The true northerner., 1900-09-14
PROTECTION AND THE FINANCES
Payment of United States Bonds-Gation-
al Income and OutRo.

NPubiiNdh party
faithful to its principle of a protective
tariff which supplies sufficient rev.
enues for the government and ade-
quate protection To our enterprises and
producers; and of reciprocity which
opens foreign markets To the fruits of
American labor, and furnishes new
channels through which to market the
surplus of American farms. The time
honored principles of protection and
reciprocity were the first pledges of
republican victory to be written into
public law.
The present congress has given to
Alaska a territorial government for
which 1t had waited for more than
quarter Of century; has established a
representative government in Hawaii:
has enacted bills for the most liberal
treatment Of the pensioners and their
widows; has revived the free home
stead policy. In its great financial
law II provided for the establishment
of banks Of issue with capital Of So
GOO for the benefit of the villages and
rural communities. and bringing the
opportunity for profitable business in
banking within the reach of moderate
capital. Many are already availing
themselves of this privilege.
During the past year more than
S10,000,000 of United States bonds
have been paid from the surplus rev
enues of the treasury, and in addition
S2o,OOO,OOO of . per cents. matured.
called by the government are in proc
ess Of payment. Pacific railroad bonds
issued by the government in aid of the
roads in the sum Of nearly S40,000.000
have been paid since Dee. 81. 1897.
The treasury balance Is i'm satisfactory
condition, showing on Sept. l S135.-
419,0OO, in addition To the S150000, 900
gold reserve held in the treasury. The
governments relations with the Pa
cific railroads have been substantially
closed, S124, 421 900 being received
from these roads, the greater part in
cash and the remainder with ample
securities for payments deferred. In
stead of diminishing, as was predicted
four years ago, the volume of our cur
rency is greater per capita than ii
has ever been. IL was S21 10 in 1896
1t had increased TO S2G.5O on July /.
1900, and S26.S5 on Sept. /, 1900. Our
total money on July l, 1896, was ST..
SOC, ,434 .966; on July /. 1900. ii was So
O62, ,425 1876, and S2,09G,6 G,6S3.042 on Sept.
l, 1900.
"Our industrial and agricultural con-
ditiOns are more promising than they
have been for many years; probably
more so than they have ever been.
Prosperity abOunds everywhere
throughout the republic. | rejoice that
the southern as well as the northern
states are enjoying a full share of
these improved national conditions and
that all are contributing so largely
to our remarkable Industrial develop
ment. The money lender receives low
er rewards for his capital than if it
were invested in active business The
rates Of interest are lower than they
have ever been in this country while
those things which are produced on
the farm and in the workshop, and
the labor producing them, have adj
vanced in value.
Cur foreign trade shows satisfac-
tory and increasing growth. The
amount of our exports for the year
1900 over those of the exceptionally
prosperous year of 1899 was about half
n million dollars for every day of the
year. and these sums have gone into
the homes and enterprises of the peo-
pie. There has been an increase of
ovr $50, 100000 in the exports of agri-
cultural products; 800, ,692 ,220 in manu-
features, and in the products Of the
mines over S10.O00000. Our trade bal
ances cannot fail TO give satisfaction
TO the people of the country. In
1895 we sold abroad S616.432 .676 of
products more than we bought abroad;
in 1899 S529. .S41 .Sl3, and In 1900 S544,-
AL, ,701, making during the three years
a total balance in our favor of ST.
GS9. .779. .190-nearly five times the bal
ance OF trade in our favor for the
whole period OF los years from 1890
to June 80, 1897. inclusive.
-Four hundred and thirty-siX million
dollars of gold have been added to the
gold stock of the United States since
July /, 1896. The law Of March IA,
1900. authorized the refunding into
per cent. bonds of that part Of the
public debt represented by the per
cents. due in 1908 the per cents.
due in 1907, and the 8 per
cents. due in 1904, aggregating $780,
100000. More than one-thrd of the
sum of these bonds was refunded in
the first three months after the pas
sage of the act and on Sept. / the
sum had been increased more than
$50, 100000, making in all $780,
57S,050, resulting in n net saving
of over SS,379,52O. The ordinary re-
ceipts of the government for the fiscal
year 1000 were $79,527 000 in excess
of its expenditures.
while our receipts both from Gus
toms and internal revenue have been
greatly increased, our expenditures
have been decreasing. Civil and mis-
cellaneous expenses for the fiscal year
ending June 80, 1900, were nearly $14.-
100000 less than In 1899, while on the
war account there is q decrease of
more than 800 100000. There were re-
quired SS,0OO,0O0 less TO support the
navy this year than last. and expendi-
lures on account Of Indians were near
ly two and three quarter million dol
lars less than in 1899. The only two
items of increase in the public ex-
penses OF 1900 over 1890 are for PEN