coin anC
bullion, to which should be added 500,
951 300 in gold certificates subject to is
sue, against which there are held in the
division of redemption gold coin and bull
lion, making total holding of free gold
amounting to $93,047, 373.15.
1t will be the duty as / am sure it will
be the disposition of the congress to pro-
vide whatever further legislation is need
ed to insure the continued parity under
all conditions between our two forms Of
metallic money, silver and gold.
Financial Act of 1900.
The beneficial effect of the financial ac
of 1900, so far as it relates to moditica
ton of the national banking act, is al
ready apparent The provision for tht
incorporation of national banks with {
capital of not less than $4,000 in place.
/ not exceeding 5000 inhabitants has re
suited in the extension of banking facili
ties to many small communities hitherto
unable to provide themselves with bank
ing institutions under the national sys
TEN. There were organized from the
enactment of the law up to and including
Nov. 80 500 national banks, of which 26t
were with capital less than $4,000 anc
1O3 with capital of $4,000 or more.
Our foreign trade shows remarkable
record of commercial and industrial prog
. ress. The total of imports and exports
for the first time in the history of the
country exceeded S2,OOO,O0O,O0O The
exports are greater than they have evel
been before, the total for the fiscal veal
1900 being 1894, 4S3,OS2, an increase
!, over 1899 of S167, 459, $780, an increase
over 1898 of $4,000, 1872, over 1897 Of
S343. 4S9. $50 and greater than in 1896 by
S511, S76,144.
The growth of manufactures in the
United States is evidenced by the fac
that exports of manufactured product:
largely exceed those of any previous
year, their value for 1900 being S433,
: S51, 1866. against 1898, 500, 146 in 1899, al
increase of IS per cent
) Agricultural products were also ex
ported during 1900 in greater volume
than in 1889. the total for the year being
$3.50, S5S, 1913, against S1S4. ,142 il
1899.
The imports for the year amounted t,
SS49941 ,1S4, an increase over 1899 O
1852, 1926 This increase is largely il
materials for manufacture and is in re
/ spouse to the rapid development of manu-
featuring in the United States
| recommend that the congress at it
present session reduce the internal rev
enue taxes imposed to meet the expenses
of the war with Spain N the sum of $50,
100000. This reduction should be Sc
: cured by the remission of those taxes
, which experience has shown to be tn,
most burdensome to the industries of thu