Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-12-04
NATIONAL FINANCES.
Large Surplus Revenues for tho Fiscal
Year Ending June 80, 1900.

1t is gratifying to be able to state
that the surplus revenues for the fiscal
year ended June so, 1900. We're s79,-
527060.18 For the six preceding
years we had Only deficits, the ag-
gregate of which from 1894 to 1899, in
elusive, amounted to 1888 ,022, 991.14. The
receipts for the year from all sources,
exclusive of postal revenues, aggregated
S56T ,240, S51.S9 and expenditures for all
purposes, except for the administration
of the postal department, aggregated
$4S7, 713. 1911. The receipts from GUS
toms were 1928 ,164,s71.16. an increase
over the preceding year of s27,036, 3S9.41
The receipts from internal revenue We're
1926, S27, 926.76, an increase of S21, $780,
1925 over 1899. The receipts from mis-
cellaneous sources We're S3S, 74S 053. 81
as against $40, 1894 1852 for the previ-
Gus year.
1t is gratifying to note that during
the year considerable reduction is
shown in the expenditures of the gov
eminent. The war department ex-
penditures for the fiscal year 1900 were
S134, ia 1918, a reduction of 500 ,066-
1859 over those of 1899 In the navy
department the expenditures We're $55,-
953,07772 for the year 1900, as against
$63.942,104.25 for the preceding year, a
penditures on account of Indians there
was a decrease in 1900 over 1899 of ST.
0,6043S; and in the civil and miscel-
laneous expenses for 1900 there was a
reduction of 41S,C65.74.
Because of the excess of revenues
over expenditures the secretary of the
treasury was enabled to apply bonds
and other securities to the sinking fund
to the amount of s56,544556O6. The
details of the sinking fund are set
forth in the report of the secretary of
the treasury. to which I invite atten-
ton. The secretary of the treasury es-
Inmates that the receipts for the cur
600 and the expenditures $500 900, 900,
leaving an excess of revenues over eX-
penditures Of $50. 100000 The present
condition Of the treasury Is one Of I'M
doubted strength. The available cash
balance Nov. 80 was 1888, 303 794.50. I'm
der the form of statement prior to the
financial law Of March IA last this
would have been included in the state
ment of available cash gold coin and
bullion held for the redemption of
United States notes.
II this form were pursued, the cash
balance, including the present gold re-
serve of $3.50, 100000, would be $3.50, 3O2,-
1880. Such balance Nov. 80, 1899, was
$500, 1876. 3O1.55. In the general fund,
which is wholly separate from the re-
serve and trust funds, there was on
Nov. 80, $7o,09O073.15 in gold coin and
bullion, to which should be added s22.-
$4,000 in gold certificates subject to is
sue against which there is held in the
division of redemption gold coin and
bullion, making total holding of free
gold amounting to 93,047,37315.
1t will be the duty as 1 am sure It
will be the disposition of the congress
to provide whatever further legisa-
tion is needed to insure the continued
parity under 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 $25, 1854, 500 To
and including Nov. 80, s23,45S.100 Of
these bonds have been paid. This sum-
together with the amount which may
accrue from further redemptions I'M
der the call, will be applied to the sink
ing fund.
The law of March IA, $780, provided
for refunding into 2 per cent. thirty
year bonds, payable, principal and in
terest. In gold coin of the present stand
ard value. that portion of the public
debt represented by the 3 per cent
bonds of 1908. the per cents of 1907,
and the 5 per cents of 1904, of which
said law 1898, 149.9S0. The holders Of
the old bonds presented them for ex-
change between March IA and Nov. 30
to the amount of 1884 943,75O. The net
saving to the government on these
transactions aggregates $9,106,166.
Another eeffct Of the operation. as
stated by the secretary, is to reduce
the charge upon the treasury for the
payment Of interest from the dates Of
refunding to Feb. 1, 1904, by the sum
OF more than s7,0o00 900 annually From
Feb 1, 1904. to July 1, 1907, the annual
interest charge will be reduced by the
sum of more than $5,0o0,00O and for
1908, by about 81 100000 The full d,N
tails of the refunding are given in the
annual report Of the secretary Of the
treasury