The Oskaloosa herald., 1900-12-06
OUR FINANCIAL SHOWING.
A Surplus Is shown for the First Time
in the Past Six Years.

in the PuSt SIX 1ears.
1t is gratifying to be able to state that
the surplus revenues for the fiscal year
ended June 80, 1860, were $40, So ,060.1S. For
the six preceding years we had only de-
ficits, the aggregate of which from 1894
to 1893, inclusive, amounted to SIS, 022,-
ggl IL The receipts for the year from all
sources, exclusive of postal revenues, ag-
gregated 1901, 40,S51.S9 and expenditures
for all purposes except for the admins
tration Of the postal department, aggre-
gated $iSI,1lS 79l.n. The receipts from
customs were 1898, 164, S71.16, an increase
over the. preceding. year of 1905, 1914.
The receipts from internal revenue were
S295,327 926. rs, an increase of 81, $3.50, %
over 1899 The receipts from miscella-
against $35. S94, 1862 for the previous year.
1t is gratifying also to note that dur
ing the year considerable reduction is
shown in the expenditures of the govern
ment. The war department expenditures
for the fiscal year 1900 were Sl34,774, 1918,
reduction of s95 066, 1865 over those of
1899. In the navy department the ex-
penditures were $50, 953, 077.72 for the year
1860, as against $63 942, 104 % for the pre-
ceding year, decrease of $7,9S9. Q26.53. In
the expenditures on account of Indians
there was decrease in 1860 over 1883 of
81 go, LBS; and in the civil and nnsuella-
neous expenses for 1900 there was re-
Estimates Further Surplus.
Because Of the excess of revenues over
expenditures the secretary of the treas
ury was enabled to apply bonds aud other
amount of $56554,5 56.05. The details of the
sinking fund are set forth in the report
of the secretary of the treasury, to which
j invite attention. The secretary of the
treasury estimates that the receipts for
the current fiscal year will aggregate
$3.50, 600, COO, and the expenditures $500000,-
expenditures of SSO,O00,O 600 The present
condition OF the treasury is one of I'M
doubted strength: The available cash bal
ance November 80 was SlS9. 303, 1880 I'm
der the form of state nent prior to the
financial law of March ID last this would
have been included in the statement of
available cash gold coin and bullion held
for the redemption of United States
notes.
II this form were pursued, the cash bal
ance including the present gold reserve
of $50 600, 900, would be S2S9.303 1874 80. Such
balance November 60 1883, was 1895 49,
5gl .3@; In the general fund, which Is
trust funds. there was on November 30,
$40, $50 Obs in gold coin and bullion, to |
which should be added 81. 957, 800 in gold |
certificates subject to issue, against |
which there is held in the division of |
redemption gold coin and bullion, max |
ing total holding of free gold amount !
ing to 3.O47373.f5.
Further Financial Legislation.
1t will be the duty as l am sure 1t will !
be the disposition Of the congress to pro- |
vide whatever further legislation is need |
ed TO insure the continued parity under |
metallic money, silver and gold.
Our surplus revenues have permitted the |
Sc cretary Of the treasury since the close |
Of the fiscal year to call in the funded loan |
OF 1891 continued at two per cent, in the |
sum Of SZJ,35i5O0. To and including No |
yember ~, $Z3,458 100 OF these bonds have
amount which may accrue from further
redemptiOBs under the call, viii be ap- |
piled 20 the sinking fund.
The law Of March H. 1850, provided for |
into two per cent. 30-year bonds,
payable, principal and interest, In gold |
coin OF the present standard value, that |
the three-per-cent. bonds of 1903, the four
of 1901 and the ffve-per-cents
Of 1900, Of which there was Outstand-
80. The holders OF the old bonds presented |
them for exchange March IA and NOYem-
Der 20 to the amount of $3el,9f3, $50. The
ret saving to the government on these
aggregates S9106,I66.
Another effect of the operation, as stated |
by the secretary, is to reduce the charge
Interest from the dates of refunding TO |
february J. 1904. by the sum Of more than
100000 annually. From February, 1904,
g reduced By the sum Of more than
august /. 1908, by about 10000. The full
ietails, Of the refunding are given in the
annual report Of the secretary Of the treas
lry.
Banking Facilities Extended.
The beneficial effect of the financial act
1f 1890, so far as IL relates to the modih- |
ration Of the national banking act is al |
ready apparent. The provision for the
Of national banks with a
capital Of not less than $500 in places |
not exceeding 1900 Inhabitants has result |
I'd In the extension of banking facilities |
10 many small communities hitherto un- !
able TO provide themselves with banking
under the national system
here were organized from the enact ]
ment Of the law up to and including |
November 30, 369 national banks Of which
266 were with capital less than $4,000 and
100 with capital Of 5000 or more.
IL Is worthy of mention that the greater
number Of banks being organized under
the new law are Ia sections where the |
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 awaited themselves largely OF
the privileges under the new law.
A large increase In national bank note
circulation has resulted from the provi-
sion OF the act which permits national
banks TO issue circulating notes to the
par value OF the United States bonds de-
posted as security instead OF only 30 per
cent. thereof, as heretofore. The increase
IN circulating notes from March IA TO
November % IL S7,0ss,b70.
The party In power Is committed 10
such legislation as will better make the
responsive TO the varying needs
81 business at all seasons and In all sec
lions.
OR Foreign Trade.
Our foreign trade shows a remarkable
record OF commercial and Industrial prog