The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-12-03

tration Of the postal department, aggre-
gated SlS7 7t3, 1911. The receipts from
customs we're SZ55 ,i64 S71.16. an increase
over the preceding year of $27, 0S6, $780,
The receipts from internal revenue were
goes 327. $3.50 an Increase Of 81, $50, 1852
over 1899 The receipts from miscella-
Ineous sources were $3S, AS, 053.e7, as
against $685.. 1852 for the previous
year
Expenditures Reduced.
It Is gratifying also 10 note that during
the year considerable reduction is
shown in the expenditures of the Govern
ment The War Department expenditures
for the fiscal year 1900 were S134.7?4, 767-7S,
a reduction OF $50. e66, 1868 over those Of
1899 In the Navy Department the ex-
penditures were So, $50, 077.72 for the year
1900, as against S63, ga, 104. % fer the pre-
ceding year, a decrease of 81, sS9, o26-5S- In
the expenditures on account of Indians
there was q decrease in 1899 over 1899 OF
g. So, s04 IS; and in the civil and naiscel-
Ianecus expenses for 1900 there was re-
duction OF S13.s1S 065.74-
Because Of the excess of revenues over
expenditures the Secretary OF the Treas
rrv was enabled to apply bonds and other
securities TO che sinking fund TO the
amount of SJ6, 5z4, $685. The details OF
The sinking fund are SIT forth IN the re-
pert Of the Secretary of the Treasury 10
which / invite attention The Secretary
OF the Treasury estimates that the re-
ceiPts for the current fiscal year viii ag-
gregate $3.50 e00, 9G0 and the expend lures
$3.50, CSC, 00e leaving an excess OF revenues
over expenditures of SS0,o05 ,00O- The
present condition OF the Treasury IS one
OF Uad0ubted strength The aHal easn
balance November 50 was SIS9, 5eS, 994-so-
Under the fern Of statement pFICT 10 the
financial law OF March II last there would
have been included IN the statement Of
available cash gold coin and bullion held
for the redemption OF United states
notes.
II this form were pursued, the cash
balance, including the present gold re-
serve O. $I50. 00o eco, would be $3.50 3U3,-
1880 Such balance November 90, 1879,
was Szg6. 4S5, 301.55. II the general lund,
which is wholly separate from the reserve
and trust funds, there was on November
SO. SO. 090, 673.15 in gold CON and bullion,
to which should be added s.. $4,000 in
gold certificates subject Je issue, against
which there is held in the division OF re-
dempti0n gold coin and bullion, making
total holding of free gold amounting 10
S93 G47, 373-15.
More Gold Legislation
Il wIu be the duty as 1 am sure it viii
/ be the disposition of The Congress to pro
vide whatever further legislation IS need
! ed to ensure the continued parity under
/ all conditions between our two forms OF
metallic money, silver and gold
! Cur surplus revenues have permitted
/ the Secretary OF the Treasury since the
{ close Of the fiscal year to call II The
funded loan Of 1891 continued at per
! cent, in the sum of So, 364, sec. To and
/ including November 90 So, 45S 100 OF
! these bonds have been paid This sum-
together with the amount which may &c
! crue from further redemptiOns under The
call, viii be applied TO the sinking fund
The law Of March Ii, 1890. provided for
TefuHding into per cent thirty-year
4 bonds, payable, principal and n crest, IN
/ gold coin Of the present standard value,
/ that portion Of the public debt repre- ent-
] ed BY the , per cent bonds Of 8. the 4
/ per cents CT 1891, and the per cents Of
! 1904, Of which there was outstanding at
/ the date OF said law SSs9 149- $50 he hOI-
! ders Of the old bonds presented them for
/ exchange between March Il and NoYem-
/ Der 80 to the amount Of S364, 94S, $50 The
! net saving to the Government on these
/ transactions aggregates So, 1C6,1e6-
/ Another effect OF the operation. as
stated by the Secretary, is to reduce the
! charge upon the Treasury for the pay
ment of interest from the dates Of refund
4 Ing to February l, 1864, BY the sum OF
more than s. 900 coo annually From Feb
/ ruaTy l, 1904 to July l. 1907 the annual
! interest charge viii be reduced BY The
sum Of more than S, 600 COO and for the
! thirteen months ending August /, 1893, By
! about S1,oee,e The fall details OF the
refundIng are given in The annual report
Of the Secretary Of the Treasury
The Growth of Banks.
The Der efcial effect of the financial act
Of 1850. SO far as it relates to modiaca-
ton of the national banking act, is
already apparent. The provision for the
f! incorporation of national banks with
capital of not less than $50. zoe in places
not exceeding 5000 inhabitants has
resulted in the extension Of banking
facilities to many small communities
hitherto unable to provide themselves
with banking institutions under the la
! tionaI system. There were organize
from the enactment of the law I'D 10 anJ
including November so 369 national hanks.
! of which 266 were with capital less than
$50, 800 and 103 with capital Of $4,000 OF
more.
{ Is
number If banks being organized Under
| the new law are in sections where The
need Of banking facilities has been most
pronounced Iowa stands first, With Sc
banks of the smaller class, while Texas
Oklahoma, Indian Territory, and the mid
die and western sections of the country
have also awaited themselves largely Of
the privileges under the new law.
a large increase in national bank-note
| circulation has resulted from the pTovi-
! sion of the act which permits national
! banks to issue circulating notes to the
par value Of the United States bonds &c
posted as security instead of only 80
per cent thereof, as heretofore. The in
crease in circulating notes from March
4 to November SO is 81, 8S9, SO.
The party IN power is committed to such
legislation as viii better make the cur
rency responsive to the varying needs
Of business at all seasons and IN all
sections
OUR FOREIGN TRADE.