The daily morning journal and courier., 1900-12-04


 charge upon the Treasury for the pay
 ment of interest from the dates of re
 funding to- February l, 1904, by the sun
 of more than seven million dollars annu
 ally. From February l. 1904, to July 1
 1907, the annual interest charge will b,
 reduced by the sum of more than five
 millions, and for the thirteen months end
 ing August 1, 1908, by about one million
 The full details of the refunding are giy
 en in the Annual Report of the Secretary
 of the Treasury.
 The beneficial effect of the financial act
 of 1900, so far as it relates to modiiiCa
 tion of the national banking act, is al
 ready apparent. The provision for the
 incorporation of national banks with G
 capital of not less than $25, ,Q00 in places not exceeding three thousand inhabitants has resulted in the extension of banking
 facilities to many small communities hitherto unable to provide themselves with banking institutions under the na tional system. There were organized from the enactment of the law up to and including November 30, 369 national banks, of which 2G6 were with capital less than $50,000, and 103 with capital of $30,0UO OF more.
 It is worthy of mention that the greater 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 de and western sections of the country have also availed themselves largely of the privileges under the new law. | A large increase in national-bank-note circulation has resulted from the provi- sion of the act which permits national banks to issue circulating notes to the par value of the United States bonds de- posted as security instead of only 90 per cent thereof, as heretofore. The increase in circulating notes from March II to No vember 30 is SIT, T,SS9,570.
 The party in power is committed to such legislation as will better make the currency responsive to the varying needs of business at all seasons and in all sec tions.
 Our foreign trade shows remarkab ble record of commercial and industrial prog ress. The total of imports and exports for the first time in the history of the country exceeded two billions of dollars. The exports are greater than they have ever been before, the total for the fiscal year 1900 being $1 394 ,4S3,0S2, an in- crease over 1899 of S167 459, 7S0, an in- crease over 1898 of S163, ,000,752, over 1897 of $343, ,4S9, ,526, and greater than 1896 by $511,S ,S76, 144
 The growth of manufactures in the United States is evidenced by the fact hot of ,f,, largely exceed those of any previous year, their value for 1900 being S433,- So1, ,756, against S339, ,592, 146 in 1S99 an increase of 2S per cent.
 Agricultural products were also export ed during 1900 in greater volume than in 1899, the total for the year being SS35,- S5S, 123, against $7S4,776, 142 in 1899.
 The imports for the year amounted to SS49,941,1S4, an increase over 1899 of $152, 792,695. This increase is largely in materials for manufacture, and is in response to the rapid development of manufacturing in the United States While there was imported for use in manufactures in 1900 material to the value of STD, 76S,972 in excess of 1899, il is reassnring to observe that there is tendency toward decrease in the importa- ton of articles manufactured ready for consumption, which in 1900 formed 13.17 per cent of the total imports, against 15.34 per cent in 1899 and 21 09 per cent in 1896.
 l recommend that the Congress at it's present session reduce the internal-rev- enue taxes imposed to meet the expenses of the war with Spain in the sum of t,t,, .l.IIa tion should be secured by the remission of those taxes which experience has shown to be the most burdensome to the industries of the people.
 l specially urge that there be included l in whatever reduction is made the legacy | tax bequests for public uses of literary, | educational, or charitable character
 American vessels during the past three | years have carried about 6 per cent of | our exports and imports. Foreign ships | should carry the least, not the greatest, | part of American trade. The remark | able growth of our steel industries, the progress of shipbuilding for the domestic trade, and our steadily maintained eX- pendtures for the Navy have created an opportunity to place the United States in the first rank of commercial maritime powers.
 Besides realizing proper national inspiration this will mean the establish ment and healthy growth along all our coasts of distinctive national industry, expanding the field for the profitable employment of labor and capital. It will increase the transportation facilities and reduce freight charges on the vast vol lme of products brought from the inte- 'ior to the seaboard for export. and will strengthen an arm of the national de- fense upon which the founders of the Government and their successors have eied. In again urging immediate action )y the Congress on measures to promote American shipping and foreign trade, I m the subject in previous messages, and to the opinion expressed in he Message of 1899:
 T am satisfied the judgment of the ountry fayors the policy of aid to our merchant marine which will broaden UT commerce and markets and upbuild UT sea-carrying capacity for the prod yhich, with the increase of our Navy, |" lean more work and wages to our coun- .ymen, as well as a safeguard to Amer ,an interests in every part of the world" The attention of the Congress is in tied to the recommendation of the Sec atary of the Treasury in his Annual Re : ort for legislation in behalf of the Reve- tt1ttn n1,1 fn aIn ,ti