The Washburn leader. [volume] (Washburn, McLean County, N.D.) 1890-1986, 1900-12-08
AFFAIRS.
Condition of the Government In
This Respect Most Satisfactory. :.

1t Is gratifying to be able to state that
the surplus revcnucs for the nscai ye : 3
ended June SO, 100, were 1S,Jh5 IA oniv
deficits, the aggregate or wnlcn r folY oSS
to 1899 inclusive. amounted to $255,U2sii1
901.14. The receipts for the year iro!1 a O..
gregated S567,24O, s51. so, n exports for
all purposes except for the adminlstra. on
e ef t be- 20 postal t. T aspa peeeIefs fro ags CUSTOMS
preceding years Of s27,o36, $780, Al. The Ell re-
ceipts from internal revenue w we're H'n S $sy ;,
s sss;nst soa s;ss. sy.. TSF 3 f fss 7t tse prsvio as
the year a coslsiierable reduction is shown
in the expenditures Of the g%oveEH nm H.
d ductioHH ea Of '1 50, S &as $500 stf'' over t those Of
1880; In the navy department n esnI tn. the ve esr
1850. as against $es, S42, 1oa.25 for the
preceding year, a decrease of SI,9eo,..
02s.:33. In the expenditures on account oo 81
over 1899 of 50, $50, 604. 3s, and In the civil
was a Reduction Of siEs,41s.oa5.74.
expenditures the secretary Of the treas
ury was enabled to apply bonds and other
securities to the sinking 81 ny fund to b the ne
dmOuIbL OF TCO,O4 3,OOO.OO. NcldIiAS -
port Of the secretary >: the treasury, to
which I invite attention. The secretary
ceip It's for the current fiscal year will
aggregate $3.50. 900, 600, and the expendi-
lures $500, coo, 900. leaving an excess ef
6eS' %ss 9yeE sxfp sandtticn Of pf the sSf treas
Further Legislation.
It will be the duty, as I am sure 1t will
H1 AH~ lI~~1-HAtNnL - k1Nn q tn nVn~
vid whatever further legislation is need
ed to insure the continued parity under
all conditions between our two forms OF
plus revenues have permitted the secre-
tary of the treasury since the close of the
fiscal year to call in the funded loan Of
including Nov. 80. :s2s.45s,1 100 of these
bonds have been paid. This sum, together
with the mount which may accrue from '1
be applied to the sinking inls1 fund. 'A' "A'
The law Of March IA, 1900. provides for
r%efunding into 2 per cent thirty-ycar
eo1S :o Ray "a f. PRINCIPAL n1sssmt a and iatsrs v saeiiu IN
that portion Of Z" he public public DEBT represented
by the 3 per cent bonds Of 1908. the
= per ,aot cents NJ ,e Of 1907 tic and the the 6@, per esnts
at the date Of said law $3.50. 1890. The
holders Of the old bonds presented them
e s fa tbs s,n Sstwee on H ssg9 .b4 i aa15 and H TSe
net saving to the government OF these
transactions aggregates 50, LOG, 1856. An
other effect of the operation as stated by
the secretary Is to reduce the charge upon
the treasury for the payment of interest
from the dates of ~refundfng to Feb. !.
1904. by h sum of more thai $7:090,O0O
annually. From Feb. 1, 1904, to July 1,
1907, the annual interest charge will be
reduced by the sum of more than So
0 10000, and for the thirteen months cd
The full details Of the refnnding are given
In the annual report of the secretary of
New Financial Law.
The beneficial effect of the financial act
of 1900 so far as it relates to the modif-
cation of the national banking act Is al
ready apparent. The provision for the I'M
falp0 Of NOT u less na1 tSan 9 sas.oSo Vim in places
suited in the affording of banking IA
tofore unable to provide themselves with
banking institutions under the national
system. There were organized from the
Nov: 30, 800 national banks: Of which
2.866 were with a capital of less than
$4,000 n ID with a capital Of $40. 600 or
greater number of banks being organized
under the new law are in sections where
the need of banking facilities has been
thirty banks Of the smaller class, ,vhile
Texas, Oklahoma, Indian Territory and
the Middle and West sections Of the coun-
Try nave also. utalleN ncLJSetNeS ldESoN
of the provisions under the new law.
A Large increase i'm national bank note
circulation has resulted from the act
cu,at!ng notes to the par value sof the
United States bonds deposited as secur-
ity. instead CT only 90 per cent thereof,
as heretofore. The increase In circulating
notes from March IA to Nov. 80 Is ST.
The party In power is committed 10
such legislation as will better make the
currency responsive to the varying needs
Of business at all seasons and In all Sec
tons.