The Washington weekly post., 1900-09-11
All Are Important, but Question of Sound
Money Is Immediate.
Comprehensive Review of Events in the Philippines and
Defense of the Course of the Administration in
Answer to the Cry of Imperialism

prOCity were the first pledges OF Republl-
can victory TO be written into public law.
The present Congress has slven 10
Alaska a territorial government FOR which
IL had waited more than a quarter OF a
century; has established a representative
government in Hawaii: has enacted bills
for the most liberal treatment OF the pen
sioners and their widows; has revived The
free homestead policy. In its great finan-
cial law 1t provided for the establishment
Of banks of issue with a capital of s25.-
900 for the benefit of villages and rural
communities. and bringing the opportu-
nifty for profitable business in banking
within the reach of moderate capital
Many are already ayaillng themselves ct
this privilege
Redemption Of Government bonds.
During the past year more than nine
teen millions of United States bonds have
been paid from the surplus revenues OF
the Treasury and ir addition twenty-five
millions OF two per cents matured, called
by the government. are in process Of pay
ment Pacific Railroad bonds issued by
the government In aid of the roads in the
sum of nearly fOTty-fOur million dollars
have been paid since December 81, 1897
The Treasury balance Is In satisfactory
condition. showing on September /. sl35.-
fl9,G00 in addition to the $50. 600 900 gold
reserve held in the Treasury The gov
ernment's relations with the Pacific rail-
roads have been substantially closed.
Sl24, i2l 900 being received from these roads.
the greater part in cash and the remain
der with ample securities for payments
deferred.
Instead of diminishing. as was predicted
four years ago. the volume of our cur
rency is greater, per capita, than II has
ever been. 1t was S21l0 in 1886 1t had
increased to $3.50 on July /. 1900, and 1866
on September 1, 1900 Our total money on
July l, 1896 was 81 sos 43i, ,s66: on July 1,
1900 it was s. O62. AIS ise and s. O96 $50 O42 on
September ]. 1900
Our industrial ard agricultural condi-
tions are more promising than they have
been for many years; probably more so
than they have ever been. Prosperity
abOunds everywhere throughout the re-
public. | rejoice that the Southern, as
well as the Northern, States are enjoying
a full 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 than IL it
were invested in active business. The
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 pro-
ducing 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 1880
was about 100000 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 So
00O00 in the exports OF agricultural
products; $50. .692 220 in manufactures. and
in the products of the mines over slOWO,-
Z CO., Our trade balances cannot fail TO
give satisfaction to the people of the
country. In 1898 we sold abroad sei5, 49,
676 of products more than we bought
abroad in 1889 $52s.Si4.Sl3. and In 1900 ST.
AZ, ,70l, making during the years a total
balance In our favor OF 81, $50, ,Hs, lS0-near-
~ five times the balance OF trade In our
favor for the whole period OF l0s years
from 1890 to June 30 1897. inclusive.
Addition TO Our stock Of Geld.
-Four hundred and thirty-six million dol
lars Of gold have been added 20 the gold
stock OF the United States since July ].
1850 The law OF March u. 1890. authorized
the refunding into 2 per cent. bonds or
that part Of the public debt represented
BY the per cents due In 1903. the per
cents due in 1907. and the per cents due
in 1904, aggregating 100000. More tnan
one-third Of the sum OF these bonds was
refunded in the first three months after
the passage of the act, and on September
l the sum had been increased more than
S33 900, 90. making In all $3.50 057s,O0O result
ing in a net saving Of over S,19.5sD. TIE
ordinary receipts Of the government for
the fiscal year 1890 were S79.5Z7. go In ex-
cess of its expenditures,
While our receipts. both from customs
and internal revenue. have been greatly
| increase &. our expenditures have been de-
creasipg. Civil and miscellaneous eK-
psnses for the fiscal year ending June %.
1860. were nearly 100000 less than in
1880. while on the war account there Is a
decrease OF more than Ss5.000.00 There
we're required 10000 less TO support the
navy thiE year tnan last, and expenditures
on account OF Indians were nearly two
and three-quarter million dollars less than
IN 1893 The only two items Of increase in
the public expenses Of 800 over is83 are for
pensions and interest on the public debt.
For 1888 we ea amended for pensions ti33. ST.
s23. and for the fiscal year 1870 our pay
ments on this account amounted 70 49,
s75.2is The net increase OF interest on the
public debt sf 1870 over isss required by
the war loan. was s2G3. flsZ while Con-
gress authorized the government 20 make
a gar loan Of $1,000 90 AZ the beginning
Of the war with spain. only 500 0Oo.gDO OF
bonds were issued, bearing 3 per cent. In
terest. which we're promptly and pstrioti-
cally taken by our citizens.
Reductions Of TaNatisa Desirable.
Unless something Unforeseen occurs to
reduce our revenues OF increass our ex-
pendftures. the Congress at its next ses-
sion should reduce taxation very ma
tsrially.
Five years ago We were selling govern.
rneni bonds bearing as high as per cent
interest Now We are receeming them
with a bond st par bearing per cent. in
tersst. We are selling our surplus prod
ucls and lending our surplus money 70
EuIoDs. One result Of our selling 70 other
nations 30 much more than We haze
bought from them during the past three
years Is a radical improvement. OF our
I insneIa! relations. The great amounts or
esplial which have been borrowed OF EsI-
rope for our rapid. material development
have refaainei constant drain upon or
resources for interest and dividends ard
made our money markets liable 20 con-
slant disturbances by calls for payment
or heayy saics OF our securities Whenever
money stringency or panic occurred
abroad. We have now been paying thsss
debts and bringing home many of our ae-
curifies and establishing e0unteryaillnR
credits abroad by our loans and placing
Ourselves upon sure foundation Of inan-
In The unfortunate contest between