Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1900-12-06

porters and the press which was begun in
January, 1898, continues to give general
satisfaction.
OUR FINANCIAL SHOWING.
A Surplus Is shown for the First Time
in the Past Six Years.
It is gratifying to be able to state that
the surplus revenues Tor the fiscal year
ended June So 1890, were $79,527 060.1S. For
the six preceding years we had only De,
ficitS, the aggregate of which from 1894
to 1899, inclusive. amounted to S2S3, 022,-
99l14 The receipts for the year from all
gregated S567 .24o S5l.S9, and expenditures
Tor all purposes, except tor the admins
tration of the postal department., aggre-
gated AS1 7lS 79 III &c, The Il, :, receipts from
over the preceding year OF $270S6,3s9.A II.
The receipts from internal revenue , were
over 1899 The receipts from miscella-
neouS sources were S3S, 74S 05S.91, as
| against $50, 1874, 1852 for the previous year.
1t is gratifying also to note that dur
! ing the year a considerable reduction is
! shown in the expenditures of the govern
ment. The war department expenditures
| a reduction of $95, 066, 1860 over those of
1899 In the navy department the ex-
! penditures were $50, 953 077.72 COR the year
| 1900 as against 500, 942 104 25 for the pre-
! ceding year, a decrease of $7,9S9, 026.53. In
| the expenditures on account of Indians
there was decrease in 1900 over 1899 of
s.. $50 604. So; and In the civi, and miscella-
| neous expenses for 1900 there was a re-
duction of S13, AS, 065.74.
Estimates Further Surplus.
Because of the excess of revenues over
! expenditures the secretary of the treas
ury was enabled to apply bonds and other
| securities to the sinking fund to the
AMOUNT of $685. $500. The details OF the
sinking fund are set forth in the report
of the secretary of the treasury, to which
| ! invite attention. The secretary of the
| treasury estimates that the receipts for
|
! $3.50 600 600, and the expenditures $5to,0O0,-
| 600, leaving an excess OF revenues over
! expenditures of $50, 900 600. The present
condition of the treasury is. one of un-
| doubted strength. The available cash bal
| ance November 80 was Sl39, 5O3. 1945O I'm
! der the form of statement prior to the
| financial law of March IA last this would
! have been included in the statement of
available cash gold coin and bullion held
Tor the redemption of United States
If this form were pursued the cash bal
ance, including the present gold reserve
( OF 900, would be $2S9, 1903, so. Such
! 3Ol55 In the general fund, which is
| wholly separate from the reserve and
trust funds, there was on November 80,
SO,oS0,O 73. Is in gold coin and bullion, to
which should be added SO, 957, 800 in gold
certificates subject to issue against
which there is held in the division of
, redemption gold coin and bullion, MAX
ing total holding of free gold amount
/ ing to S93,047,373.15.
Further Financial Legislation.
1t will be the duty as I am sure it will
! be the disposition Of the congress to pro-
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 the fiscal year to call in the funded lean
sum of S2o 1854, 900. To and including No
vember 30, SIS, 458, 100 of these bonds have
/ been paid, This sum, together with the
amount which may accrue from further
rede mptions under the call, Will be ap-
piled to the sinking fund.
! The law OF March IA, 1900, provided for
refun6ing into two per cent. 30-year bonds,
! payable, principal and interest, in gold
! coin. of the present standard value, that
! the three percent. bonds of 1908 the four
per-cents of 1907 and the five-per-cents
Of 1859, of which there was outstand-
ing at the date of said law $3.50 49,
$50. The holders of the old bonds pres
them for exchange March "A and Noven-
Der 30 to the amount of 1854, 943,75O The
net saving to the government on these
transactions aggregates 50 106, 166.
ANOTHER effect of the operation, as stated
ueos tie treasury for the payment of
interest GFcrn the dates Of refundng to
February !, 1904 by the sum of more than
to july i ls5 the ANNUAL n9 interest viii
be reduced by the sum of more than
$5,O0o0oo., and for the y months ending
; IL
details of the refunding are given in the
annual report of the secretary of the treas
ury.
Banking Facilities Extended.
The beneficial effect of the financial act
of 1850, so far as it relates to the modii-
cation of the national banking act, is adj
ready apparent. The provision for the
incorporation Of national banks with a
capital of not less than $3.50 in places
not exceeding 9CO) inhabitants has result
ed in the extension Of banking facilities
n q pOT mi n
able to provide themselves with banking
Institutions under the national system.
ment of the law up to and including
November 80, 500 national banks, of which
266 We're with capital less than $4,000 ana
103 with capital of $1,000 or more.
1t is worthy Of mention that the greater
number of banks being organized under
pronounced. Iowa stands first, with 30
banks Of the smaller class, while Texas,
die and western sections of the country
have also awaited themselves largely Of
the Prly yn nnde r. the new l hn,, note
cfrcua ton has resulted from the provi-
sion of the act which permits national
banks to issue circulating notes TO the
par value Of the United States bonds de-
posted as security instead Of only 80 psr'
cent. thereof, as heretofore The increase
November 80 is s77OS9 SO.
The party in power. is committed to
sucn IeglS aClon as Will Dettef maze INC
currency responsive to the varying needs
Of business at all seasons and in all sec
lions.
Our Foreign Trade.
Our foreign trade shows remarkable
record Of Commercial and Industrial prog
ress. The total of imports ana exports
fer the first time in the history OF me
country exceeds $2,t(0CyGto0 The exports
are greater than they nave ave. ever De zen
being 81 S94, 4S3 $50, an increase over 1899
= I'M l2cS a
Go ~ ,s SSer b lS Fl ana greater
United States is evidenced by the fact
largely exceed those Of any previous year,
their value for 1869 being Ag3, 851, 7S,
against s3$9. So, 146 in 1899. an increase Of
Agricultural products were also export
ed during 1909 in greater volume than in
1899. the. totsi for the year being $SS5,s5S,-
The imports for the year amounted to
s249,Sf11Sl, an Increase over 1899 Of s152,-
792. e95.. This increase is largely in mate
ris.5 for mi ma ana is IN resp9nSe
ing in the United States. While there
was imported for. use in manufacture in
excess OF 1899, it is .reassurng to observe
that there is a tendency toward decrease
in the importation of articles manutac-
tured ready for consumption; tSa m. IN
import, against Is 50 per cent In 1899 ana
21.09 per cent in 1886.
Tho Internal Revenue Tax.
recommend that the congress at ito
present session reduce the internal rev.
of the war with Spain in the sum OF $780,
600 OO0 This reduction should be secured
by the remission OF those taxes which ex-
uerience has shown to b tia most bur-