New-York tribune., 1900-12-05
TIE rREAsURY REPORT.

The renort Of the Secretary of the Treasury
which was transmitted to Congress yesterday
is confined almost entirely to review OF the
work Of the Department for the fiscal year
ending June so. Last year. as was lnevltaDie
under the circumstances, Mr. Gage deVoged d
large amount Of space 10 recommendations re-
garding revision of the currency and banking
laws That revision was accomplished IN the
law of last March. but. as Mr.. cage hlhseh
has heretofore pointed out. IL was faulty IN one
or two vital points which may become elements
of danger under an administration not in SYM
pathy with the spirit of the law.
In his present report the Secretary rams 10
bring OUT these points, and confines hlmseH 10
\ general suggestion that reinforcement OF the
monetary laws NAV be found necessary. espe-
ciaIlv for the purpose OF protecting the gold
reserve bv making mandatory under all circum-
stances the provisions for preserving the parity
between gold and silver He also hints at sueh
revision of the law as will make the National
hank circulation more elastic and responsive 10
the varying demands Of business, but offers no
definite Recommendation. 1t may be best, as
Mr. Gage intimates. not TO press these questions
too strenuously at the present short session oi
Congress, when so many other matters or great
importance are clamoring for attention. Ihey
should not be lost sight Of, however, Tor, tnough
a leaky roof may not be a matter OF immediate
concern in fair weather, when the rain does
come. as ii will some time, damage is sure 10
result.
As 10 the beneficial workings Of the new law
he is explicit The refundng operations OF the
Treasury have resulted in the exchange OF
$3.50. .OS3, ,450 of g. 4 and per cent bonds for the
new per cents. with net saving to the Gov
ernment estimated by the Secretary al over
SSOOOOOO For the present refunding opera
tions have been suspended. but ss there are
still outstanding some S4s7, 100000 of the old
bonds which are entitled TO the privilege the
Department will, the Secretary says, resume
the process should the interest Of the Govern
ment and the general conditions Of finance
make such a course desirable. The operations
of the new law as TO National banks have re-
suited in the establishment of 5S3 new banks,
OF which 249 have a capital of less than S50,O00
thus giving the benefit of National banks to
many communities which have heretofore been
unable to maintain them. The total increase IN
National bank circulation under the new Law
has been s77,5S7. .0Ss. With the figures OF
foreign commerce and balance Of trade which
Mr.. Gage gives, the public is already familiar
| They serve, however, once more to call atten
/
/ United States The total exports for the
year were valued at 81, ,394. .43s. .OS2, of which
81 $40, 763,571 were Of domestic production and
nearly one-thlrd consisted OF manufactured ar
ticles. The imports for the year were only
SS49, ,941 lS4 an increase, TO be sure but largely
made up of articles classed as manufacturers
materials" The exports form the high water
mark of American commerce, and were more
/ widely distributed than ever before.
Mr.. Gage recommends a reduction in thu
revenues. as his estimates Of receipts and ex
penditures for the fiscal year 1901 show al
apparent surplus of SsO,OOOO0O, while those fo
1902 point TO a surplus Of over S26,000.000
These figures. Of course. are largely guesswork
and may not be borne out; but the variation Il
more than likely to be in favor OF larger sur
plus under existing laws, for the complete,
| figures for 1900 reveal an actual surplus o
| S79,527, ,060 1S as against an estimated surplu
in last years report Of only $40.6OO,OOO On III
whole study Of the Treasury operations 70
1900 can only be a source Of qualification t
| every American citizen