The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-11

have ever been in this country while
those things which are produced on the
farm and in the workshop and the labor
producing them, have advanced in value.
Orr foreign trade shows a satisfactory
and increasing growth. The amount OF
our reports for the year 1900 over those
of the exceptionally prosperous year OF
1899 was about half a million dollars for
every day of the year, and these sums
have gone into the homes and enter
nrises of the people. There has been on
increase of over $50, 900 900 in the ex-
ports of agricultural products; $92, 692,-
900 in manufactures and in the products
o fthe mines of over $10,OOO,OO0. Our
trade balances cannot fail to give salts
faction to the people of the country. In
1898 we sold abroad $615.4 SIG of pro-
ducts more than we bought abroad, in
1899 1929. S74, S13, and in 1900 44,471, 701,
making during the three years total
balance in our favor of 81 ,779, 1870
nearly five times the balance of trade in
our favor for the whole period of 10S
wears from 1890 to June 80, 1897, inclu-
sive.
DIR STOCK OF GOLD INCREASED.
Four hundred and thirty-six million
dollars of gold have been added to the
gold stock of the United States since
July /, 1896. The law of March IA, 1900,
authorizes the refunding into two per
represented by the three per cents due
cent bonds of that part of the public debt
in 1908. the four per cents due in 1907,
and the five per cents due in 1904, aggre-
eating sS40. 900, 000O More than one
third of the sum of these bonds was re-
funded in the first three monthe after
the passage of the act, and on Septem-
her the sum had been increased more
than $33 600, 600 making in all $330,57S,
O5O, resulting in a net saving of over
$S.S79,520. The ordinary receipts of the
Government for the fiscal year 1900 were
$40, 527, $50 in excess of its expenditures.
While our receipts, both from customs
and internal revenue have been greatly
increased, our expenditures have been
decreasing. Civil and miscellaneous ex-
penses for the fiscal year ending June
80, 1900, were nearly $14,000,000 less than
in 1892 while on the war account there
is decrease Of more than $4,000, 600.
There were required $S,000,000 less to
support the navy this year than last,
and the expenditures on account OF In
dams were nearly two and three-quar-
ter million dollars less than in 1899. The
only two items of increase in the public
expenses of 1900 over 1899 are for PEN
sions and interest in the public debt. For
1899 we expended for pensions $199394,-
929. and for the fiscal year 1900 our pay
ments on this account amounted to
$40, ST., 316. The net increase of interest
on the public debt of 1900 over 1899 re-
quired by the war loan, was 1858, 40S.25.
While Congress authorized the Govern
ment to make a war loan of $500, 900 900
at the beginning of the war with Spain,
only 5000, 600, 900 of bonds were issued,
bearing three per cent interest, which
were promptly and periodically taken
by our citizens.
Unless some thing unforeseen occurs to
reduce our revenues or increase our ex-
penditures, the Congress at its next SEES
sion should reduce taxation very ma
terially.
Five years ago we were selling Gov
eminent bonds bearing as high as per
cent. interest. Now we are redeeming
them with a bond at par bearing two per
cent. interest. We are selling our sur
plus products and lending our surplus
money to Europe. One result OF our sell
ing to other nations so much more than
we have bought from them during the
past three years is radical improvement
of our financial relations. The great
amounts of capital which have been Dor
rowed Of Europe for our rapid, material
development have remained constant
drain upon our resources for interest ard
dividends and made orr money markets
liable to constant disturbances by calls
for payment CIR heavy sales of our Sc
curities whenever nloneyed strngency or
Panic occurred abroad. We have now
been paying these debts and bringing
home many of our securities and estab-
fishing countervailing credits abroad by
cur loans, and placing ourselves upon a
sure foundation of financial independence.
THE WAR IN SOUTH AFRICA.
In the unfortunate contest between
Great Britain and the Boer States oil
South Africa. the United States has main
tanned an attitude of neutrality in accord
ance with it's we'll known traditional
policy. 1t did not hesitate, however, when
requested by the Governments of the
South African Republics, to exercise its
good offices for cessation Of hostilities,
1t is to be observed that while the South
African Republics made like request OF
other powers, the United States is the
only one which complied. The British
Government declined to accept the inter-
vention of any power.
our FOREIGN COMMERCE.
Ninety one per cent. or our exports and
imports are now carried by foreign ships
For ocean transportation we ray annually
to foreign ship-owners over $1G5,c0O,00
We ought to own the ships for our car
rying trade with the world, end we ought
to build them n american ship yards and
man them with American sail) S. Our
own citizens should receive the transpOr-
tation charges now paid to foreigners.
have called the attention of Congress tc
this subject in my several annual mes
sages In that of december G, 1897.
said:
''Mose desirable from every standpoint
of national interest and patriotism is
the effort to extend our foreign commerce
To this end our merchant marine should
be improved and enlarged We should dc
our full share of the carrying trade of the
world w do not do it now. We should
be the laggard no longer"
In my message of December 5, 1899,