The Yale expositor., 1900-12-07

this cession the United States is to pay
to Spain the sum of 100000.
National Finances.
1t is gratifying TO be able to state that
the surplus revenues for the fiscal year
ended juno 30, 1900, were SO, 527, 900 Is. For
the six preceding years we had only de-
fcits, the aggregate of which from 1894 to
1888 inclusive. amounted to $2S3O22, 99l Al.
The receipts for the year from all sources,
exclusive of postal revenues. aggregated
S5UI2O8l 3d. and expenditures for all
purposes, except for the administration
OF The postal department. aggregated
&S7,n3, z9l II. The receipts from customs
were $.SS. 164,S7l l6, an increase over the
preceding year of $27,O36,SS9 A. The re-
ceipts from internal revenue We're $685.
81, 926 10 an Increase of 81 765 rs over
1893. The receipts from miscellaneous
sources were $SS, 74S,O53 81, as against
$50, 49,. S76 92 for the previous year.
1t is sra flying also to note that during
the year considerable reduction is
shown in the expenditures of the govern
ment: The war department expenditures
for the fiscal year 1900 were 1874 IA 67 rs,
reduction OF $95066, 1856 SO over those of
1899. In the navy department the expend-
as against $50, 9i2 l04 25 for the preceding
year, a decrease of S.9S9026 80. In the ex :
penditures ON account of Indians there
was a decrease in 1900 over 1899 of 81, $50.
expenses for 1900 there was a reduction of
s134lS,OC5 n.
Because OF the excess of revenues over
expenditures the secretary of the treas
ury was enabled TO apply bonds and other
securities 10 the sinking fund to the
amount of SJd.5i4,556 06. The details of the
sinking fund are set forth in the report
Of the secretary of the treasury. 10 which
! invite attention. The secretary of the
treasury estimates that the receipts for
the current fiscal year will aggregate
MN n ~
O0O leaving an excess OF revenues over
expenditures OF $SOOOO.OOo. The present
condition of the treasury is one OF UNI
doubted strength. The available cash bal
ance November 30 was $l3a. 1903, 794 50.
If the old form were pursued, the cash
balance, including the present gold re-
19+ 50. Such balance November 30. 1899.
was 96,495 301 IS. In the general fund,
which is wholly separate from the reserve
and trust funds. there was on November
30, SIC. 900, 073 IL in gold coin and bullion,
to which should be added 500. 957,3 800 in gold
certificates subject to issue. against which
there is held i'm the division Of redemption
gold coin and bullion making total hold
ing of free gold amounting to 500 1873 Il.
1t will he the duty. as / am sure it Will
be the disposition of congress. to provide
whatever further legislation is needed to
insure the continued parity under all con-
ditionS between our two forms OF metallic
money silver and gold.
1t is worthy of mention that the greater
number of banks being organized under
the new law are in sections where the
need of banking facilities has been most
pronounced. Iowa stands first. with 30
banks of the smaller class, while Texas,
oklahoma, Indian Territory. and the mid
die and western sections of the country
have also awaited themselves largely of
the privileges under the new law.
A large increase in national bank note
circulation has resulted from the provision
of tho act which permits national banks
to issue circulating notes to the par value
of the United States bonds deposited as
security instead of only 80 per cent there
Of as heretofore. The increase in cir
culating notes from March IA to November
go is $77,SS9,570.
The party in power is committed TO
such legislation as will better make the
currency responsive to the varying needs
OF business at all seasons and in all Sec
tions.
Foreign Trade Growing.
Our foreign trade shows a remarkable
record of commercial and industrlai prog
ress. The total of imports and exports
for the first time in the history of the
country exceeded two billions or dollars.
The exports are greater than they nave
ever beSp bsHr tss fO an 'Gn
over 1899 of $l67 $50. an increase over
1898 OF Sl6S, 0o0,752. over 1883! of $aS, 4s9.o-o'
and greater than 1896 by SSH, s76,lH
United States is evidenced by the fact
that exports Of manufactured products
largely exceed those of any previous year.
their value for 1900 being siS3, ISL ,Io6
against $500. 592, li6 in 1899, an increase OF
rs per cent.
Agricultural products were also export
cd during 1900 in greater volume tn. than n in
1890, the total for the year being $3.50,
49, against $751;. ,142 in 1899.
The imports for the year amounted TO
$Si99 1M, an increase over 1899 OF Slo2,-
792, COS This increase is largely in mater
ials for manufacture. and is in response
TO the rapid development of manufactur-
ing in the United States While there was
imported for use in manufactures In l9Oo
material TO the value of $40, 76s,972 In ex-
cess of 1899. ii is reassuring TO observe
that there is a tendency toward decrease
in the importation of articles manutac-
turcd ready for consumption. which III
1900 formed 1917 per cent OF the total I'm,
ports. against IL 81 per cent in 1879 and
81 W per cent in lS96.
Revenue Taxes.
recommend that the congress at Its
present session reduce the Internal rev.
cnue taxes imposed to meet the expenses
Of the war with Spain in the sum OF
thirty millions of dollars. This reduction
should be secured by the remission or
those taxes which experience las shown
to be the most burdensome TO the lndus-
tries OF the people.
l specially urge that there be Included
in whatever reduction Is made the legacy
tax beuuests for public uses of literary,
educational or charitable. character.
Encourage shipping.
American vessels during the past three
wears have carried about per cent OF
our exports and imports, Foreign ships
should carry the least, not the greatest.
part of American trade. The remarkable
growth of our steel Industries, the prog
ross of shipbuilding for the domestic
trade and our steadily maintained OK
peuditures for the navy have created an
opportunity to place tie United states in
the first rank of commercial maritime
powers. -.
| am satisfied the Judgment OF the conn
try favors tic policy of aid To our mer-
chant marine, witch viii broaden our
commerce ard markets and upbuild our
sea carrying capacity for the products or
agriculture and manufacture. which. with
the Increase Of our navy. mean more
work and wages Ia our conntrymen as
well az n safeguard to Amer lean interests
I'm every part of the wotld.
The Trusts,
In my last annual message to the CON
Cress I called attention 10 the necessity
for early action To remedy such evils as
might be found to exist In connection with
combinations of capital organized into
trusts and again invite attention 10 my
discussion of the subject at that time,
which concluded with these words:
IL is apparent that uniformity Of lcSis-
lation upon this subject In the several
states is much to be desired. II Is To- he