The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1900-12-07

ing IacrIrtles TO many smaI commun-
tiles hitherto unable to provide them
selves with banking institutions under
the national system. There were or
gained from the enactment of the law
up to and including Nov. 30, 1863 nation
al banks, of which 266 were with cap
ital less than $50,000 and 103 with capt.
tai Of $4,000 or more.
1t is worthy of mention that the
greater number of banks being organ
lied under the new law are in sections
where the need Of banking facilities 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
ileges under the new law
A large increase in national bank
note circulation has resulted from the
provision of the act which permits ma
tional banks to issue-circulating notes
to the par value of the United States
bonds deposited as security instead Of
only 80 per cent. thereof, as heretofore
The increase in circulating notes from
March IA to Nov. 80 is $77,SS9,5 $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 remarka-
Die record of commercial and industrial
progress. The total of imports and ex
ports for the first time in the his
tory Of the country exceeded 50, 000 000,-
coo. The exports are greater than they
have ever been before, the total for
the fiscal year 1900 being 81, 394. 4S3,082
an increase over 1899 of $167, ass, 7So, an
increase over 1898 of $163, 000,7 1852, over
1897 Of $343, 4S9, 526, and greater than 1896
by SSH, 876, IA.
The growth IF 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, $751;
756, against 1899, 592, 146 in 1899, an in
crease Of % per cent.
Agricultural products were also ex-
ported during 1900 in greater volume
than in 1899, the total for the year be-
ing $685., 1858, 1913, against $7S4, 142 in
1899.
The imports for the year amounted
to $S49, 941, 1874, an increase over 1899 of
$152, 1872, $685. This increase is largely in
materials for manufacture, and is in
response to the rapid development Of
manufacturing in the United States.
While there was imported for use in
manufactures in 1900 material to the
value of $40, 1885, 72 in excess Of 1899, it
is reassuring to observe that there is
tendency toward decrease in the i'm
portation of articles manufactured
ready for consumption, which in 1900
formed 1917 per cent. of the total i'm
ports, against 1854 per cent. in 1899
and 21.09 per cent. in 1885,
I recommend that congress at its
present session reduce the internal rev.
enue taxes imposd to meet the expenses
Of the war with Spain in the sum of
$50 100000. This reduction should be
secured by the remission Of those taxes
which experience has shown to be the
most burdensome to the industries of
the people.
I specially urge that there be in
cluded in whatever reduction is made
the legacy tax, requests for public uses
of literary, educational or charitable
character