Valentine Democrat. (Valentine, Neb.) 1900-1930, 1900-12-06

total holding Of free gold amounting to
$685. 47 ,373.15.
be the disposition of the congress to pro-
vide whatever further legislation 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 2 per
including November 30, S23, ASS, 100 of these
bonds has been paid. This sum, to-
gether with the amount which may
accrue from further redemptions under
the call, will be applied to the sinking
fund.
The beneficial effect of the financial act
of 1900 so far as it relates to the modifica-
ton of the national banking act is al
ready apparent. The provision for the
incorporation of national banks with a
capital of not LESS than $3.50 % in places
not exceeding 1900 inhabitants has re-
suited in the extension of banking IA
cilitfes to many small communities hfth-
erto unable to provide themselves with
banking institutions under the national
system. There were organized from the
enactment of the law up to and including
November 80, 1863 national banks, of which
26 were with capital less than $4,000 and
13 with capital Of $4,000 or more.
Our foreign trade shows a remarkable
record of commercial and industrial prog
ress. The total of imports and exports
Tor the HrSC time IN the history OF the
country exceeded 81. 900, 900, coo. The ex-
ports are far greater than they have
ever been before, the total for the fiscal
year 1900 being $1,394, 4S3, OS2, an increase
over 1899 of $167, 459, $50, an increase over
1898 of $163, 900, 072, over 1897 of $343, ass, 526,
and greater than 1896 by $511, S76, IA.
The growth of manufactures in the
United States is evidenced by the fact
that the exports of manufactured pro-
ducts last year exceed those of any pre-
vious year, their value being $483, 851 ,756,
against 1899, 592, 146 in 1899, an increase of
% per cent.
Agricultural products were also ex-
ported during 1900 in greater volume than
in 1899, the total Off the year being $685.
S5S,123, against 1854, Z ,142 in 1899.
EXTENSION OF AMERICAN TRADE
The ailur of action by the senate at
its last session upon the commercial con-
ventions then submitted for its considera-
ton and approval, although caused by
the great pressure of other legislative
business, has caused much ~disappoint-
ment to the agricultural and industrial
interests of the country, which hoped to
profit by their provisions. The conven-
t1onal periods for their ratification haV-
ing expired, it became necessary to sign
articles extending the time for that pur-
pose. This was requested on our part
and the other governments interested
have concurred, with the exception of one
convention, in respect to which no formal
reply has been received. In my last COM
munication to congress on this subject
special commercial agreements under the
third section of the tariff act nave been
proclaimed with Portugal, with Italy and
with Germany. Commercial conventions
under the general limitations of the
fourth section of the same have been con-
cluded with Nicaragua, with Ecuador,
with the Dominican republic, with Great
Britain on behalf of the Island of Trini-
dad and with on behalf of the
Island Of St. Croix. This will be early
communicated to the senate. Negotiations
with other governments are in progress
for the improvement and security of our
commercial relations.
The policy of reciprocity so manifestly
rests upon the principle of International
equality and has been so readily approved
by the people of the United States that
there ought to be no hesitation in either
branch of congress in giving to 1t full
effect.
This government desires to preserve the
most just and amicable commercial rela-
lions with all foreign countries, unmoved
by the industrial riValries necessarily de-
Veioped in the expansion of International
trade. 1t is believed that the foreign gov
ernments generally entertain the same
purpose, although in some instances there
are clamorOuS demands upon them for
legislation specifically hostile to American
interests. Should these demand prevail
l shall communicate with congress with
a view of advising such legislation as
may be necessary to meet the emergency.
The exposition of the resources and
pIOuuCLS U liz WGSI0Tn hemisphere 10 De
held at Buffalo next year promises i'm
pOrtant results, not only for the United
States, but for the other participating
countries. It is gratifying that the Latin
American states have evinced the l~iveliest
interest, and the fact that an interna-
tional American congress will be held in
the City of Mexico while the exposition
Is in progress encourages the hope of a
larger display at Buffalo than might
otherwise be practicable. The work of
preparing an exhibit of our national re-
sources is making satisfactory progress
under the direction of the different Off
various states of the union have shown
a disposition toward the most liberal par
~ticipation in the enterprise.
The Bureau of American Republics con-
tinues to discharge with the happiest re-
suits the important work of promoting
cordial relations between the United
States and the Latin-American countries,
all of which are now active members of
the international union. The bureau has
been instrumental in bringing about the
agreement for another international
American congress which is to meet in
the City of Mexico in October, 1901. The
bureaus future for another term of Ten
years is assured by the international COM
pact, but the congress will doubtless have
much to do with shaping new lines of
work and a general policy. It's usefulness
to the interests of Latin-American trade
is widely appreciated and shows a graf
flying development.
The practical utility of the consular
service in obtaining a wide range of in
formation as to the industries and COM
merce of other countries, for introducing
the sale of our goods, has kept steadily in
advance of the notable expansion of our
foreign trade and abundant evidence has
been furnished, both at home and abroad,
of the fact that the consular reports, in
GLIDING many from our diplomatic repre-
sentatiVeS, have to a considerable extent
pointed out ways and means of diSposing
of a great variety of manufactured goods
which otherwise might not have found
sale abroad.
REVISION OF REVENUE LAWS.
1 recommend that the congress at its
present session reduce the internal reve-
nue. taxes imposed to meet the expenses
of the war with Spain in the sum of $780,
600. 600. This reduction should be secured
by the remission of those taxes which
experience has shown to be the most
burdensome to the industries of the peo-
pie.
1 specially urge that there be included
in whatever reduction is made the legacy
tax, requests for public uses of a literary,
educational or charitable character.
American vessels during the last three
years have carried about 8 per cent of our
exports and imports. Foreign ships should
carry the least, not the greatest, part of
American trade. The remarkable growth
of our steel industries, the progress of
ship building for the domestic trade and
our steadily maintained expenditures for