The Somerset reporter., 1900-12-06

receipts Tor the current 0scal year VIII
aggregate $3.50. OO0, 900 and the expendi.
lures $500, 100000. leaving an excess Of
revenues over expenditures OF $4,000.
900. The present condition OF the treas
ury Is one of undoubted strength The
available cash balance Nov. 80 was $l39,-
1903. 794.JO. Under the form OF statement
prior to 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
If this form were pursued, the cash
balance, including the present gold re.
serve of $l50000.0O0, would be $3.50
1903, 1880. Such balance Nov. 80, 1899
was 1896. 49,. 30l 80. In the general
fund. which is wholly separate from the
reserve and trust funds, there was ON
Nov. 30, $1,000. 073.15 in gold coin and
bullion, to which should be added So.
957 300 in gold certificates subject to is
sue, against which there are held in the
division OF redemption gold coin and bull
lion, making total holding Of free gold
amounting to S9:a047 ,373.15.
1t will be the duty as am sure it will
be the disposition of the congress TO pl0.
vide whatever further legislation rs need
all conditions between orr two forms Of
metallic money, silver and gold.
Financial Act of 1000.
The be:efcial effect Of the financial act
OF 1900, so far a il relates to a mudifca-
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 SO. 900 in places
not exceeding 1000 inhabitants has re.
suited in the extension of banking facili
ties to many small communities hitherto
unable to provide themselves with bank
ing institutions under the national sys.
TEN. There were organized from the
enactment of the law up to and including
Nov. 80 1863 national banks, of which 2GG
were with capital less than $4,000 ard
1903 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
for the first time in the history Of the
country exceeded $4,000. 900 600. The
exports are greater than they have ever
been before. the total for the fiscal year
1900 being S1.394, 4S3 .OS2. an increase
over 1899 of S167.459. $50, an increase
over 1898 of S1G3, 600. 752, over 1897 of
S343. 49,, 526 and greater than in 1896 by
SJl1,ST6. IA.
The growth of manufactures in the
United States is evidenced by the fact
that exports of manufactured products
largely exceed those of any previous
year. their value for 1900 being $433.
S51. 156. against S339. 192, 146 in 1899. an
increase of 2S per cent
Agricultural products were also ex.
ported during 1900 in greater volume
than in 1899. the total for the wear being
$685., SIS, 123. against $7S4,77G142 in
$500
The imports for the year amounted Il
$50. Oil ISL, an increase over 1899 OF
1852. T92, 6gJ. This increase is largely in
materials for manufacture and is in re.
Spouse to the rapid development of manu-.
featuring in the United States
| recommend that the congress at It's
present session reduce the internal rev.
cnue taxes imposed TO meet the expenses
of the war with Spain in the sum Of $50
100000. This reduction should he So.
cured by the remission of those taxes
which experience has shown to be the
most burdensnme to the industries of thu
people
| specially urge that there be included
in whatever reduction is made the legacy
tax requests for public uses of literary
educational or charitable character.
The Merchant Marine.
American vessels during the past three
years have carried about per cent OF
our exports and imports Foreign ships
should carry the least, not the greatest
part IF American trade The remarka-
bln Of ,-ta ind ~ 4, h
progress of shipbuil1ing for the domestic
trade and our steadily maintained ex-
pnnditurcs for the navy have created nm
opportunity to place the United States in
the first rank of commercial maritime
powers.
Besides realizing proper national as.
piration, this will mean the establishment
and healthy growth along all our coast,
of distinctive national industry, eX-
panding the field for the profitable en-
ploympnt of labor and capital 1t will
increase the transportation facilities and
reduce freight charges on the vast vol
ume of products brought from the int
rior to the seaboard fer export and wi
strengthen an arm of the national de-
Tense upon which the founders of the
government and their successors have le-
by the congress on measures to promo Q
American shipping and foreign trade |
direct attention to the recommendations
on the subject in previous messages and
particularly to the opinion expressed i'll
the message of 1899:
II am satisfied the judgment of the
country fayors the policy of aid to our
merchant marine, which will broaden our
commerce and markets and upbuild our
sea carrying capacity for the products "
agriculture and manufacture. which,
with he increase of our navy, mean more
work and wages to our countrymen as
well as a safeguard to American inter
ests in every part OF the world"
In my last annual message to the con
gress | called attention to the necessity
for early action to remedy such evils as
might be found to exist in connection
with combinations of capital organized
into trusts and again invite attention to
my discussion of the subject AT that me,
which concluded with these words
at is apparent that uniformity of leg
islatiun upon this subject in the seve al
states is much TO be desired. 1t is To be
hoped that such uniformity. founded in a
wise and just discrimination between
what is injurious and what is useful and
necessary in business operations. may he
obtained and that means may b. found
for the congress. within the limitations
of its constitutional power SO to supple
ment an effective code of state legiSluti II
as to make a complete system of laws
throughout the United States adequate
to compel n general observance of the
salutary rules to which have referred