The Owosso times. (Owosso, Mich.) 1897-1926, 1900-12-07

negotiations with the United States OF
oy taking measures to promote the wa
terway.
j commend 10 the early attention of the
senate the convention with Great Britain
to facilitate the construction of such a
canal and to remove any objection which
might arise out of the convention COM
monty called the Clayton-Bulwer treaty.
Affairs with spain.
Satisfactory progress has been made
toward the conclusion OF a general treaty
OF friendship and intercourse with Spain.
in replacement of the old treaty, which
passed into allegiance by reason of the late
war new convention of extradition is
approaching completion, and ! should be
much pleased were commercial arrange
ment 10 follow l feel that we should
not suffer to pass any opportunity to re-
affirm the cordial ties that existed be-
earliest independence, and TO enhance the
mutual benefits of that commercial inter-
course which is natural between the two
countries.
Pan-American Exposition.
The exposition Of the resources and "a
be held at Buffalo next year, promises
important results not only for the United
States but for the other participating
countries. II Is gratifying that the Lat
in-American states have evinced the live
Hest interest and the fact that an inter-
national American congress VIII De held
In the City of Mexico while the EXPOSE
ton is in progress encourages the hope
Of a larger 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 vari-
Gus states Of the union have shown dis
position toward the most liberal partici'
patton in the enterprise.
Condition of Revenues.
It is gratifying to be able to state that
the revenues for the fiscal year ended
June 30, 1900, were 1882 ,06o.1s; For the
six preceding wears we had only deheits'
inclusive amounted to $3.50, O22, 99l.l4 The
receipts for the year from all sources,
exclusive of postal revenues, aggregated
purposes, except for the administration
OF the postal department, aggregated
s4S7. 7l3, 1911. The receipts from customs
p wsrs ing year Of SSH The
ceipts from internal revenue were $3.50 :
a2s ,92676, an increase Of 81, 800, 765. rs over
1892 The receipts fl from OF miscellaneous .os
1874, 9769 80 for the previous year.
II Is gratifying also TO note that during
the year considerable reduction Is
ment The war department expenditures
for the fiscal year 1900 were $134 TIA, 1918,
q reduction of $95, 066, 4S6.69 over those OF
ts In the navy Ca ds1 a. TINE me
a against s63, 942. 104.25 for the preceding
year, a decrease Of S,sSs: O2s5y. In the
expenditures on account or INDIANS there
was decrease in 1900 over 1899 OF S2.-
$50, eO43S; and in the civil and mlscella-
neous expenses for 1900 there was re-
duction Of $13, 41s065.H
The secretary of the treasury estimates
year will aggregate $3.50, COX, 900, and the ex-
'penditures $500, 100000, leaving an excess
of revenues over expenditures or $soooo.-
CO., The present condition or the treas
ury Is one of undoubted strength. The
available cash balance Nov 30 was slSs.-
1o8. 79450.
number 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 30
banks OF the smaller class, while Texas
Oklahoma. Indian Territory and the mid
die and western sections of the country
have also availed themselves largely OF
the privileges under the new law, 4.
such legislation as will better make the
currency responsive to the varying needs
of business at all seasons and In all sec
tons.
Our foreign trade shows remarkable
record of commercial and industrial prog
ress. The total OF imports and exports for
try exceeded two billions of dollars. The
exports are greater than they have ever
been before, the total for the fiscal year
INV being $l,oS4,4S3.
Regarding Our Bonds.
The law of March H. 1900. provided for
refunding into 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 1905 the
per cents of 1907, and the per cents OF
1904, of which there was outstanding at
the date of said law 1898, 14S, $3.50. The hold.
ers of the old bonds presented them fol-
exchange between March ID and Novem-
Der 80 to the amount of 1854 943,750. The
net saving to the government on these
ira ctions AGGREGATES S9,lo6; le6.
Another effect of the operation, as stat
ed by the secretary Is TO reduce the
charge upon the treasury for the payment
Of interest from the dates OF refunding TO
February /, 1904, by the sum OF more than
seven million dollars annually. From Feb
ruary /, 1904, to July /, 1907, the annual in
terest charge will be reduced by the sum
Of more than five millions. and for the
thirteen months ending August 1, 1908. by
about one million. The full details of the
refunding are given IN the annual report
Of the secretary OF the treasury.
The beneficial effect of the financial act
Of 1900, so far as il relates to the modf-
hcation of the national banking act, Ii
already apparent The provision for the
capital of not less than $4,000 in places
1ot exceeding three thousand inhabitants
has resulted in the extension OF banking
facilities to many small communities hith-
banking institutions under the national
,ystem- There were organized from the
hactment OF the law up to and including
November &c. 1863 national banks. of which
!66 were with capital less than $4,000. and
90 with a capital of So, 900 or more.
Manufactures and Imports.
The growth Of manufactures in the
United States is evidenced by the fact
hat exports OF manufactured products
largely exceed those of any previous year,
their value for 1900 being s433, S51. 756. |
against 1899, 592,l4e In 1899. an increase OF
Is per cent.
Agricultural products were also export |
ID during 1900 in greater volume than in |
1893. the total for the year being $685.. $751; |
23. against s7s4.776,l42 in 1899.
Reduce the War Tax.
! recommend that the congress at Its |
present session reduce the internal rev.
niue taxes imposed to meet the expenses |
" the war with Spain In the sum of thir- |
y millions OF dollars. This reduction |
mould he secured by the remission Of |
hose taxes which experience has shOWn /
o ot me most burdensome to the indus
ries Of the people.
] specially urge that there be incl ided |
n whatever reduction Is made the legacy
or charitable character.
Question of Trusts.
In my last annual message to the con-
'ress called attention to the necessity
or early action to remedy such evils as
night be found to exist in connection with
OF capital organized Into
rusts and again invite attention to my
discussion of the subject at that time
which concluded with these words
II Is apparent that uniformity OF legis-
ltion upon this subject in the several
10 20 h< 1