The times. [volume] (Washington [D.C.]) 1897-1901, 1900-12-04

tration OF the postal department, aggre-
gated s4SI, 1l3. I9i.n. The receipts from
customs were $685. l64 ,S71.16. an increase
over the preceding year of S21. csc 3S9.41
The receipts from internal revenue were
1925 ,327, 926.76, an increase of SCI 800. T65.25
over 1899. The receipts from miscella-
neous sources were S3S, 74S. 053.97. as
against S36. 1862 for the previous
year.
Expenditures Reduced.
1t is gratifying 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 $134.774,76L7S,
a reduction of ss5. 0s6. SO over those of
1899. In the Navy Department the ex-
penditures we're s55. 953, o77.72 for the year
1900. as against s6S, 942, 1O4.25 for the pre-
ceding year. a decrease Of $7,9S9, 026.53. In
the expenditures on account Of Indians
there was a decrease in 1900 over 1899 of
$3.50, 604.3s; and in the civil and miscel-
laneous expenses for 1900 there was a re-
duction of s13.41S,065.74.
Because of the excess of revenues over
expenditures the Secretary of the Treas
ury was enabled to apply bonds and other
securities to the sinking fund to the
amount of $56,544, 556.06. The details of
the sinking fund are set forth in the re-
port of the Secretary Of the Treasury, to
which invite attention. The Secretary
OF the Treasury estimates that the re-
ceipts for the current fiscal year will ag-
gregate $3.50, 900, 008 and the expenditures
$500, 000, 900, leaving an excess OF revenues
over expenditures of $S0.000.0 900. The
present condition of the Treasury is one
of undoubted strength. The available cash
balance November 30 was $l39, 303. 194a9.
Under the form of statement 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
balance, including the present gold re-
serve of s150,000,c00, would be $2S9, $685.
1880. Such balance November so, 1883,
was $3.50 495, 3O1.55. In the general fund.
which is wholly separate from the reserve
and trust funds, there was on November
80. 10000, oTS.15 in gold coin and bullion,
to which should be added So, 951 300 in
gold certificates subject to issue, against
which there is held in the division of re-
demption gold coin and bullion, making
total holding of free gold amounting to
500, 04I, 313.15.
More Gold Legislation.
1t will be the duty as am sure it will
be the disposition of the Congress to pro-
vide whatever further legislation is need
ed 10 ensure the continued parity under
all conditions between our 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 2 per
cent, in the sum of s25,364,50O. To and
including November 80, $23, ASS, 100 of
these bonds have been paid. This sum,
together with the amount which may ac-
crue from further redemptions 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 represent
ed by the 3 per cent bonds of 1903. the 4
per cents of 1867, and the 5 per cents Of
1904. of which there was outstanding at
the date of said law SS39. 149, $3.50 The hol-
ders Of the old bonds presented them for
exchange between March IA and Novem-
Der 80 to the amount of 1854, 943, $50. The
net saving to the Government on these
transactions aggregates s9,106, 166.
Another effect of the operation, as
stated by the Secretary. is to reduce the
charge upon the Treasury for the pay
ment Of interest from the dates Of refund
ing to February !. 1904. by the sum Of
more than 81, 000, 900 annually. From Feb
ruary 1. 1904. to July 1. 1907. the annuat
interest charge will be reduced by The
sum of more than s5,O0o,0O0, and for the
thirteen months ending August 1, 1908, by
about 100000. The full details of the
are given in the annual report
Of the Secretary of the Treasury.
The Growth of Banks.
The beneficial effect of the financial act
Of 1900 SO far as 1t relates to a modifica-
ton of the national banking act, is
already apparent. The provision for the
of national banks with
capital Of not less than SOS, 900 in places
,ot exceeding 5000 inhabitants has |
resulted in the extension Of banking |
facilities to many small communities |
hitherto unable to provide themselves |
with banking institutions under the La
tfonal system. There were organized |
rom the enactment of the law up to and |
november 81, 5bJ ndIlUnaI EaHhS, |
If which 266 were with capital less than |
$4,000. and 103 with capital of $4,000 or |
more
1t is worthy of mention that the greater |
number of banks being organized under |
he new law are in sections where the |
iced of banking facilities has been most |
Iowa stands first, with so |
ranks of the smaller class, while Texas, |
oklahoma, Indian Territory, and the mid
lie and western sections of the country |
rave also awaited themselves largely of |
he privileges under the new law.
A large increase In national bank note |
circulation has resulted from the provi-
lion of the act which permits national |
ranks to issue circulating notes to the |
,ar value of the United States bonds de- |
posted as security instead Of only 30 |
'er cent thereof, as heretofore. The in
rease in circulating notes from March
a to November 80 is S77,SS9.510.
The party in power is committed to such
egislation as will better make the cur
'ency responsive to the varying needs
# business at all seasons and in all
ections.
OUR FOREIGN TRADE.