Evening star., 1900-12-03

OF ss6.544.5 .55s.oe The details of the sinking
fund are set forth in the report of the Sec
retary of the Treasury. to which invite
| attention. The Secretary OF the Treasury
estimates that the receipts for the current
| fiscal year will aggregate $780, oOOO0O and
the expenditures $4,000. coo, leaving an ex-
| cess of revenues over expenditures of 49,
OO0, 900. The present condition of the Treas
ury is one Of undoubted strength. The
| available cash balance November 30 was
$139 ,3OS, 794.5O Under the form OF state
ment prior to the financial law of March IA
| 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 bal
| ance including the present gold reserve Of
$3.50 600 O0O would be $2S9, ,3O3 794.5O. Such
balance November 30, 1899, was $296. .495. .3O1.-
IS. In the general fund. which is wholly
I separate from the reserve and trust funds.
| there was on November 80, $70.O9O. .O73.15 in
| gold coin and bullion, to which should be
added $22, ,957. 800 in gold certificates subject
to issue, against which there is held in the
Division Of Redemption gold coin and bull
| lion, making a total holding Of free gold
| amounting to $93,e47 ,sf3.15.
! 1t will be the duty DIS am sure 1t will be
the disposition of, the Congress to provide
whatever further legislation is needed to
| insure the continued parity under all con-
| ditions between oar 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 per cent. in the sum
of s25 1864 800. To and including Novem
| Der 80, $23 45S, 100 Of these bonds have been
| paid. This sum, together with the amount
| which may accrue from further redemp-
| tions under the call, will be applied to the
| sinking fund.
The law Of March IA, 1900, provided for
| refunding into per cent thirty-year bonds,
payable. principal and interest, in gold coin
of the present standard value. that portion
of the public debt represented by the per
| cent bonds Of 1908, the per cents of 1907,
and the per cents of 19O4 of which there
was outstanding at the date of said law
$S39. .149 $50. The holders Of the old bonds
presented them for exchange. between
March Ia and November 80 to the amount
of 1864 ,843 75O The net saving to the Gov
ernment on these transactions aggregates
So. .1O6, ,166.
| Another effect Of the operation as stated
| by the Secretary, is to reduce the charge
upon the Treasury for the payment of in
| terest from the dates of refunding to Feb
| ruary l. 1904, by the sum Of more than
seven million dollars annually. From Feb
| ruary 1, 1904, to July l. 1907, the annual in
| terest charge will be reduced by the sum of
| more than five millions, and for the thirteen
| months ending August 1, 1908, by about one
| million. The full details Of the refunding
are given in the Annual Report of the Sec
retary of the Treasury.
The beneficial effect Of the financial act
| Of 1900 so far as it relates to modflca-
| ton of the national banking act, Is already
| apparent. The provision for the incorpora-
| ton Of national banks with a capital of not
less than $25, GOO in places not exceeding
| three thousand inhabitants has resulted in
| the extension of banking facilities to many
small communities hitherto unable to pro-
vide themselves with banking institutions
| under the national system. There were
ganized from the enactment Of the law up
to and including November 80, 800 national
banks. of which 266 were with capital less
than $4,000, and 1O3 with capital of $780,
600 or more.
| 1t is worthy Of mention that the greater
number Of banks being organized under the
new law are in sections where the need of
banking facilities has been most pro-
nounced. Iowa stands first. with 30 banks Of
| the smaller class, while Texas, Oklahoma,
| Indian Territory. and the middle and west
| ern sections of the country have also avail.
ed themselves largely of the privileges un-
| der the new law.
A large increase in national-bank-note
circulation has resulted from the provision
of the act which permits national banks to
| issue circulating notes to the par value of
the United States bonds deposited Sc
curity instead Of only 80 per cent thereof,
| as heretofore. The increase in circulating
| notes from March IA to November 30 is
| ST. ,SS9. $40.
| The party in power is committed to such
| legislation as will better make the currency
responsive to the varying needs of business
at all seasons and in all sections.
| 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 two billions Of dollars. The ex-
| ports are greater than they have ever been
| before, the total for the fiscal year 1900
being 81 1894, ,4S3 0S2 an ntincrease over 1893 Of
| $167, ,459, 780, an increase over 1893 of $163,
600 752 over 1897 Of s343. 49,. .526. and greater
than 1896 by $511, ,s76 144
Inc CROWN OI manufactures III ;tic tIHiteu
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 ,756. against 1888, ,o02. 146
| in 1882 an increase of % per cent.
Agricultural products were also expurted
during 1900 In greater volume than in 1899.
the total for the year being ss35, ,s5S. 1913,
against s7S4, ,776.1 .142 in 1909.
| The imports for the year amounted TO
$S49,341 .1S4, an increase over 1919 OF S152,-
| 702695. This increase Is largely in mate
rails for manufacture, and Is in response to
| the rapid development Of manufacturing in
| the United States. While there was i'm
ported for use in manufactures In 1900 ma
| terial to the value of So 78S,072 in excess
of 1889, 1t Is reassuring to observe that
| there is a tendency toward decrease in the
| importation of articles manufactured ready
| for consumption which in 1900 formed 10.17
| per cent Of the total imports, against 1854
per cent in 1899 and q. 90 per cent in 1896.
| I recommend that the Congress at its
present session reduce the internal revenue
| taxes imposed to meet the expenses of the
|