Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1900-12-05

that there ought to be no hesitation in
either branch of the congress in giving
to it full effect
Our Financial Showing.
The president points with much pride
partment and quotes exhaustively from
the report Of Secretary Gage He shows
and estimates the surplus of the comingye
at$SO 900, 900. Hesays the present condition
OF the treasury is one OF undoubted strength.
The available cash balance November 30
was s139, 1903, 1880 Under the form of
statement prior to the financial law of
March IA last this would have been in
c e.n1d in the statement of available cash
gold coin and bullion held for the redemp-
ton of United States notes.
Further Financial Legislation.
He recommends further financial legis-
lation in the following words:
he tb WIZ De thG nuty as am sure 1t VIII
vide whatever further legislation is need
ed to insure the continued parity under
all conditions between our two forms of
metallic money, silver and gold.
Our surplus revenues have permitted the
secretary Of the treasury since the close
OF 1881 CONTINUED on in at two per cent in the
sum of $25, 1854 500. To and including No
yember 30, SIS, ass, 100 of these bonds have
amount which may accrue from further
redemptions under the call, will be ap-
pllGQ 10 the SINKING tuna.
The law of March A. 1900, provided for
refunddng into two per cent. 30-year bonds,
pa pay principal and interest, in gold
portion of the public debt represented by
the three-per-cent. bonds of 1908, the four
per-cents of 1907 and the fve-per-cents
or 1870 of which there was outstand-
Ing Ing at the date of said law $3.50, 49,
$50. The holders Of the old bonds presented
them o Tor exchange March "A and Novem-
Der 30 to the amount of 1864, $50. The
"a QT11roo ont hos
transactions aggregates 49, LOG, 166.
Banking Facilities Extended.
The beneficial effect of the financial act
OF 1900, SO far as it relates to the rnodifi-
cation alton of the national banking act, is al
ready apparent. The provision for the
incorporation of national banks with a
capital of not less than $4,000 in places
not exceeding 5000 inhabitants has result
ed in the extension of banking facilities
to many small communities hitherto I'M
able to provide themselves with banking
There we're from the
ment of the law up to and including
November 30, 1863 national banks, of which
266 were with capital less than $50, coo and
1O3 with capital of $4,000 or more
1t is worthy of mention that the greater
number of banks being organized under
need of banking facilities has been most
pronounced. Iowa stands first, with 80
banks of the smaller class, while Texas,
oklahoma, Indian territory and the mid
die and western sections Of the country
have also availed themselves largely of
the privileges under the new law.
Our Foreign Trade.
Our foreign trade shows a rema rkable
record of commercial and industrial prog
ress. The total of imports and exports
for the first time in the history of the
are greater than they have ever been
before, the total for the fiscal year 1900
being 81 $50, 4S3,OS2, an increase over 1899
of $167, 4o9,1S0 an increase over 1893 OF $685.
600 10 1897 Of S343 ISq 526 and
than 1896 by $511, S76,144.
The growth of manufactures in the
United States is evidenced by the fact
that exports of manufactured products
largely exceed those of any previous year,
their value for 1900 being $433, S51, 75s,
against $339, 1892, 146 in 1899, an increase of
Agricultural products were also export
ed during 1900 in greater volume than in
123 against s7S4, TIC, 142 in 1899.
The imports for the year amounted to
sS49, 941, 1874, an increase, over 1899 of $l52,
1872 695. This increase is largely in mate
rails for manufacture, and is IN response
to the rapid development of MANUFACTURE
ing in the United States. While there
was imported for use in manufacture in
1900 material to the value of $79,7eS,972 in
excess of 1899, it is reassuring to observe
in the Importation of articles manufac-
tured ready for consumption, which in
1900 formed 1917 per cent. of the eoo total
import, against 1854 per cent. in 1899 and
21.09 per cent. in 1896
The Internal Revenue Tax.
1 recommend that the congress at its
present session reduce the internal rev.
enue taxes imposed to meet the expenses
of the war with Spain in the sum Of $780,
600 900. This reduction should be secured
by the remission of those taxes which ex-
perience has shown to be the most bur
l specially urge that there be included in
whatever reduction is made the legacy tax,
vol ri RI q hla oh1ra
Recommends Ship Subsidy.
American vessels during the past three
years have carried about nine per cent
of our exports and imports. Foreign ships
should carry the least not the greatest
part of American trade. The remarkab BILE
growth of our steel industries, the prog
ress of shipbuilding for the domestic trade,
and our steadily maintained expenditures
for the navy have created an oppOrtuni-
ty to place the United States in the first
rank of commercial maritime powers.
piration this will mean the establishment
and healthy growth along all our coasts
Of distinctive national industry, expand
ing the field for profitable employment
of labor and capital 1t will increase the
transportation facilities and reduce freight
charges on the. vast volume Of products
brought from the interior to the seaboard
for export, and will strengthen an arm
of the national defense upon which the
founders of the government and their
successors have relied.
The Trust Question.
The trust question receives the atten-
ton of the president, and he says:
cit is apparent that uniformity Of legis-
lation upon this subject in the several
states is much to be desired. 1t is to be
hoped that such uniformity, founded in a
wise and just discrimina ton between what
is injurious and what is useful and neces-
sary in business operations, may be OBJ
tanned, and that means may be found for
the congress, within the limitations of it's
constitutional power, SO to supplement an
effective code of state legislation as to
make a complete system Of laws through
out the United States adequate to compel
a general observance of the salutary rules
to which have referred.
"The whole question is SO important and
far-reaching that [ am sure no part of it
will be lightly considered but every phase
of it will have the studied delibera ton of
congress, resulting in wise and Judicious
action.
Restraint upon such mbinations as are
injurious, and which are within federal
Jurisdiction, should be promptly applied
by the congress-.
The Philippines.
Considerable attention is given the sub
ject of the Philippines, and in this con-
nectiOn the scope and work of the Phil
ippine commission outlined to the COM
missioners is fully outlined for the bene-
fit of congress. Of the present cOndi-
tons in the islands the president says: