The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-12-03

work has been so systematized that re~
sponses are made with such prompti-
tude and accuracy as to elicit nattcrinE
encomiums. The experiment Of printing
the consular reports daily for immed-
late use by trade bodies. exporters ana
the press. which was begun IN January
1885, continues to give general satisfac-
THE REVENUES.
1t is gratifying to be able TO state that
the surplus revenues for the fiscal year
ended June 30 1900, were s7g.5z7 .060l8.
For the six preceding years we had only
deficits, the aggregate OF which from
1894 TO 1899 inclusive, amounted 70 $685.
O22. 991.14. The receipts for the year from
all sources. exclusive Of postal revenues,
aggregated 1851. 240. s51-s9, and expendi-
lures for all purposes, except Tor the ad-
ministration of the postal department,
aggregated S4S7. 713. 1911 The receipts
from customs were Sc33. 16i. Sll.l0, an ln-
crease over the preceding year Of t2li-
O36,S89.4 Al. Receipts from internal rcve-
S21 $50. 1885, 90 over 1899. The receipts
from miscellaneous sources were f16.-
74so5Ss7, as against $50, ss4.s7o92 Tor the
previous year.
1t is gratifying to note that during the
year a considerable reduction is shown
in the expenditures OF the government.
The war department expenditures Tor
the fiscal year 1900 were &i34 ga. f6f.IAi
a reduction OF S95.066, 4S6.69 over those
Of 1899. Ia the navy department the ex-
penditures were $55,953.04772 for the year
1900. as against S63,942, 10426 for the pre-
ceding year, a decrease OF S7.aS9. O26b9.
In the expenditures on account Of In
dams there was "A decrease In 1900 over
1899 OF 81. $50. a0a.3S: and IN the civil ana
miscellaneous expenses for 1900 there
was a reduction Of s13.4iS.0657A.
Because Of the excess OF rev~
rotary of the treasury was enc
abled to apply bonds and other
securities to the sinking fund 20 the
amount Of $50. 54f, 556.O6 The details ol
he Sin an
report Of the secretary OF the treasury,
to which ] invite attention. The aecrc-
tary of the treasury estimates that the
receipts for the current fiscal year VIII
aggregate $3.50 coo 900 and the eNpendi-
lures $500 900 600. leaving an excess of
revenues over expenditures OF ScO.uoo,-
90. The present condition OF the treas
ury is one Of undoubted strength. The
available cash balance November 30
was $139, 1903. 1880. Under the form OF
statement prior to the financial law OF
March IA last, this would have been in
cluded in the statement Of available
cash gold coin and bullion held for tho
redemption Of United states notes.
If this form were pursued the cash
balance. including the present gold re-
serve OF S1500o0 600, would be Slo9,3o3,-
1880. Such balance November 30, 1893,
was 1896 1875. 301.55. In the general FUND.-
which is wholly separate from the re-
serve and trust funds there was ON
November 80 S70.o90.0I3.lb IN GOLD coin
and bullion, to which should be added
S22 957 300 In gold certificates subject 90
issue against which there ia held IN the
division Of redemption gold coin ana
bullion, making total holding Of free
gold amounting 20 1913 1885.
1t will be the duty as / am sure IL VIII
be the disposition of the congress to
provide whatever further legislation ~
needed to insure the continued parity
under all conditions between our twu
forms of metallic money. ailverand gold.
Our surplus revenues have permitted
the secretary Of the treasury since the
aIf of he rftln In
funded loan Of 1891 continued az per
cetn, in the sum of S25.364 300 To and In
Guiding November 30. $23.45S,10o az these
bonds have been paid. This sum. TO-
gether with the amount which may ac-
crue from further redempuons under
the call. will be applied TO the sinking
THE REFUNDING SCHEME
The law OF March u. 1900. provided
for refunding into per cent thlfty-yenr
bonds, payable, principal and interest,
in gold coin OF the present standard
value. that portion of the public debt
represented by the three per cent bonds
of 1908, the four per cents OF 1907, ana
the five per cents OF 1904, OF which there
was outstanding at the date OF said
law 1888. I49. $50. The holders Of the old
bonds presented them for exchange be-
tween March Il and November 30 to the
amount of $3e4,943,750. The net saving
to the government on these transactions
aggregates $9,106 l66
Another effect Of the operation, as
stated by the secretary. f. to reduce
the charge upon the treasury for the
payment Of interest from the dates OK
refunding to February ]. 1904, by tho
sum of more than seven million dole
lars annually. From February /. 1904,
to July / 1907 the annual interest
charge will be reduced by the sum OF
more than FIVE millions. and FOR the
thirteen months ending August i. 1908,
by about one million. The fun details
of the refunding are given In the annual
report Of the secretary OF the treasury.
The beneficial effect OF the financial
act Of 1890, so far as IL relates 20 the
modification of the national banking
act. is already apparent. The provision
for the Incorporation OF national banks
with a capital Of not less than $4,000
in places not exceeding three thousand
inhabitants has resulted In the cNten-
sion Of banking facilities TO many small
communities hitherto unable to provide
themselves with banking Institutions
under the national system There were
organized from the enactment of the
law up TO and including November 20.
369 national banks, Of which Itb were
with capital less than $50 900. and l03
with capital OF $4,000 or more.
IL is worthy Of mention that the
greater number Of banks being orran-
ized under the new law are In sections
where the need OF banking facilities has
been most pronounced. Iowa stands
first, with 80 banks OF the smaller class
while Texas. oklahoma. indian tcffi-
tory and the middle and western sec
tions OF the country have also availcd
themselves largely Of the privileges un-
der the new law.
A large increase in national bank note
circulation has resulted from the pro-
vision Of the act which permits ma
tfonal banks to issue circulating notes
to the par value OF the United states
bonds deposited as security instead of
only 20 per cent. thereof, as heretofofe-
The increase in circulating notes from
March IA TO November 30 f. $37.sea,5lN
The party in power is committed to
such legislation as will better make the
currency responsive 60 che varying
needs of business at ali seasons ana IN
all sections.
FOREIGN TRADE.
our foreign trade shows re-