The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1900-09-15

| four years ago. the volume of our cur.
| rency II greater per capita than II has ever
| been. IL was 81 10 In 1896. IL had increased
ESQ on ,s July 1899 and oS ssSS On on Sep
1896 was 81. sos. i3i $685. on July l. 1900. II was
D.os2, t25. 49, and s2.O96. 6s3.Oi2 on September
| ]. 1900
Prosperity Abounds.
Our Industrial and agricultural condi-
tons are more promising than they have
been for many years; probably more SO
than they have. ever been. Prosperity
lie. l rejoice that the southern as well
as the northern states are enjoying full
share OF these improved national conditions
and that all are contributing SO largely to
our remarkable Industrial development.
The money lender receives lower rewards
for his capital than 4 It were invested invested
are lower than they have ever been In this
country, while those things which are pro-
duced on the farm and In the workshop
and the labor producing them have ad-
vanced In value.
our foreign trade shows n satisfactory
and Increasing growth ,ao The AMOUNT 81 our
exceptionally prosperous year OF 1893 was
about half million dollars for every day
Of the year. and these sums have gone into
There has been an Increase Of over $50 0OO.-
900 In the exports of agricultural products.
acts q the mnes Of oyer a 80 oe Our
trade balances cannot fail to give satisfac-
ton to the people of the country. In 1898
tSan n0 we SoSsht abroad in ISs r
and In 1900. $54i. AL. 70l. making during the
three years a total balance In our favor Of
OF trade in our favor for the whole period
Of los years from 1890 to June 30. 1897. inclu-
sive
Four hundred and thirty-six million
Of haU nd n 10
gold stock of the United States since
July ]. 1896. The law of March H. 1900.
authorized the refunding into two per
cent. bonds of that part of the public debt
represented by the three per cents due
In 1905 the four per cents due In 1907 and
the five per cents due In 1901. aggregating
$40. 100000. More than one-third OF the
sum OF these bonds was refunded in the
first three months after the passage OF
the act. and on September l the sum
making in all 1890 SIS. $50. resulting in a
net saving of over S. $3.50 The ordinary
receipts OF the government for the fiscal
year 1900 were $40. .060 in excess of its
expenditures. While our receipts. both
from customs and internal revenue. have
been greatly Increased, our expenditures
have been decreasing. Civil and miscel-
laneous expenses for the fiscal year end
Ing June 80. 1900 were nearly H4O00,OQ
less than in 1899. while on the war ac-
count there Is decrease of more than
sos. 000. 900. There were required $S0O0.OOO
less to support the navy this year than
last, and the expenditures on account OF
Indians were nearly two and three-Quar-
ter million dollars less than In 1899. The
only two items of increase In the public
expenses of 1900 over 1899 are for pensions
and interest on the public debt. For
1899 we expended for pensions $13g, 1874, 929,
and for the fiscal year 1900 our payments
on this account amounted to Ni0.Ss,3l6.
The net Increase of interest on the pub
war loan. was s263. S25. While congress
authorized the government to make a
war loan of 100000 900 at the beginning
of the war with Spain. only 5000 200
of bonds were issued, bearing three per
cent. interest, which were promptly and
periodically taken by our citizens.
should Reduce Taxation.
Unless something unforeseen occurs to
reduce our revenues or increase our ex-
penditures, the congress at its next ses-
sion should reduce taxation very ma
terially. ....
Five years ago we were selling govern
ment bonds bearing as high as five per
cent. interest. Now we are redeemng
them with a bond at par bearing two per
cent interest. We are selling our sur
plus products and lending our surplus
money to Europe. One result of our
selling to other nations so much more
than We have bought from them during
the past three years Is a radical improve
ment of our financial relations. The great
amounts of capital which have been bor-
rowed of Europe for our rapid material
| development have remained a constant
|
| dividends and made our money markets
| liable to constant disturbances by calls
for payment or heavy sales of our Sc
curities whenever moneyed stringency
or panic occurred abroad. We have now
been paying these debts and bringing
home many OF our securities and estab-
fishing countervailing credits abroad by
our loans. and placing ourselves upon a
sure foundation of financial independence.
Attitude on Boer War.
In the unfortunate contest between
Great Britain and the Boer states of
South Africa. the United States has main
taihed an attitude of neutrality, in ac-
cordance with its well-known traditional
policy. 1t did not hesitate. however, when
| requested by the governments of the
| South African republics, to exercise It's
| good offices for a cessation of hostilities.
| 1t Is to be observed that while the South
| African republics made like request of
only one which complied. The British
| government declined to accept the inter
| vention of any power.
Merchant Marine.
| Ninety-one per cent. OF our exports and
| imports are now carried by foreign ships
| For ocean transportation we pay annual
| ly to foreign ship-owners over sl65, OO,O 900
We ought to Gown the ships for oui
| carrying trade with the world, and we
ought to build them in American shir
| yards and man them with American sail
| ors. Our own citizens should receive the
transportation charges now paid to for
congress to this subject in my severa
annual messages. In that of December
q, 1897, said:
Most desirable sfrom every standpoint
| of national interest and patriotism |.
| the effort to extend our foreign com
merce To this end our merchant marine
should be improved and enlarged. W.
should do our full share of the carrying
trade of the world. We do not do l
now. We should be the laggard NJ
longer.
In my message of December g. 1899.
said:
"Our national development will be one
sided and unsatisfactory so long as tn
remarkable growth of our inland indus
| tries remains unaccomcanied by progress
| on the seas. There Is no lack of consti
tutional authority for legislation whici
shall give to the country martini
strength commensurate with Its indus
trial achievements and with Its ran
among the nations of the earth.
'"The past year has recorded exceptions
activity in our shipyards, and the prom
Uses OF continued prosperity In shipbuild
ing are abundant. Advanced legislatio
| for the protection OF our seamen Ia
been enacted Our coast trade. unde
regulations wisely framed at the begin
ming OF the government and since, show
results for the past fiscal year unequale
in our records or those OF any othe
opportunities. however, II we complacen'
~ regard only matters at home an
blind ourselves to the necessity of sc
| curing our share In the valuable carry
ing trade OF the world"
| 1 now reiterate these views.
NIcnrnguan Canal.
/ q