Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1900-12-08

sources Is making satisfactory progress
under the direction Of different officials of
the federal government, and the various
states Of the Union have shown dispo-
sition toward the most liberal participa-
ton in the enterprise
The president dwells on the value Of
the consular reports and then turns to
the revenues and expenditures. He says:
II Is gratifying TO be able TO state that
the surplus revenues for the fiscal year
ended June 30, 1900. were s79, 527, 060. IL.
For the six preceding years we had only
deficits, the aggregate Of which from
1914 70 1899 inclusive, amounted 10
S2S3. 2,99114. The receipts for the
year from all sources. exclusive OF postal
revenues, aggregated 1861 30 sJ1 50 and
expenditures for all purposes, except for
the administration Of the postal depart
ment, aggregated S4S7, 713. 791.71. The
receipts from customs were 1898, 1884,
SI.lb, an increase over the preceding
year Of $27 036, 3S9 Al. The receipts
from internal revenue were S295, 32T.
g26.76, an increase. of S21 $50, 1857
over 1890 The receipts from miscel
laneous sources were $3S, AS, 0J3.97 as
against $36,394, 1862 for the previous
year.
II is gratifying also to note that during
the year a considerable reduction is
shown in the expenditures of the govern
ment. The war department expenditures
for the fiscal year 1900 were 1884, ia,
I6I1S, a reduction of 800. 066. 1876 50 over
those of 1899. In the navy department
the expenditures were 1855. 077.72 for
the year 1900 as against S63, 942, 104 81
for the preceding year. a decrease of ST.,
9S9,026.53. In the expenditures on ac-
count Of Indians there was decrease in
1900 over 1899 of 81, $50. 604.3S, and in
the civil and miscellaneous expenses for
1900 there was a reduction of $1341S.-
O65.74.
Because of the excess of revenues over
expenditures the secretary of the treas
ury was enabled to apply bonds and 9th
err securities to the sinking fund TO the
amount Of $56,544, 55606. The details
Of the sinking fund are set forth in the
report of the secretary of the treasury,
to which | invite attention. The secre-
tary of the treasury estimates that the
receipts for the current fiscal year will
aggregate S5S0.000,000 and the expendi-
lures $500,0O0,00O, leaving an excess of
revenues over expenditures of $4,000
600. The present condition of the treas
ury is one of undoubted strength. The
available cash balance Nov. 80 was $780,
303, 194.50. Under the form of statement
prior to the financial law of March II
last there would have been included in
the statement of available cash gold coin
and bullion held for the redemption of
United States notes.
III this form were pursued. the cash
balance, including the present gold re-
serve of $50, 100000, would be 1888
1903, 1914 80. Such balance Nov 30. 1890
was $3.50, 495,301 30. In the general
fund, which is wholly separate from the
reserve and trust funds. there was on
Nov. 80, $4,000. 073.15 in gold coin and
bullion, TO which should be added 500
957 300 in gold certificates subject to is
sue, against which there are held in the
division of redemption gold coin and bull
lion, making a total holding of free gold
amounting to 500, OF, 1913 10.
1t viii be the duty as | 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.
Financial Act of 1900.
The beneficial effect of the financial act
of 1900 so far as it relates to a modifca-
ton of the national banking act, is al
ready apparent. The provision for the
incorporation of national banks with a
capital of not less than $4,000 in places
not exceeding 5000 inhabitants has re-
suited in the extension of banking facili-
ties to many small communities hitherto
unable to provide themselves with bank
ing institutions under the national sys
TEN. There were organized from the
enactment of the law up to and including
Nov. 80 1863 national banks, of which 266
were with capital less than $4,000 and
103 with capital of $50 900 or more.
Our foreign trade shows remarkable
record of commercial and industrial prog
ress. The total of imports and exports
for the first time in the history of the
country exceeded $4,000, 100000. The
exports are greater than they have ever
been before, the total for the fiscal year
1900 being 81 1914, 4S3. 0S2. an increase
over 1890 of S167. 439. $50, an increase
over 1898 of S1G3. 000,732, over 1897 of
S343, 4S9 526 and greater than in 1896 by
SOIL, S76.144.
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 $433,
SOL, 1856, against 1888, 500, lag in 1899, an
increase of % per cent.
Agricultural products were also ex-
ported during 1900 in greater volume
than in 1899 the total for the year being
$685., S5S,123. against $7S4,776142 in
1899.
The imports for the year amounted to
$S49041.1S4, an increase over 1899 of
1852. T02, 695. This increase is largely in
materials for manufacture and is in re-
Spouse to the rapid development of manu-
featuring in the United States
/ recommend that the congress Mt its
present session reduce the internal rev.
enue taxes imposed to meet the expenses
of the war with Spain in the sum of $30,-
100000. This reduction should be Sc
cured by the remission of those taxes
which experience has shown to be the
most burdensome to the industries of the
people.
] specially urge that there be included
in whatever reduction is made the legacy