New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-10
TEXT OF THE PRESIDENTS LETTER.

will not fail TO record again their earnest dis
sent.
THE TARIFF AND RECIPROCITY.
The Republican party remains faithful to fts
principle of a tariff which supplies sufficient
revenues for the Government and adequate pro-
lection % enterprises and producers; and
of reciprocity. which opens foreign markets 70
the fruits Of American labor and furnishes new
channels through which to market the surplus
Of American farms. The time honored princi-
pies Of protection and reciprocity the first
pledges Of Republican victory to be written into
public law.
The present Congress has given 70 Alaska a
territorial government for which it had waited
more than quarter Of a century; has estab-
lished a representative government in Hawaii;
has enacted bills for the most liberal treatment
of the pensioners and their widows; has revived
the free homestead policy. In its great inan-
cial law it provided for the establishment OF
banks of issue. with capital OF S25.OOO for the
benefit OF villages and rural communities, and
bringing the opportunity for profitable business
in banking within the reach OF moderate cap
itaI. Many are already availing themselves OF
this privilege
During the last year more than S19,OOO.O00 OF
United States bonds have been paid from the
surplus revenues Of the Treasury. and in addi-
ton $25,OOOOOO Of . per cents matured. called
Dy the OONeIuIlSut are III process OF payment
Pacific Railroad bonds issued by the Govern
ment in aid Of the roads in the sum OF nearly
S44.000,O00 have been paid since December 81.
1897. The Treasury balance is in satisfactory
condition. showing on September l. S135419.-
000 in addition TO the S150O0OO00 gold reserve
held in the Treasury. The Governments rela-
tons with the Pacific railroads have been sub
stantiaIly closed, S124421O 900 being received
from these roads. the greater part in cash and
v-fFH for
ments deferred
Instead Of diminishing. as was predicted four
years ago. the volume of our currency is greater
per capita than it has ever been It was S21 10
in 1896. 1t had increased 10 S26 90 July 1.
1900. and S26 50 on September l. 1900. Our
total money on July I. 1896. was S15O6 434 966:
on July 1, 1900. it was S2.O62 425 49O and
| S2O96 .O42 on September 1, 1900
UNPRECEDENTED PROSPERITY.
Our industrial and agricultural conditions ara
more promising than they have been for many
years-probably more than they have ever
been. Prosperity abOUuds everywhere through
out the Republic. I rejoice that the Southern as
we'll as the Northern States are enjoying a fun
share of these improved National conditions
and that all are contributing so largely TO our
remarkable Industrial development. The money
lender receives lower rewards for his capital
IMAM II IL were invested III active business. Tn6
rates of interest are lower than they have ever
been in this country, while those things which
are produced on the farm and IN the workshop.
and the labor producing them. have advanced
in value
Our foreign trade shows a satisfactory and
increasing growth. The amount OF our exports
for the year 1900 over those OF the exceptionally
prosperous year of 1899 was about $4,000 for
every day of the year. and these sums have
gone into the homes and enterprises OF the
people There has been an increase OF over
$JOOOO,COO in the exports Of agricultural prod
ucts $92 2692,22O in manufactures and in the
products Of the mines OF over S1O.OOOOOO. Our
trade balances cannot fail TO give satisfaction
to the people of the country. In 1S9S we sold
abroad $615. .432. $40 OF products more than We
bought abroad; in 1899. S529. .S74.S13. and in
1900, S544471. 7O1. making during the three
years a total balance in our favor OF
$16S9 779. 19O-nearly five times the balance OF
trade in our favor for the whole period of los
years from 1880 to June 50, 1897, inclusive.
Four hundred and thirty-six million dollars OF
gold has been added 10 the gold stock OF the
United States since July l. 1896. The law OF
March II. 1900. authorized the refunding into
, per cent bonds of that part OF the public debt
represented by the per cents due in 1905. the
per cents due in 1907 and the 3 per cents due
| in 1904. aggregating $S4OOOOOOO. More than
One-third OF the sum of these bonds was re-
funded in the first three months after the pas
sage Of the act, and on September 1 this sum
had been increased more than S3S.OO0OOO. max
ing in all S33O.57S O5O resulting in a net saw
ing OF over $S.379.520. The ordinary receipts
of the Government for the fiscal year 1900 were
| ST9.5 .O6O in excess OF its expenditures.
While our receipts both from customs and In
ternal revenue have been greatly increased, our
expenditures have been decreasing. Civil and
miscellaneous expenses for the fiscal year end
ing June so. 1900 were nearly S14OO0OOO less
than in 1899. while on the war account there Is
a decrease OF more than S95.OOO.OOO. There
required $S.OOOOOO less 10 support the
Navy this year than last. and the expenditures
on account OF Indians were nearly s.. 10000
less than in 1899. The only two items OF In
crease IN the public expenses OF 1900 over 1899
are for pensions and interest on the public debt.
For 1899 we expended for pensions $3.50. .394 929.
| and for the fiscal year 1900 our payments on
this account amounted to S14O,S77.316. The net
increase OF interest the public debt OF 1900
over 1899. required by the war loan. was
| $26S.4OS %. While Congress authorized the
Government tc make a war loan OF $4OOOO0OO0
PERFECT SAFETY TO TRAVELLERS