The Worthington advance., 1900-12-07

Tufk,sh smpils. + His nj 3ssSy'S reed dis-
fposition g fhis regard has abesn evinced
I'M tic american colisx.e q q Hsrpoott.. M 80 3
Would ExtenA Reeiprosity.
He urges tho approval of the comlner-
cial conventions entered ( Into between
this government and othsr powers %
g Ro:Sls shft tie aaa
thereby. Continuing on this subject he
fhs policy Of reciproclty g 8 manifs,tly
equity. and has been 90 repeatedly ap-
that there ought to bo no heSita ton IN
to It full snect. S. s s. 3. =
Nxpositions IL Bu1alo. h: I5 4.
The exposition Of the resources and
products OF the western hemisphere to be
tant results not only only for i tie United State State.
!. f91 shs GasG ss
states have evinced the liveliest interest.
and the fact that an. interna tional Ameri:
ms1co ss tSa H be aHS ~ 2 the City
encourages the hope Of q larger display at
Buffalo than might, otherwise be practic-
able. The work Of preparing IN exhibit OF
tory progress under the direction Of DIFF
ferent onhcials of the federal government
and the various states Of the union have
SAoWn dlSp0Sltlon toward the most uD-
eral participation in the enterprise. -.
:.:a,. Our Financial Showing.
The president points with much pride
partment, and quotes exhaustively from
the report Of Secretary Gage. He shows
the surplus for the year to be $79.ez7. .060. .l8.
co. eas sS Condition ts
t0fthe treasury Is one Of undoubted strength,
The available cash balance November 81
Was S7aI Under the form n, Of
March "A last this would have been in
cluded In the statement Of available cash
gold coin and bullion held for the redemp-
tion OF United States notes. =
Further Financial Legislation.
He recommends further financial legis-
lation IN the following words:%
1t will be the duty as I am sure it will
be the disposition Of the congress to pro-
ed to insure 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
sum Of g. .ss4, 5o9 70 and including. No:
been paid, This sum. together with the
amount which may accrue from further
redempttons under the call, will be ap.
The law Of March Il. isoo, provided 70,
refundtng into two per cent. 30-year bonds
payable principal and interest. In gold
coin Of the present standard value, that
the three-per-cent. bonds Of 1908. the four
per-cents of 1907 and the five-per-cents
OF o. 1872 OF which there was outstand'
$50. The holders Of the old bonds presented
them Tor exchange March "A and Novem.
ne1 per 30 to the amount Of $3e4, ,s4s. $50. The
transactlons aggregates 50. 166.
= Banking Facilities Extended.
OF 1900. SO far as 1t relates to the modifi.
cation of the national. banking act, is al
ready apparent: The provision for th<
az on Of national banks with
not exceeding 5000 habitants has result
ca IN the extension of banking facilitie.
to p,n many small communities hitherto un
asa osan,sea 4o@ hsaaenab .
fe tRe m T to bsn%, a1d m %S
WITH capital Of ta'n On mSss 0
1t Is worthy Of mention that the greater
the new law are. in sections where tn,
pronounced: Iowa stands first,. with 8
Oklahoma, Indian territory and the mid
die and western sections of the countr,
have also availed themselves largely O.
ssct of tee eeerston sT 3ax stae
by the secretary, is to reduce the charg,
upon the treasury for the payment o.
Interest m; from H. the dates Of refunding t.
N.oo0, ,9oQ annually; From February, 1904
to July; 1907. the, annual interest viii
| q be ooc reduced Sd BY the; sum Of more thar
August i tSt about sos %GSen' ooe rhe fadn fni
| details of the refunding are given In tht
annual report Of the secretary Of the treas
Our foreign Trade.
Our foreign trade shows a remarkabl,
record Of commercial and industrial prog
ress. The. total Of imports and exports
ans Fee ds sae hiSry Sy Of th
are greater than they have ever beer
being :ss4, ,4sa,0S2 an increase over 1ss
1857 of an@ asS Of 9rsafs Ss
thsn %pa 1886 ses,{y BY S11.s7s:14a :. ~,
States i by the
largely exceed those Of any previous year
ss!Fain.t ssss,5ss'as in 1899. an increase o o
Agrieultural 1add products were also export
1872 the total .7s3 for the being
$s49. 1s4. an. increase over 1899 Of ;152.
792,695. This increase Is largely in mate
to the rapid development Of manufactur
ing in the United States. While ther,
was. imported for use in manufacture i,
1900 mater1aI @ iado to the value Of Ts7sS,s s72 IL
that there is tendency toward decrease
| in the importation of articles manufac
Fnad is f9E ps1 eea hc tne o
import, against 1854 per cent. in 1899 anG
21.69. per cent. in 1896
l. Tho Internal Revenue Tax.
| I recommend that the congress at its
present session reduce the internal rev.
a1ss 1ss fS Dan to meet Se the
00O, 900. This reduction should be secured
| by the remission of those taxes which ex-
perience has shown to be the most bur.
I specially urge that there be included in
whatever reduction is made the legacy tax
bequests for public uses Of literary edu.
cational or charitable character.
Recommends Ship Subsidy.
American vessels during the past three
years have carried about nine per cent
Of our exports and imports. Foreign ships
| should carry the least; not the greatest
growth Of our steel industries, the pro9:
| ress Of shipbuilding for the domestic trade
and our steadily maintained expenditures
TOR the e. navy 1a have e, created an opportunt:
| rank Of commercial maritime powers.
Besides realizing q proper national AZ
piration this will mean the establishment,
| Of a distinctive national industry, expand
ing the field for profitable employment,
| Of labor and capital 1t will increase tht
transportation facilities and reduce freight
| brought from the interior to the seaboari
for export, and will strengthen an arm
Of the national defense upon which The
founders
successors have relied.
The Trust Question.
The trust question receives the atten,
ton Of the president. and he says: -
1T IL apparent that uniformity Of leris.
states Is much to be desired It: is to -
hoped that such uniformity, founded n ?
wise and just discrimination between wiz