The age-herald., 1900-12-04
Local Cotton Market.
The Iron Market.
PRESIDENT WILLIAM MKINLEY'S
 MESSAGE TO THE 66TH CONGRESS
Continued from Sixth Page.)


 tional banking act is already apparent.
 The provision for the incorporation of national banks with a capital of not less than $25, 900 in places not exceeding 5000 in habtantS has resulted in the extension of banking facilities to many small communi- ties hitherto unable to provide themselves with banking institutions under the nation- al systems. There was organized from the enactment of the law up to and including November 30, 369 national banks, of which 266 were with capital less than $50, 900 and 10S with capital of S50,000 or more.
 It is worthy of mention that the greater number of banks being organized under the law are in sections where in need of banking facilities has been most pronounced. Iowa stands first with thirty banks of the smaller class, while Texas, Oklahoma. Indian Territory and the mid dle and western sections of the country have also availed themselves largely of the privileges under the new law
 A large increase in national bank notes in circulation has resulted from the pro- vision of the act which permits national banks to issue circulating notes to the par value of the United States bonds deposted as security instead of only 90 per cent thereof as heretofore The increase in cir culating notes from March IA to November 80 is ST, ,0S9, 570.
 legislation as will better make the currency responsive to the varying needs of business at all seasons and in all sections.
 Foreign Trade.
 Our foreign trade shows a remarkable rec ord of commercial and industrial progress The total of imports and exports for the first time in the history of the country ex ceeded two billion dollars. The exports are greater than they have ever been before, the total for the fiscal year 1900 being $1,- S94,0S2 an increase over 1899 of $161, ,459, 7SO, an increase over 1898 of 163 900, 752 over 1897 of $347, ,4S9 ,526 and greater than 1875 by $11,- 169, A 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 S433, S5l S5e against $339,- 592, 146 in 1S99 an increase of 2S per cent.
 Agricultural products were also exported during 1900 in greater volume than in 1899, the total for the year being $S35, ,S5S, 123 against $7S4, TIC 142 in 1S99
 The imports for the year amounted to SSi9 941, ,1S4 an increase over 1899 of $152,- 792, G95 This increase is largely in material for manufacture and is in response to the rapid development of manufacturing in the United States. While these were imported for use in manufactures in 1900, material to the value of S19,76S,972 in excess of 1899, 1t is reassuring to observe that there Is ten- dency toward decrease in, the importation of articles manufactured ready for con- sumption, which in 1900 formed 15.17 per cent. Of the total Imports against lo.54 per cent in 1899 and 21.09 per cent. in 1896. I recommend that the Congress at it's present session reduce the internal revenue taxes imposed to meet the expenses ot the war with Spain In the sum of thirty million dollars. This reduction would be secured by the remission of those taxes which ox- perience has shown to be the most burden some to the industries of the people.
 I especially urge that there be included in whatever reduction is made the legacy tax bequests for public uses of a literary, educational or charitable character.
 Ship-Subsidy Bill.
 American vessels during the past three years have carried about per cent of our exports and imports. Foreign ships should carry the least, not the greatest part of