New-York tribune., 1900-12-04
NEwYoRK DAILY TRIBUNE TUESDAY DECEMBER 1900

including the present gold reserve of $1,000
@ mPSa y, ss s vas 'ss s 81 aoi I's s In the
general furb which is wholly separate from the
reserve and trust funds fhere was on November
which should be added S22. .957. 800 in gold cer-
! tifcates subject to Nsue. againsS which there
Is held In the Division % Redemption gold coin
and bullion. making total holding OF free gold
amounting 10 S93.047.372 u.
II viii be the duty. as am sure il VIII be the
! disposition. OF the Congress 20 provide what
ever 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 Sec
retary Of the Treasury since the close OF the
fiscal year to call In the funded loan OF 1891
continued at per cent, i'm the sum OF S25.3tf,-
900 To and including November 30. S23.45S, 100
OF these bonds have been paid. This sum, to-
gether with the amount which may accrue from
further redemptions under the csiI, will be ap-
piled to the sinking fund.
The law of March II, 1900 provided for re-
funding into per cent thirty-yeaF bonds, pay
able principal and interest. in gold coin of the
present standard value that portion OF the pub
lie debt represented by the per cent bonds OF
1908 the per cents Of 1907, and the per cents
date OF said law $3.50 1890 The holders OF
the old bonds presented them Cor exchange be-
tween March ii and November 30 to the amount
OF SS64 ,943. 100. The net saving TO the Govern
IG6
Another effect Of the operation. as stated by
the Secretary, is 10 reduce the charge upon the
Treasury for The payment Of interest from the
dates Of refundng 90 February l, 1904. by the
sum OF more than SI,gsj,UO annually. From
February 1. 1904. 10 July l. 1907. the annual in
terest charge viii he reduced by the Of
more than s5.OOO.OO0, and for the thirteen
months ending August 1. 1905. by about 81 1000
00. The full details of the refundng given
in the Annual Report Of the Secretary Of the
Treasury
NEW NATIONAL BANKS
The beneficial effect OF the financial act OF
1900. so far as it relates 20 modification Of
the national banking act. Is already apparent.
The provision for the Incorporation of national
banks with a capital Of not less than $25.O in
places not exceeding 3.000 inhabitants has re-
suited in the extension Of banking facilities to
many small communities hitherto unable To
provide themselves with banking institutions
under the national system. There were Organi-
Zed from the enactment OF the law up TO and in
Guiding November 30. 800 national banks. OF
which zoo were with capital less than SJO,U0O,
and lO3 with capital of $4,000 or more
IL Is worthy Of mention that the greater num-
ber Of banks being organized under the
law are in sections where the need Of banking
facihties has been most pronounced Iowa
stands first, with thirty banks Of the smaller
class, while Texas Oklahoma, Indian Territory
and the Middle and Western sections of the
country have also ayailed themselves largely of
the privileges under the new law.
A large increase in National hank note circu-
latiOn has resulted from the provision Of the
act which permits National banks 20 issue circu-
lating notes 20 the par value Of the United
States bonds deposited as security instead of
only 40 per cent thereof as heretofore. The in
crease in circulating notes from March II TO
November 30 is S77. .SS95 $40
The party in power is committed to such legis-
lation as will better make the currency respon-
sive 10 the varying needs OF business at all
seasons in all sections.
our foreign trade shows a remarkable record
OF commercial and industrial progress. The
total Of imports and exports for the first time
In the history OF the country exceeded 5000
100000. The exports are greater than they
have ever been before. the total for the fiscal
year 1900 being 81. 1894. .4S30S2, an increase over
ls:g OF Sl6I45a1so an increase over lS9S Of
6SOOO,aa2, over 1897 of S:34:i 4S9 ,I26 and
greater than 1896 by S51l .S76I44
The growth Of manufactures in the United
States is evidenced by the fact that exports Of
manufactured products largely exceed those OF
SaaS.S5l.I50. against $50, J12. l46 in 1899 an
increase Of 2S per cent.
Agricultural products We're also exported dur
ing 1900 in greater volume than I'm 1899. the
total for the year being SS35.s5S l23 against
S7S4.T76l42 in 1899.
The imports for the year amounted 20 $50
04IlS4, an increase over 1893 of S152, 782 0g5
This increase is largely In materials for manu-
iaeture. and is in response TO the rapid develop
ment OF manufacturing i'm the United States
While there was imported for use in manufact-
ures in 1900 material 10 the value Of so IT'S a72
IN excess OF lSs II II reassuring 10 observe that
thefe ls a tendency toward decrease in the inn
portatiOn az articles manufactured ready for
consumption, which in 1890 formed 1917 per
cent Of the total imports against l554 per cent
in 1899 and 2l.O9 per cent in 1896.
REDUCTION OF INTERNAL REVENUE TAXES
I recommend that the Congress at it's present
session reduce the internal revenue taxes inn
posed 20 meet the expenses of the war with
Spain in the sum Of $30OO0OOO This reduction
should bHy he g, ,to
which experience has shown 20 be the rlost
burdensome to the industries of the people
/ specially urge that there be Included in
Whatever reduction Is made the legacy tax be-
quests for public uses OF literary educational
or charitable character
American vessels during the last three years
have carried about per cent OF our exoorts
and imports. Foreign ships should carry the
least not the greatest part Of American trade
Ihe remarkable growth of our steel Industries
the progress of shpbudng for the domestic
trade. and our steadily maintained expenditures
Ior the Navy have created an opportunity 20
place the United States in the first rank Cf
commercial maritime Powers.
SHIPPING SUBSIDIES.
Besides realizing a proper National aspiration.
this viii mean the establishment and healthy
growth along all our coasts of distinctive Ma
uonal industry. expanding the field for the prof
liable employment Of labor and capital IL will
increase the transportation facilities aud reduce
freight charges on the vast volume of Drodurts
brought from the interior 20 the seaboard for
export, and win strengthen an arm If the Ma
uonal defence upon which the founders of ire
Government and their successors have relied In
again urging immediate action by the Congress-
on measures 10 promote American shipping and
foreign trade l direct attention 10 ghe recon-
mendauons on the subject in previous mes
sages, and particularly 10 the Opinion evpressAd
In the Message OF 1899
I am satisfied the judgment of the countr, fa,,ors
the policy OF aid TO our merchant marine which
Mll broaden our commerce and markets and IN
bnld our sea carrying apacty for the products Of
agriculture and manufacture. which. with the in
crease OF our Navy. mean more work and wages
70 our countrymen. well as a safeguard TO
American interests in every part OF the world
The attention OF the Congress is invited 10 the
@ @Iecoihinehoauon OF the Secretary of the Treas
ury In his annual report for legislation in behalf
OF The revenue cutter ser,,ina aud fu,rnrnl,r,