The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1900-12-04

/ that there ought to be no hesitation in
| either branch of the congress in giving
to it full effect.
Our Financial Showing.
The president points with much pride
| TO the showing made by the treasury de-
| parhment and quotes exhaustively from
| the report of Secretary Gage. He shows
| the surplus for the year to be $79.527, 06O.lS.
and estimates the surplus of the coming year
! aG$SO, 10000 Hesays thepresent condition
! of the treasury is one of undoubted strength.
The available cash balance November 80
| was 9,S0S 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 the redemp-
| ton OF United States notes.
Further Financial Legislation.
He recommends further financial legis-
lation in the following words:
1t viii be the duty as l 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 loan
! OF 1881 continued at two per cent, in the
sum of $25,364,50O. To and including No
yember 30, SIS, 45S,1OO of these bonds have
| been paid. This sum, together with the
amount which may accrue from further
| redemptions under the call, will be APP
! piled to the sinking fund.
! refunding into two per cent. 30-year 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 and the five-per-
| OF 1900, of which there was Outstand-
| ing at the date of said law $3.50, 49,,
| $50. The holders of the old bonds presented
| them for exchange March IA and Novem-
Der 30 to the amount of $364,943 $50. The
net saving to the government on these
TRANSACTIONS aggregates SO, 106, 166.
banking Facilities Extended.
The beneficial effect of the financial act
of 1900, so far as it relates to the modifi-
! cation 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 result
| ed in the extension of banking facilities
| to many small communities hitherto I'M
| able to provide themselves with banking
| institutions under the national system.
There were organized from the enact
| ment OF the law up to and including
November 30, S69 national banks, of which
266 were with capital less than $50, 900 and
103 with capital of $4,000 or more.
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 80
banks of the smaller class, while Texas,
Oklahoma, Indian territory and the mid
die and western sections of the country
have also availed themselves largely Of
| tic privileges ulAuSE the new law
Our Foreign Trade.
Our foreign trade shows a remarka Bile
| record of commercial and industrial prog
ress. The total of imports and exports
for the first time e in o the eo history of the
are greater than they have ever been
before, the total for the fiscal year 1900
being 81, 1874 4SS,OS2, an increase over 1899
of $751; 459, $50, an increase over 1898 of $780,
COX, 752, over 1897 of S343, 489 526, and greater
than. 1896 by S51LS76,144:
united STATES States is Is eVidenced by the fact
that exports of manufactures products
largely exceed those of any previous year,
against $83s, 5s2 146 in 1899, an increase Of
Agricultural products were also export
ed during 1900 in greater volume than in
1899, the total for the year being $685., $685.
1913, against 1874, ,142 in 1899.
The imports for the year amounted to
$849, 941, 1874, an increase over 1899 of $751;
792 SOS. This increase is largely in mate
rails for manufacture, and is in response
to the rapid development of manufactur-
ing in the United States. While there
was imported for use in manufacture in
1900 material to the value of $l9765,yl2- III
excess of 1892 it is reassuring to observe
that there is a tendency toward decrease
in the Importation Of articles manufac-
tured ready for consumption, Which in
l.import, against 1874 per cent in 1889 and
2l.09 per cent. in 1896
The Internal Revenue Tax.
I recommend that the congress at its
present session reduce the internal rev.
enue taxes imposed to meet the expenses
of the war with Spain in the sum of $780,
600 900. This reduction should be secured
by the remission OF those taxes which ex-
perience has shown to be the most bur-
densome to the industries of the people
lss 1 specially urge that there be included in
i whatever reduction is made the legacy tax,
f.bequests for public uses of literary, edu-
IL cational or charitable character.
II Recommends Ship Subsidy.
Il American vessels during the past three
II years have carried about nine per cent.
4 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
ress of shipbuilding for the domestic trade
for the navy have created an opportuni-
ty to place the United States in the first
rank of commercial maritime powers.
Besides realizing a proper national as
piration this will mean the establishment
and healthy growth along all our coasts
of a distinctive national industry, expand
ing the field for profitable employment
of labor and capital 1t will increase the
transportation facilities and reduce freight
charges on the vast volume of products
brought from the interior to the seaboard
for export, and will strengthen an arm
of the national defense. upon which the
founders of the government and their
successors have relied,
The Trust Question.
The trust question receives the atten-
ton of the president, and he says:
''It is apparent that uniformity Of legis-
lation upon this subject in the several
states is much to be desired. 1t is to be
hoped that such uniformity, founded in a
wise and just discrimination between what
is injurious and what is useful and neces-
sary in business operations, may be OBJ
tanned, and that means may be found for
the congress, within the limitations of it's
constitutional power, so to supplement an
effective code of state legislation as to
make a complete system of laws through
out the United States adequate to compel
a general observance of the salutary rules
to which have referred.
The whole question is so important and
far-reaching that l am sure no part of il
will be lightly considered but every phase
of it will have the studied elaboration of
congress, resulting in wise and judicious
action.
Restraint upon such combinations as are
injurious, and which are within federal
jurisdiction, should be promptly applied
by the congress-"
The Philippines.
Considerable attention is given the sub
ject of the Philippines, and in this con-
nection the scope and work of the Phil
ippine commission as outlined to the com
missioners is fully outlined for the bene-
fit of congress-, OF the. present condi-
tons in the islands the president says: