Daily inter mountain., 1900-12-04

able cash balance November 80 was
$l39, 800, 1880. Under the form of state
ment prior to the financial law of March
IA last. this would have been included
in the statement of available cash gold
coin and bullion held for the redemption
Of United States notes. If this form
We're pursued the cash balance, includ-
ing the present gold reserve OF $3.50 00O,-
900, would be $3.50, s,3O3. .794.50. Such bal
ance November so, 1899, was 1896 1885,
30l.55 In the general fund, which is
wholly separate from the reserve and
the trust funds, there was on November
80 10000, 703.15 in gold coin and bull
lion, to which should be added $22,957 300
in gold certificates, subject to issue
against which there is held in the di-
vision of redemption gold coin and bull
| lion, making total holding OF free
gold amounting to 93.047 ,37Sl5.
1t will be the duty. as I am sure 1t
will be the disposition, of the congress
! to provide whatever further legislation
| is needed to insure the parity under all
| conditions between our two forms OF
metallic money-silver and gold. Our
surplus revenues have permitted the sec
retary of the treasury since the begin
ming of the fiscal year to call in the
funded loan of 1901. continued at per
cent, in the sum of $25,36l 800. To and
| including November 80, $23,45S.1OO of
these bonds have been paid. This sum.
| together with the amount which may
accrue from further redemption under
the CALL will be applied to the sinking
fund. The law of March IA. 1900, pro-
vides for refunding into ? per cent 30
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 per cent bonds
| of 1905 the per cents of 1907 and .
| per cents of 1904, of which there was
| outstanding at the date of said laws
! $3.50, las, $50. The holders of the old bonds
presented them for exchange between
| March IA and November 80, to the
amount of 1854 ,94s,7 $50. The net saving
| to the government on these transactions
| aggregate $91O6, l66.
Another effect 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
! the refunding to February /, 1904. by
| the sum of more than seven million
! dollars annually. From February l,
1904 to July 1, 1907 the annual interest
! charge will be reduced by the sum of
more than five millions, and for the
| thirteen months ending August l, 1908,
! by about one million. lne 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, as far as it relates to the moditi-
, cation of the national banking act, is al
! ready apparent. The provisions for the
! incorpora ton of national banks with a
capital of not less than $25000 in places
not exceeding 5000 habitants has es-
! tablished banks in many communities
| hitherto unprovided under the national
| system. There have been organized
under the law S69 national banks, of
which 266 were with capital less than
$5O,OOO and .103 with capital of $4,000
or more. 1t is worthy of mention that
| the greater number of banks being or
ganized under the new law are in sec
! tons where the need of banking facil-
1 tiles has been most pronounced. Iowa
| stands first with 80 banks of the smaller
! class, while Texas, Oklahoma, Indian
! Territory and the middle ana western
sections of the country have also availed
themselves largely of the privileges un-
| der the new law.
A large increase in national bank
| circulation has resulted from the pro-
! vision of the act which permits banks
! to issue circulating notes to the par
value of United States bonds deposited
as security instead of only 80 per cent
thereof as heretofore. Ihe increase in
notes from March "a is $77,SS9,570. The
party in power is committed to such
legislation as will better make the cur
rency responsive to the varying needs of
business at all seasons and in all Sec
| tions.
Our foreign trade shows a remarkable
Is,1 sx,l, ,sa1
gress. The total of imports and exports
for the first time in the history of our
country exceeded two billions of dollars.
The exports are greater than they have
ever been before. the total for the fiscal
year 1900 being 81 1874, 4sS, oS2. an increa Sc
over 1899 of s167 ,459, $50, an increase over
1898 of $163 000 752; over 1897 of $343, 4S9, ,526
and greater than 1896 by $511 ,S76, 144. The
growth Of manufactures in the United
States is evidenced by the fact that ex-
ports Of manufactured products largely
exceed those of any previous year, their
value for 1900 being $433, 756, against
1889, ,592, JAG in 1890, an increase of 2S per
cent.
Agricultural products We're also ex-
ported during 1900 in greater volume
than in 1899, the total for the year being
$685., ,s5s, 1923. against $7S4,776,142 in 1899.
The imports for the year amounted tC
$S49,941, ,1S4, increase over 1899 of $152, 1872.
695. This increase is largely in materials
for manufacture and is in response to the
rapid development Of manufacturing il
the United States While there was i'm
ported for use in manufactures in 190'
material to the value of $79,96S,972 in ex
cess of 1899, it is reassuring to observe
that there is a tendency toward decreas
in the importation of articles manufac
tured ready for consumption which il
1900 formed 15.17 per cent of the tota
imports against 1904 per cent in 1899 ant
21 90 per cent in 1896.
l recommend that the congress at it
present session reduce the internal reve
nue. taxes imposed to meet the expense