The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1900-12-07


sition toward the most liberal participa-
tion in the enterprise
The president hwclS on the value OF
the consular rrp"rtS and then turns to
inc revenues and expenditures. lie says:
II Is gratifying 10 be able To state that
the surplus revenues for tn" fiscal year
ended June 30. 1900. were $40, ,527 ,OGO Is.
r"r the six preceding years we had only
urlrltS, the aggregate of which from
IHJl to lS!D. inclusive. amounted to
$ZS",o22H9l.ll. The receipts for the
year from all sources. exclusive of postal
revenues. aggregated $:,GT .2IO. sol 80 and
expenditures for all purposes. except for
IN" administration Of the postal depart
mrht' aggregated $lST.Tl3.T9l7l The
receipts from customs were %233. l6i.-
"il.lo, an increase over the preceding
year of $2T T.H}63S9.Il The receipts
from internal revenue were %.!ti.:i2I.
'-b.6. an increase of sd 500. 1G1.25
over lS99. The receipts from miSccl-
lah"olIS sources were SIS. I lS,OI;9T as
against S3G,33 I,9TG.&2 for the previous
year.
1t is gratifying also 10 note that during
'ne year Il considerable reduction is
SHOWN IN the expenditures Of the govern
ni"h': Inc war department expenditures
10: thr fiscal year 1900 were $l}i,77I-
HtiS. rr'luclinn of 500. .OGG. .lSGG0 over
'noSc or lS'IH In the navy department
the expenditures wcr" $:ni.9.E,. .07T.T2 for
tic wear lHIo as against Sl3,0i2, lOI ~
iot t ne preceding year. Il decrease Of -.
3N''o2i3. In tn" expenditures; on a..
count Of lndinr$ there was Il t,rcrrus,, "a
l3'o over lSE) If $2.G:iUGGl.3 and i.
inc civil and miscellaneous expenses f..
l''II there waS Il reduction of $l3.liS,-
0G5.7I
1'efhuSr 0l IN" excess Of revenues over
expenditures III" secretary OF the treas
urS waS enabled tn apply bonds and eth
or securities (" the sinking fund tn thu
amount Of S1G.5ll.:1lG.0G. The details
or the sinking fund are set forth in the
report Of tn" secretary Of the Treasury.
10 which | invite it,rmtiun. The Srcrc-
tafE OF the treasury estimates that the
recclplS for the current fiscal year will
aggregate $3.50 0.00uNOO and the cXpcndi-
lures $1oo,OOo,nOn, leaving an excess Of
revenues over expenditures Of $50, 600
Ooo. The present condition of the treas.
ury is ono of mndnuhtrd strength. The
availnblc cash balance Nov. 30 was S130,.
3o'b, iJlnO. tndrr the form OF statement
prior to the financial law of March II
last there would have been included in
the statement of available cash gold coin
and bullion hcld for the redemption Of
United States notes.
If this form were pursued the cash
balance, including the present gold re.
serve of SlIO.0uO,OuO, would be $3.50.
SOB, I9lI0. Such balance Nov 30 1880
was T23j,IHJ3Ol 30. In the general
fund, which is wholly separate from the
reserve and trust funds, there was ON
Nov. 80, $7O.090, ,O73.15 in gold coin and
bullion, to which should be- added S12,-
L'oo III gold certificates subject to is
sue, against which there arc held in the
division of redemption ;,old coin and bull
hoh' making Il total holding Of free gold
amounting to $03,Oi7,373.15.
1t will he The duty as / am sure it will
be the disposition of the congress to pro.
vide whatever further legislation is need.
cd to insure the continued parity under
all conditions between our two forms Of
metallic money, silver and gold.
Financial Act Of 1900.
The beneficial effect of the financial act
OF 1900, SO far rs it relates TO Il modificu-
ton of the rational banking act, is al.
ready apparent. The provision for the
incorporation Of national banks with II
capital Of not less than $4,000 in places
not exceeding 5000 inhabitants has re-.
suited in the extension of banking facili.
ties to many small communities hitherto
unable to provide themselves with bank.
ing institutions under the national sys.
tenn. There were organized from the
enactment of the law up to and including
Nov. 80 3G9 national banks, of which 2Gti
were with capital less than $500 and
103 with capital OF $4,000 or more.
Our foreign trade shows rcmarkali in
record of commercial and Industrial Drog.
ross. The total of imports and cXports
for the first time in the history of tLc
country exceeded $4,000, 600, 600. The
exports arc greater than they have ever
been before, the total for the fiscal wear
1900 being $1.39I, ,IS3,0S2 an increase
over 1850 OF $1G7, ,I59. 7%O, an increase
over 1898 OF $iG3, 3,OO0,752, over 1897 of
So 3,1S0,32G and greater than in 1896 by
SOIL ,S7G,l44.
The growth of manufactures in tho
United States is evidenced by the fact
that exports of manufactured products
largely exceed those OF any previous
year, their value for 1900 hcing Sl33,.
o1,75G against $330,5o2, lac in 1899, an
increase of 2S per cent.
Agricultural products were also OK.
ported during 1900 in greater volume
than in lS!E9, the total for the year being
$3.50 5,S0S, 1913, against $1Si i,77G 142 in
1890.
The imports for tho year amounted to
$Sl9,9i1,1Sl, an increase over 1899 OF
$152, ,792,G95. This increase is largely in
materials for manufacture and is in re.
sponsc to the rapid development of manu-.
featuring in the United Stutcs.
l recommend that the congress ut itJ
present session reduce the internal rev.
enuc taxes imposed to meet the expenses
Of the war with Spain in the sum of $50.
100000. This reduction should be sc.
cured by th, remission of those taxes
which experience has shown to be the
most burdcnsomc to the industries Of the
people.
/ specially urge that there be included
in whatever reduction is made the legacy
tax bcqucsts for public uses Of Il literary
educational or charitable character.
The Merchant Marine.
American vessels during the past three
years have carried about 9 per cent OF
our exports and imports. Foreign ships
should carry the least not the greatest
part Gf American trade. The rcmarka-
bic growth Of our steel industries, the
progress Of shipbuildng for the domestic
trade and our steadily maintained cx-
pcnditurcs for the navy have created IN
opportunity to place the United States in
b, fret rnnl; nf cDIumprriul N, i,,,o