Devils Lake inter-ocean. (Devils Lake, Ramsey Co., Dakota [N.D.]) 1884-1905, 1900-12-07
October 81.
Total ys...............$ 254, O26, go 1891, 613 ,26S
Reduction of Revenue.

tax revenue the secretary says:
From the estimates of receipts and ex-
penditures for the fiscal year 1902 there
promises to be IN excess of receipts to
the amount of $26, 900, 600.
y The operation of the act of February
1 Is. 1862, providing for a sinking fund. con-
A~templates the payment or purchase and
cancellation of substantially $50. 900. 900 an
nually of our interest-bearing debt obli-
gallons. Owing to the unfavorable con-
ditions in the treasury during the six
years from 1894 to 1899, the sinking fund
was entirely neglected.
In the absence of any expression to the
contrary, it may be safely assumed that
faithfully the general requirements of
THE sinking fund act, and to provide rev.
enue sufficient to meet the charges thus
imposed upon the government. The pres
ent and prospective easy condition of the
treasury ~justifies the belief that the sink
ing fund requirement can be met. both
for the current fiscal year and for the
next fiscal year, and still permit a mod
, crate reduction in taxes imposed by the
= war-revenue act. A reduction to the
amount Of s30,000 600 is therefore recon-
mended to the consideration Of the pres
ent congress.
:. Further Financial Legislation Urged.
In urging further legislation to main
tain complete parity between gold and
silver the secretary says:
The operation of the act of March IA
last with respect to the money standard
and the currency, has we'll exemplifed its
wisdom. Confidence in the purpose and
power of the government to maintain the
gold standard has been greatly strength
ened. The result is that gold flows to-
ward the treasury instead of away from
it. At the date of this report the free
gold in the treasury is larger In amount
! than at any former period in our history.
: Including the $3.50, 600. 900 reserve, the gold
in the treasury belonging to the govern
ment amounts to over s242, 0NO, 0OO. while
the treasury holds, besides, more than
$3.50, 600, 600. against which certificates have
been issued. That provision of the act
which liberalized the conditions OF bank
note issue was also wise and timely.
Nevertheless, the measures referred to,
prolific as they have been in good results
will vet need reinforcement In some I'M
portant particulars. Thus, as to the re-
demption fund provided for in said act,
while the powers conferred upon the Sec
rotary are probably ample to enable q
jealous and watchful officer to protect
fully the gold reserve. there appears tc
= be lacking sufficient mandatory require
ment to furnish complete confidence II
the continued parity. under all condi'
lions, between our two forms of metallic
money, silver and gold. Upon this poin
further legislation may become desirable
In the act of March IA a forward stel
was TAKEN, u IL 6ICdS AAC L dAA Ou
material interests. Nothing should pre-
J, vent timely and well-considered amend
ments where necessary to solidify ant
complete the work SO well inaugurated.
American Shipping.
The report of the commissioner of navi
cation shows that on June 3d. 1900, tn
merchant marine of the United States
including all kinds of documented ship
ping, comprised q 1888 vessels OF 5,164,8 90
), gross tons. The new century confront
us with the fact that the American mel
chant marine in foreign trade Is relative
" Insignificant. 1t is exceeded in efectiv
. tonnage by the steamships of any one G
several foreign corporations.
The conditions for a successful effort t
secure again a proper share of the carry
ing trade and to reestablish our CONNIE
cial flag upon the oceans have not in
generation been so favorable as at tn
time. The effort, to be successful. mus
be begun promptly and unrem1ttingl
prosecuted for a series of years, and
entitled to the cooperation of congress
A bill for the promotion of America
commerce and for the creation OF a
American merchant marine in forete
trade. which shall be worthy of the n;
ton, now awaits the action of bot
branches of ongress. 1t conforms
principle and general outlines to recon
mendations Upon the subject in the r
ports for 1898 and 1899. Early consider
ton of that measure is ecommended.
The following further extracts from tt
report are interesting and important.
!, Gold Reserve.
: The treasurer calls attention to t
marked irregularity in the receipts al