The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-12-04

OF the fiscal year. to call in the funded
bonds OF 1891 continued at ? per cent. I'm the
sum OF 81, 36i. 500. To and including Nov. 30
SZS.<s.l0 OF these bonds have been paid
Ihis sum. together with the amount which
may accrue from further ~redemptions un-
der the call. viii be applied TO the sinking
fund.
The law OF March Il. 1900. provided for
~refunding into ? per cent. thirty-year bonds.
payable. principal and interest. IN gold coin
OF the present STANDARD value. that portion
OF the public debt represented By the 3 per
cent bonds OF 1905. the 4 per cents. of 1901.
and the 8 per cents. OF 1904. OF which there
was outstanding at the date Qf said law
S9.ls9,9S0 The holders Of the old bonds
presented them for exchange between
March IL and Nov. 80 10 the amount OF $751;
49, 30. The net saving TO the government
on these transactions aggregates H,106. i65.
Another effect OF the operation as stated
by the secretary is to reduce the charge
upon the treasury for the payment OF in
terest from the dates OF refunding TO Feb.
/, 1904. by the sum OF more than 100000
annually. From Feb. /. 1904. TO July 1. 1901.
the annual interest charge will be reduced
by the sum or more than S.000.0eo, and Tor
the thirteen months ending Aug. ]. 190S. by
about $1.Oo0.0o0. The full details Of the re-
funding are given in the annual report or
the secretary OF the treasury.
The beneficial effect OF the financial act
OF 1900 SO far as IL relates 10 the modihca-
ton OF the national banking act. Is already
apparent The provision for the inco-pora-
ton OF the national banks with a CAPITAL or
not less than So. 00 in places not exceeding
three thousand Inhabitants. has resulted in
tho extension OF banking facilities 10 many
small communities hitherto unable 10 pro-
vide themselves with banking institutions
under the national system. There were
organized from the enactment OF the law
up TO and including Nov. 30. 36s national
banks, OF which e66 were with capital less
than $4,000 and l03 with capital OF $4,000
or more.
It is worthy OF mention that the greater
number OF hanks being organized under
the new law are in sections where the need
OF banking facilities has been most pro-
| nounced. Iowa stands first, with thirty
banks of the small class, while Texas.
Oklahoma, Indian Territory and the Mid
die and Western sections of the country
have also awaited themselves largely OF
the privileges under the new law.
A large increase In national oank note
circulation has resulted from the provision
OF the act which permits national banks
TO issue circulating notes TO the PAR vaiuo
OF the United States bonds deposited as
security instead oil 80 per cent thereof. as
heretofore. The increase in circulating
notes from March IL TO Nov. 30 Is 81, esq., SIC.
The party In power is committed TO such
legislation as Will better make the cur
rency responsive to the varying nee1s OF
business at all seasons and in all Sec
tons.
I recommend that the Congress at its
present session reduce the internal revenue
war With Spain in the sum OF thirty mill
lions OF dollars. This reduction should be
secured by the remission of those taxes
which experience has shown TO be the most
burdensome to the industries OF the people
/ specially urge that there be included in
tax. requests for public uses OF a literary.
educational or charitable character.