New-York tribune., 1900-12-05
showing an increase of 's.ssi.s7 50 for the year
IMMIGRATION.

IMMIGRATION
.-s r,oronoissoner-CIeneraI of Immigration in the
snnsl Teresr gesr ssa S5 ae Gns g. 100 SUBMITS
statements showing the arrival in tnls eounTy
5s72 through ports Of the United States ana and
2 200 through S9 Canada q t or these Ss fourteen Years
cf age $40 3S2 from fourteen to fOrty-nve years
As to the nteracy OF persons fourteen years Of
or over, there were 1886 who eoqiq In ReIer sr
unable 10 write a. 2ss brought each $50 or over and
~ S2 showed sums less than SEQ me Is tsSa s S
There were returned to their own countries va
SaS GsGdsed dnns 9Se S to
PARED or refused ,, ia9dRf dG al ea tnS po'''
1t appears that the Croatian and Slovenian FaSss 80
Increase Of 90 per cent over those OF thS aS
increase Of q per cent; the south la1n an cent:
the Finnish 1O6 per cent; the Magyar Isl per cent:
cent the o1a "a epef eef ceh shs TSese nine
the total Of forty-one races represented oy m 1bs
fetal arrivals for the last year. $40 "a ana tnea h
aggregate increase represented IS per cent OF 'he
The total Immigration lon reported. ASST is in ex-
fsSs s M OF thst for the preceding d ye9EI o o2gn
i2i7O6 came from European, r. 7946 from Asiate' 81
Tho Commissoner,General presents reasons ,bo bor
laws strictly against the admission or Aliens anu a.
NJ urges that only circumstantial evidence can a IA
men: or contract to supply work as an inducements
The large increase in Japanese immigration is
referred TO- and the opinion Is expressed thf5 n b n
Pacific States where sIIch aliens are used as cheap
laboTers TO take the places Of American working
Cooperation with organized labor in this country
has beer found useful in detecting violations Of the
contract labor laws.
NAVIGATION.
The report of the Commissioner of Navigation
shows that on June 30. 1900, the merchant marine
mented shipping. comprised 235ss vessels Of 51s4,
At the end Of the last fiscal year the merchant
shipping of the United States in carrying power
voved in its construction was unsurpassed in our
history The total tonnage. 5164; ;s39 gross tons.
American tonnage reached its maximum to that
included many Vessels G not now Ge peqursd Sy law to
Ss @ enTee6 II sRPears that even in Amer
The tonnage built during the year, s9s 100 gross
tons. has been exceeded in amount by our annual
output only six years, and in value and efficiency
has never been equalled. Marine construction now
IN nf RrGgress or under CONTRACT promises greater
nscsi year than last year and If the present rate
@ sS amt, pc Lhe new tonnage viii exceed that
isS5 '"'' IN the united states except IN 1884 ana
REFUNDING THE PUBLIC DEBT.
The act Of March 4. 1900. contained a provision
bearing interest at per cent. per cent and per
Iaio per cent thirty year bonds Paya6le
of the present STANDARD OF value.
published March H. 1900. calling the attention OF
owners Of United States registered and coupon
law and safting forth the terms @ upon Which said
exchanges might be made-namely the outstanding
ponds TO be surrendered at valuation equal to
their present worth. 70 yield an income Of p. per
at par in amounts equal to the par value Of the
bonds surrendered. and the sum rePresenting the
rendered bonds and their par value to be paid to
United states The new bonds % were dsfeg A1rii Iie
1899 The concluding paragraph Of the circular was
In exercise Of the discretion given the secre-
tary OF the Treasury under Section II OF the act, he
he riRh TO IL Of
bonds above contemplated whenever in his opinion
thereby The Secretary of the Treasury also re-
serves the right to change the terms Of exchange
premium pre- upon the per cent bonds Or by requiring
yield income of more than 214 per cent per annum"
Immediately upon the publication of the circular.
At first the exchanges were principally OF bonds
secure the circulating notes OF National banks and
the surrender of bonds held by others than Ma
tional banking institutions was by no means in
Up to and including November l. 1909, there were
received for exchange 1852 0 OF the three classes
per cent thirty year bonds issued in their place
SEA Oi $50 held by the Treasurer Of the United
States security for circulation public deposits
were surrendered by individuals and INSTITUTIONS
other than National banks but considerable pro-
were eventually sold to National banking institu-
United States. The amount held on November IS
1890. security for circulating notes OF National
security for publie deposits In National bank de-
As a result. there were left outstanding on No |
vember Is, 1890, Of bonds admitted to the privilege
of refunding by the act Of March a. the folowing
Of tine the per per cent loan loan OF Of 1897 $
OF the per loan OF 19OS1s ....... I19 00s 40
Total. .s4sT Oss4s
On November q the Secretary gave public notice
the close OF business on December 81 1900 The con-
which induced this action may be briefly
First-Nine months will have elapsed since the
passage OF the refunding act Thus the holders
make the exchange authorized.
SeeGndoT4 d leave the privilege indefinitely is
SIMPLY 10 give continuing option TO bondholders
without any sufficient consideration to the Treas
Third-It may be fairly assumed that. with this
vege peg G GsGontnued % at the close Of the year, re-
that the total refundins 20 that date will approx
Of the Interest bearing pubiie dem
either by payment or purchase OF substantially So
Fifth-The refunding of 500 100000 will leave out
standing an and maturing within the next eight years
The Secretary believes that the suspension of the
process will put the maturing debt under
better conditions (the Governments interest alone
considered either for purchase from time to time
1t will. of course remain open for the Department
Government and the general conditons Of nanee
make such course desirable.
REDUCTION OF REVENUE.
From the estimates of receipts and expenditures
for the fiscal year 1902 there promises 70 be
cess OF receipts to the amount OF s26O0OOOO Il is
hardly necessary to point out that estimates are |
vice which cannot be anticipated may require ex-
not IN ZAP sp
res realize fully estimated revenues are also
all advance calculations. A>eonservativs margin |
should, theTefore. De reserved In foreeasting /