The true northerner., 1900-12-07

commend TO the early attention OF the
senate the convention with Great Britain
TO facilitate the construction OF such a
canal and to remove any objection which
might arise out OF the convention COM
monty called the Clayton Buiwer treaty.
Affairs with spain.
Satisfactory progress has been made
toward the conclusion OF a general treaty
OF friendship and intercourse with Spain.
In replacement OF the old treaty, which
passed into abeyance by reason of the late
war. new convention OF extradition is
approaching completion, and / should be
much pleased were a commercial arrange
ment 10 follow. | feel that We should
not suffer TO pass any opportunity TO re-
affirm the cordial ties that existed be-
tween US and Spain from the time OF our
earliest independence, and TO enhance the
mutual benefits OF that commercial inter-
course which is natural between the two
countries.
Pan-American Exposition.
The exposition of the resources and
products OF the western hemisphere, TO
be held at Buffalo next year, promises
important results not only for the United
States but for the other participating
countries IL is gratifying that the Lat
in-American states have evinced the live
liest interest and the fact that an inter
national American congress Will be held
in the City of Mexico while the exposi-
tion is in progress encourages the hope
of a larger display at Buffalo than might
otherwise be practicable. The work OF
sources is making satisfactory progress
under the direction of different officials
of the federal government and the Vari-
Gus states of the union have shown dis
position toward the most liberal partici-
patton in the enterprise.
Condition of Revenues.
1t is gratifying to be able TO state that
the revenues for the fiscal year endeu
June 30 1909, were S39,527 Is. For the
six preceding years we had only deficits,
the aggregate of which from 1894 TO 1893,
inclusive amounted TO $2S3 or. .99l.l4. The
receipts for the year from all sources,
exclusive OF postal revenues, aggregated
500, ,2i0, sol. So and expenditures Tor all
purposes, except for the administrator
of the postal department, aggregated
E4S7, ,7l3. 1911. The receipts from customs
were $685. 164. 81. 10, an increase over the
preceding year of $27,036, ,3S9 Al. The re-
ceipts from internal revenue were $40
e27 926 76, an increase OF $21 $50, 1925 over
1899. The receipts from misce llaneous
sources were $3S, 74S 053.S7, as against $780,
S94,97692 for the previous year;
1t is graft ying also to note that during
the year a considerable reduction is
shown in the expenditures of the govern
ment. The war department expenditures
for the fiscal year 1900 were $l4,714,1bIlS,
a reduction OF S95, ,066. 1868 over those OF
1893. In the navy department the expen-
ditures were So, 1888, 077.72 for the year 100,
as against 63,942 lO4. .25 for the preceding
year, a decrease of NsS9. O26.o3 In the
expenditures on account or Indians there
was a decrease In 1900 over 1899 or w.
s30 Goa. ss: and in the civil and miscella-
neous expenses for 1900 there was re-
duction OF $l3, 4lS.065. "a.
that the receipts for the current nscai
year will aggregate So,OOO,oO0 and the ex-
penditures $500, 100000, leaving an excess
OF revenues over expenditures of SSOOOO.-
900 The present condition OF the treas
ury is one of undoubted strength. Ihe
available cash balance Nov. 80 was SloS.-
303. .794.5O
number Of banks being organized under
the new law are in sections where the
need of banking facilities mas peen IhoSI
pronounced. Iowa stands nrSt, with 0U
banks of the smaller class, while Texas,
Oklahoma. Indian Territory and the MD
die and western sections Of the country
have also aVailed themselves largely or
the privileges under the new law
The party in power is committed TO
such legislation as will better make the
currency responsive TO the varying heeus
of business at all seasons and in all sec
tions.
our foreign trade shows a remarkable
record of commercial and Industrial prog
ress The total of imports and exports Tor
the first time in the history Of the coun-
try exceeded two billions OF dollars. The
exports are greater than they have ever
been before, the total for the fiscal year
1900 being 1884, ,4S3.
Regarding Our Bonds.
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 represent
ed by the per cent bonds Of 1908, the
per cents of 1907 and the per cents OF
1904, of which there was outstanding at
the date of said law $S39. .149. $50. The hold
ers of the old bonds presented them for
exchange between March IA and Novem-
ber 80 to the amount of 1894, ,s43.750. rhe
net saving to the government on these
transactions aggregates -. LOG, l66.
Another effect n.
ed by the secretary is to reduce the
charge upon the treasury for the payment
Of interest from the dates Of refunding to
February l, 1904. by the sum or more than
seven million dollars annually. From Feb
ruary /. 1904. to July /. 1907, the annual in
terest charge will be reduced by the sum
Of more than five millions, and for the
months ending August 1, 1908 by
about one million. The full details OF the
refunding are given in the annual report
of the secretary OF the treasury.
The beneficial effect of the financial act
Of 1900 so far as it relates TO the modi-
fication of the national banking act, is
already apparent The provision for the
OF national banks with n
capital OF not less than $4,000 in places
not exceeding three thousand inhabitants
has resulted in the extension of banking
facilities to many small communities hith-
erto unable TO provide themselves with
banking institutions under the national
system. There were organized from the
enactment of the law up TO and including
November 30, 800 national banks. OF which
1G6 were with capital less than $4,000, and
03 with a capital Of $4,000 or more.
Manufactures and Imports.
The growth of manufactures In the
United States is evidenced by the fact
that exports OF manufactured products
largely exceed those Of aLy previous year
their value for 1900 being S433. .S5l. 1885,
against 1899 592,146 in 1899, an increase Of
2S per cent
Agricultural products were also export
ed during 1900 in greater volume than in /
1899, the total for the year being SS35.S5S.-
1913. against S7S4.776.l42 in 1899.
Reduce the War Tax.
] recommend that the congress at It's !
present session reduce the internal rev.
enue taxes imposed to meet the expenses
OF the war with Spain in the sum OF thir- /
ty millions OF dollars. This reduction /
should be secured by the remission OF !
those taxes which experience has shown
TO be the most burdensome to the indus
tries OF the people.
/ specially urge that there be included
IN whatever reduction is made the legacy
tax bequests for public uses OF a literary, /
or charitable character.
Question of Trusts.
In my last annual message to the con- I
gress / called attention to the necessity
fer early action to remedy such evils as
might be found to exist in connection with
of capital organized into
trusts and again invite attention to my
discussion Of the subject at that time