The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1900-12-14

that there ought to be no hesitation IN
either branch % the congress in giving
to Il full effect.
Our Financial showins.
The president points with much pride
% the showing made by the treasury de-
the report Of Secretary Gage. He shows
the surplus for the year to be SIS. So. U60. lS,
ana &c estimates the surplus OF the coming year
Of the treasury is one Of undoubted strength.
was Slss sos. 7sl.5o. Under the form Of
March Il last this would have been in
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:
1t will be the duty as am sure 1t will
be the disposition OF the congress to pro-
vide whatever further legislation is need
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 the fiscal year. to call in the funded loan
OF 1891 continued at two per cent, in the
sum of $751; 500. To and including No
been paid. This sum, together with the
amount which may accrue from further
redemptions under the CALL will be ap-
piled to the sinking fund.
The law of March IA. 1900, provided for
reminding 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 five-per-cents
OF 1890. OF which there was outstand-
ing at the date of said law $3.50, 49,
$50. The holders of the old bonds presented
them Tor exchange March IA and Novem-
Der 30 to the amount of 1854. 943, $50. The
transactions aggregates $9,106,166
banking Facilities Extended.
The beneficial effect Of the financial act
or 1870, so far as 1t relates to the mOdifi-
cation OF the national banking act, is al
incorporation Of national banks with a
capital of not less than $4,000 in places
not exceeding 5000 inhabitants has result
to many small communities hitherto un-
ablo to provide themselves with banking
institutions under the national system.
ment Of the law up to- ana including
November 80, 1863 national banks, of which
2ss were with capital less than $50, 1000 and
~ IS WORRY Of G mento1 that qRe
number OF banks being organized under
the new law are in sections where the
pronounced. Iowa stands first, with 80
banks Of the smaller class, while Texas.
Oklahoma, Indian territory and the mid
ole and western sections OF the country
the privileges under the new law.
Our Foreign Trade.
Our foreign trade shows remarka Bile
record Of commercial and Industrial prog
ress. The total of imports and exports
couns as e9s ss Ths exports as
are greater than they have ever been
before. the total for the fiscal year 1899
Of siS7, s5s 7sc, an Increase over 1888 Of $685..
than 1886 SSsr BY W s5l1 ssiH''1' anu
u THE stSa. I Sy he fse
that exports Of manufactured products
largely exceed those Of any previous year.
their value for 1900 81 being s4ss. 81. 756:
Agricultural products were also export
ed during 1900 in greater volume than in
1 49, against SIS. 77s. i42 in 1899. '''''
The imports for the year amounted to
$849, ,1S4, an increase over 1889 of $162.
rails for manufacture. and Is in response
to the rapid development Of manufactur-
ing in the United States. While there
was imported for use in manufacture In
1900 material to the value Of $7s.7ss,s72 in
excess of 1899. it is reassuring to observe
that there is a tendency toward decrease
in the importation Of articles manu-
1900 formed 1917 per cent. Of the total
import. against 15H per cent. in 1899 and
21.09 per cent. in 1896
Tho Internal Revenue Tax.
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 $50, :
600. 900. This reduction should be secured
by the remission of those taxes which ex-
perience has shown to be the most bur-
densome to the Industries of the people.
/ specially urge that there be included In
requests for public uses of a literary. edu-
cational or charitable character.
Recommends Ship Subsidy.
American vessels during the past three
years have carried about nine per cent.
Of our exports and imports. Foreign ships
part Of American trade. The remarkable
growth of our steel industries. the prog
ress of shipbuilding for the domestic trade,
for the navy. have created an opportuni-
ty to place the United States in the first
rank Of commercial maritime powers.
Besides realizing proper national as
and healthy growth along all our coasts
of a distinctive national industry, expand
ing the field for profitable employment
transportation facilities and reduce freight
charges on the vast volume of products
brought from the interior to the seaboard
=,
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:
ut is apparent that uniformity of legfs-
lation upon this subject in the several
states is much to be desired. It Is to be
hoped that such uniformity. founded in a
wise and just discrimination between what
Is injurious and what is useful and neces-
tanned. and that means may be found for
the congress, within the limitations of its
constitutional power, so to supplement an
effective code Of state legislation as to
make complete system of laws through
out the United States adequate to compel
q general observance Of the salutary rules
to which have referred. f5{
1.-THE whole question is so important and
far-reaching that am sure no part of 1t
will be lightly considered, but every phase
of 1t will have the studied elaboration of
congress-. resulting in wise and judicious
action.
jurisdiction, should be promptly applied
by the congress" 80
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 as 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;
some length upon the condition Of af-
fairs in the Philippines. While seeking
to impress upon you that the grave re-
sponsibility OF the future government of