Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1900-12-07

leOuS expenses Tor l9UU there was a re-
duction of sl3, 065.74.
Estimates Further Surplus.
Because of the excess of revenues over
expenditures the secretary of the treas
,iry was enabled to apply bonds and other
amount of SIS, 554, 556.O6 The details Of the
sinking fund are set forth in the report
OF the secretary OF the treasury, to which
treasury estimates that the receipts for
the current fiscal year will aggregate
S S 100000 and the expenditures 5000 ooor
expenditures of sS0,000000. The present
condition of the treasury is one of I'M
ance November 80 was slS9. 1903. 1880 IN
der the form of statement prior to the
financial law of March u last this would
have been included in the statement of
available cash gold coin and bullion held
notes.
If this form were pursued, the. cash bal
ance, including the present gold reserve
Of $3.50, 900 900, Would be s2S9, 800, 79i5O. Such
Balance b, q November 80, 1892 vas s2ss 49,.
wholly. separate from the reserve and
trust funds, there was on November 3d.
$40, $50, o7s.15 in gold coin and bullion, to
which should be added s22,957,s 300 in gold
certificates subject to issue. against
which there is held in the division of
redemption go gold coin and and, bullion. max
ing to ss3.047.S73.15.
Further Financial Legislation.
It will be the duty as am sure 1t will
be the disposition of the congress to pro-
vide VI further is nesd
all conditions between our two forms Of
1netallio 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 ., s I at two ne esn in N the
yember &c. S2sy 46s,1o0 Of these bonds have
been. paid. This sum, together with the
omount which may accrue from further
piled TO the sinking fund:
The law of March IA 1900, provided for
into two per cent oyear bonds
coin of the present standard value, that
portion of the public debt represented by
per-cents of 1907 and the fve-per-cents
of 1900 of which there was outstand-
a ng at the date Of sad o law
them for exchange March u and Novem-
Der 80 to the amount of 1864 ,943 $50. The
net saving to the government on these
transactions aggregates s9l0s.166
Another effect of the operation, as stated
by the secretary, is to reduce the charge
interest from the dates of reminding to
February !, 1904 by the sum of more than
S7.o99.eoo annually; From February, 1904
be reduced by the sum of more than
August l. 1908, by about s1,0000oo. The full |
b
annual report of the secretary ofsthe treas
ury.
Banking Facilities Extended.
The beneficial effect of the financial act |
cation of the national banking act, is al
ready apparent. The provision for the |
incorporation Of national banks with a |
capital of not less than $aj5C0 in places
not exceeding 3,tC4 inhabitants has result |
ed in the extension Of banking facilities
to many small communities hitherto I'M
al
There were organized from the enact
g $50 natdna banks ahe ,nfs Whess
1903 with capital OF $4,000 or more.
number of banks being organized under
need of banking facilities has been most
pronounced. Iowa stands first, with 80
Oklahoma, Indian territory and the mid,
die and western sections of the country
have also awaited themselves largely Of
A large increase in national bank note
circulation has resulted from the provt..
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 80 per
as nha rom Ihe Il Sc
November 80 is s77OS9,57o
The, party in power, is committed to
currency responsive to the varying needs
Of business at ali seasons and in all sec
lions.
Our Foreign Trade.
Our foreign trade shows remarkable
record of commercial and industrial prog
ress. The total of imports and EXPORTS
Tor the first TING ss in u I'll the history Of the
pre greater than they have ever been
before, the total for the fiscal year 1900
e an an oTer s o ss
000,752. over 1897 of s34S, 526. and greater
than 1896 by so1Ls7s,l44;
The growth OF manufactures in the
United States is evidenced by the fact
that exports Of manufactured products
largely exceed those Of any prey tss5
against :sSs5ss.i4s in 1898, an increase Of
rs per cent.
ed sS9s m pr eseT Hs as9 thaDn II
1882 the totel for the year being ss35,s6s.-
Rs. against s7s4776,la2 in 1899.
an HT sns ovsr ss Of s
7a2,695. This increase is largely in mate
rlais for a and ~ is in
ing in the United States. While there
was imported for, use in Manufacture in
excess of 1885, 1t is reassurng to observe
that there is a tendency toward decrease
In the importation of articles manufac-
tured ready for consumption, which In
1900 formed, 1917 per cent. of the total
e1.09 per cent. in 1886.
ph0 internal revenue INK.
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 $780,
90O. 900 This reduction should be secured
by the remission of those taxes which ex-
perience has shown TO be the most bur-
densome 10 the Industries of the people
] specially urge that there be included In
whatever reduction is made the legacy tax,
bequests for public uses of literary, edu-
cational or charitable character.
Recommends Ship Subsidy.
American vessels during the past three
years have carried about nine per cent.
Of our exports and imports. Foreign ships
should carry the least, not q, the greatest,
growth of cur steel industries. the prog
ress of shipbuiiding for the domestic trade.
and our steadily maintained expenditures
ty to place the United States in the first
rank of commercial maritime powers.
Besides realizing a proper national as
piration this will mean the establishment
of a distinctive national industry, expand
Ing the field for profitable employment
of labor and capital. 1t will increase the
transportation facilities and reduce freight
charges on the vast volume Of products
brought from the interior to the seaboard
for export, and will strengthen an arm
Of the national defense upon which the
Founders of the government and their
successors have relied. In again urging
immediate action by the congress on meas.
ures to promote American shipping and
Recommendations on the subject in previ-
Gus messages, and particularly to the opin-
fon expressed In the message of 1899:
II am satisfied the judgment of the coun-
marine which sill broaden our commerce
and markets and Apbuild our a-carrying
capacity for the products of agriculture
and manufacture, which, WITT, the increase
ne VpG ,tyaS