Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1900-12-03

| the view of advising such legislation as
| may be necessary to meet the emergency
/ The president expresses qualification over
| the progress being made for the Pan-Amer-
lean exposition at Buffalo next year. The
work of the bureau Of American republics
/ Is approved. The consular service Is com
mended for it's efficiency.
Fiscal Affairs.
| 1t is gratifying to be able to state that
the surplus revenues for the fiscal year
| ended June 80, 1900, were $40, 527 ,OG0 1s
| For the six preceding years we bad only
deficits. the aggregate Of which from 1894
| to 1899, inclusive, amounted 10 $2S3. or
! 991,14. The receipts for the year from all
sources. exclusive of postal revenues. az
! gregated 1861. 240. $3.50, and expenditures
! for all purposes except for The admins
! tration OF the postal department, uggre-
/ gated s4s7, 713, 1911. The receipts from
! customs were 1898 164,s71.16. an increase
| over The preceding year OF ST, D36.3s9 II.
! The receipts from internal revenue were
| $685.. 327 1876 an increase OF S2t.s90,
1865 ever 1889. The receipts FROM nis.
! cellaneous sources were $3S7i5,0531. as
! against SIG, 394 07G.92 for the previous year
| 1t is gratifying also 10 note that during
/ the year considerable reduction IS shown
| in the expenditures of the government.
| The war department expenditures for The
| fiscal year 1900 were S135, ,7JT.f1. Il re
| duction of 500 0GG, 4S6.69 over those Of isf'
| In The navy department the expenditures
| were SOS. 953 OF 70 for the year 1000, AZ
| against SG3.9a2, 1925 for the preceding
| year. Il decrease of $3.50, 026 30. IN thu
] expenditures on account of Indians there
| was decrease In 1900 over 1889 OF
! 81, 63o. CO.. IS, and In the civil and miseei
| laneous expenses for 1900 there WIS re.
| duction of $13.410.065.74.
! Because Of the excess Of revenues egcr
| expenditures, the secretary Of the treasury
| was enabled 10 apply bonds and other Sc
| curlties TO The sinking fund To the amount
! OF $50, 544, 55G.06. The details Of the sink
| Ing fund are set forth in the report of the
| secretary Of the treasury, to which ~
wife attention. The secretary OF the treas
! ury estimates that the receipts Of the e0nh
| try for the fiscal year will aggregate $3.50,
| 100000 and the expenditures $5000O0,o00,
| leaving an excess of revenues over expend
| lures of sS0,000,000. The condition OF the
treasury is one of undoubted strength
! 1t Will be the duty, as | am sure 1t will
be the disposition of congress to provide
whatever further legislation Is needed to
| insure the continued parity under all con,
| dltons between our two forms OF metallic
| money. silver and gold,
| Our surplus revenues have permitted tie
| secretary of the treasury since the close
| OF the fiscal year to call in the funded
| loan Of 1901 continued at per ceni III
Tho s,,r, If COX 3e4 800 TO and including
| Nov. 30, $23. 45S 100 of these bonds have
| been paid This sum, together with the
| amount which nnty accrue from further
redempfiors under the call, will be ap
Piled to the sinking fund.
| The law OF March i. 1900. provides FOR
| refunaing into percent 30 year bonds.
I'D iEetp In
| coin of the present standard value. that
| norton Of the public debt represented by
| the = per cent bonds of 1908, the per
| cents Of 1867. and the 5 per cents Of 1901,
Of which there was outstanding II HE
| date of said law $3.50 1920. The holders
| of the old bonds presented them for e&
! change between March II and Nos. 30 In
| the amount of 1851. n43.750 The net say
| inc To fhe government on these transae
lions aggregates Safe6.tGG.
| Another effect Of fhe operation. rs stated
| bv the secretary. Is To reduce the charge
| upon the treasury for the payment Of iHfer
! est from the dates Of rcfuoding 10 Eel l.
| 1901. b. the sum Of more than S7,0ao,0oo
| annually From Feb I. 1905 To July l.
| 1907 fine annual Interest charge viii be re-
! duced by thP sum Of more than 5000, 600.
and for she II Hanths ending *ns L.
1908, by ghnut Fl .00G.noo The full details
| of the rpfunding are given III me lHHhll
| report 81 the secretary "l tp' ''e"S"1!
| National Banks
| The Beneficial effect of the financial act
Of tan0. so far rs Il relates to the nodiG
cation Of the national banking act. is al
ready apparent 9he provision for the in,
corporation If national banks with IL cap.
tai OF not less than S25, 900. In places not
| exceeding 5000 Inhabitants has resulted
| in the extension of banking facilities TO
many small communities hitherto unable
to provide themselves with banking insu.
| tutIons under the national system There
were organized from the enactment Of the
| law M to ana including Nov 50. 36a VA
tional banks.cf which 266 were with capital
less than $4,000 and 1913 with capital of
! $50. 900 or more
| If is worthy of mention that the great er
nnmbpr of banks being organized under
the new law are in sections where the
! need of banking facilities has been most
| nrononnced Texas. Oklahoma. Indian Ter
| ritorv and western sections of the country
have awaited themselves largely of the priv
! ueoeS under the new law.
| Tho increase in circulating notes from
| March IA TO Nov. 80 is S77.O29.57o