The Savannah morning news., 1900-09-10
M'KlNLEY ACCEPTS.
this year they will not fail to record again
their earnest dissent.
Faithful 60 the. Tarin.
fcontlnuea from - 30

20 ifs principle 81 q tlrin which SUPPLE
sumcient revenues Tor The government, an1
adequate protection 90 our enterprises ana
producers. ana OF reciprocity which opens
foreien markets Co the fruits of American
labor. and urnishos new channels through
which q market the surplus ~ American
farms. The ume-honorcd principles 81
protection ana reciprocity were the FIRST
pledges % REPUBLICAN victory 90 bo writ
ten into public law.
The present Congress has given 20
Alaska a territorial government for which
Il had waited more than "a quarter az a
century. tas established representative
government IN Hawaii. has enacted bills
Tor the most Hbcral treatment of the pen
sloners ana their willows, has revived
tho tree homestead policy. La its great
financial law il provided Cor the estah-
lshmeut ~ banks 81 issue with a capital
~ $500 FOR the bencut Of villages ana
rural communities. and bringing the op-
pcrtuuity n1r profitable business Ia bank
lng within the reach 90 moderate capital
Many ar already availing themselves Of
this privilege.
puring the past year more than nine
Teen millions OF United States bonds have
seen paid from the surplus revenues Of
DE Treasury. and in addition twenty-five
millions OF two per cents maturcI. called
- the government. are in process q pay
meut Pacific Railroad bonds issued by
The government in aid OF the roads Zen The
sum Of nearly Nf.O000oo have been paid
since Dee 90. 1877. The Treasury balance
e IN satisfactory condition. showing an
sept !. si3s 1900 in addition 90 tho Siio.-
sooo sold reserve held 90 the treasury.
The governments relations with
the Pacific railroads have been sub
stsntiaily closed. si2442ico being re-
a..
r. portion cash and the remain
Ter with amp'e securities for payments de-
ferre.d
Instead % diminishing as was predicted
four years ago. the volume OF our currency
Is greater per capita than u has ever
been. II was S2li0 IN kSs6. II had increa--
81 10 So ~ on July l. 1870. and S2s.S5 on
Sept l. 1900 our total money on July !,
1856. was s. .5oi5tss: on July !. 1890. it
vas S2o62. ~. 80. ana S.OaS. sS30i2 on Sept
/. 1900
Agriculture and Industry.
Our industrial and agricultural coudi-
tions are more promising than they have
been for may years. probably more 60
than they have ever been. Prosperity
abonnds everywhere throughout the re-
public rejoice that the Southern as
well as the Northern states are enjoying
a full share Of these improved national
conditions. and that all are contributing
30 largely 90 our remarkable Industrial
development. The money lender receives
lover rewards for his capital than 10 "a
were invested IN active business The
rates OF interest are lower than they
nave 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.
and increasing growth. The amount Of
our exports for the year 1870 over those
Of the exceptionally prosperous year OF
1870 was about half a million dollars for
every day of the year. and these sums
have gone into the homes and enterprises
Of the people. There has been an increase
Of over S50.0eo.oo1 in tho exports OF aEri-
cultural pro hicts see 692 20o in manufac-
lures ard In the products Of the mines OF
over slo.01ooo, Our trade balances cannot
fail TO give satisfaction 20 the people OF
the country In 1855 we sold abroad Sis. .
AZ 676 OF products more than we bought
abroad ia 1899. S2e s7i SIS. and In 1902 x5;4.-
f7i70i. making during the three years a
total balance in our favor Of 81. 6S9. no 40
nearly FIVE times the balance OF trade
IN our favor for the whole period OF los
years from 1922 TO June 30 1897. inclu-
sixe.
Four hundred and thlriy-slx million dol
lars OF gold have been added 20 the gold
stock Of the United States since July /.
1921. The law Of March a. 1900 authorized
the refundlng into two per cent bond~
OF that part OF the public debt represent
"a hy the three per cents. due IN 1915. the
four per cents. due Ia 1907. and the i've
per cents. due in 1891, aggregating $50 OO. %
coo More than one-third OF the sam OF
these bonds was refunded IN the first
three months after the passage OF the
act. and on Sept. ] the sum had been in
creased more than Sgl.poOO30. making In
all S239 s7s go resulting In net saving OF
over sS.S7e52o. The ordinary receipts OF
the government for the fiscal year 1870
were s7s.52Io50 Ia excess OF It's eNpen-
ditures
Expenditures Decreasing.
While our receipts both from customs
and internal revenue have been greatly
Increased, our expenditures have been de-
creasing. civil ana miscellaneous ex-
penses for the fiscal year ending June 30.
1870. were nearly 100000 less than In
1879. while on the war account
there Is decrease OF more than 81. o.
10000 There were required 10000 less
20 support the navy this year than last.
and the expenditures on account Of In
clans were nearly two and three-quarters
million dollars less than ia 1892 The only
two items OF increase Ia the public ex-
penses OF 1890. over 1893. are for pensions
and interest on the public debt For 1920
We expended for pensions Sig9 89i go. and
for the fiscal year 1900. our payments on
this account amounted 20 sif0S7T. 3is. The
net Increase Of interest on the public
debt OF 1900 over iss9 required by the war
loan. was 81. s0 % While Congress au-
thorized the government 60 make a war
lean Of Sfolooo0o al the beginning OF tho
war with Spain only S2l00900oO OF bond !
were Issued, barring three per cent in
terest which were promptly aud patriotic
ally taken by our citizens.
Unless something Unforeseen occurs 20
reduce our revenues or Increase our sN-
pcnditurcs. the Congress az it, next ses-
sion should reduce taxation very mater
tally
Five years ago We were selling gov
eminent bonds bearing az high a. Der
cent interest Now We are rcdeetniur
them with a bond al par bearing 2 per
cent. interest. We are selling our eur
plus products and lending our surplus
money 10 Europe. one result Of our sell.
ing 90 other nations 20 much more than
we have bought from them during the
past three years 81 radical improve
upent OF our financial relations. The grca,
amounts Of capital which have been Dor.
rowed OF Europe for our rapid. material
development have remained O constant
Drain upon our resources for interest and
dividends and made our money markets
liable 20 constant disturbances By can.
for payment or heavy sales of our Sc.
curiues Whenever noncyed strlngcncy oi