Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1900-12-06

Condition of the Government in
This Respect Most SatisfactOry.

"aS etsptSN "oSN SaAtSAACtuE
1t Is gratifying to be able to state that
the surplus revcnucs Tor the fiscal year
olded June 80, 1900, were SI9,52I ,060,ls.
For the six preceding years we had only
t. 1899 inclusive, amounted to 1888. o.
v9l'l4. The receipts for the year from all
sources, exclusive of postal revenues, ag-
sregated 1851. 24o, 1851. so, and exports for
all purposes except for the administration
OF Inc postal department, aggregated
Hfo','l3, I9l. The receipts from customs
We're $233. 1854, ST.. 16, an increase over the
preceding years of ST., 036, 3s9.41. The re-
Ceipts from internal revenue were $3.50
81 ,926. T6, an increase of ST., $50, 1852
over 1893. The receipts from miscellan-
against $780, ,9fG.92 for the previous
year.
1t is gratifying also to note that during
the year a considerable reduction Is shown
IN the Expenditures of the government
The war department expenditures for the
fiscal year 1900 were S134, TIA, 1918. a re-
duction Of $95, 066, 4S6.69 over those OF
penditures were S55, s53,o77.72 for the year
1900, as against 1858, 942, 104.2 for the
preceding year, a decrease or Sf,8SJ,--
Q26;:"3. In, the expenditures on account OF
Indians there was a decrease In 1900
over 1899 of 50, $50, 604. 3s, and in the civil
and miscellaneous expenses for 1900 there
was a reduction of $13, 41S,0G5.T "a.
Because of the excess of revenues over
expenditures the secretary of the treas
ury was enabled to apply bonds and other
securities to the sinking fund 10 the
amount of $50, 544, 500. 06. The details Of
port poT S5 Of the s sen@ are & the iUs' treasury ary to
which ! invite attention. The secretary
OF the treasury estimates that the re-
CeiptS for the current fiscal year Will
aggregate $3.50, DOC, 600. and the expendi-
lures $500, 600, 900, leaving an excess Of
revenues over expenditures of $S0,W0,-
600. The present condition of the treas
ury is one of undoubted strength.
Further Legislation.
1t will be the duty, as / am sure 1t viii
be the disposition of the congress, to pro-
ed to insure the continued parity under
all conditions between our two forms or
metallic money, silver and gold. Our sur
plus revenues have permitted the secre-
tary of the treasury since the close or the
fiscal year TO call in the funded loan or
1891 in the sum of So, 3,i4, 800. To and
including Nov. 30. SO, 45S, 100 of these
bonds have been paid. This sum, together
with the amount which may accrue from
further redcmptions under the call will
be applied to the sinking fund.
The law of March IA, 1900, provides for
~refunding into = per cent t~hirty-year
bonds, payable, principal and interest, In
gold coin Of the present standard value;
that portion OF the public debt represented
4 per cents of 1907, and the 5 per cents
of 1904, of which there was outstanding
at the date of said lew $3.50, 149,930. The
holders of the old bonds presented them
~ NNNAltbiit" sAN "a
80 TO the amount of 1884 ,943, $50. The
net saving to the government or these
transG ctions aggregates 50, LOG, l66. An
other effect of the operation as stated by
the secretary is to reduce the charge upon
the treasury for the payment of interest
from the dates of ~refunding to Feb. 1,
annually. From Feb. /, 1904, to July l.
1907, the annual interest charge will be
reduced by the sum of more han So
100000, and for the thirteen months esd
t@r A.r Jnng hr yhnlIt 81 lHAk Tan
The full details of the ~refunding are given
in the annual report of the secretary OF
New Financial Law.
The beneficial effect Of the financial act
of 1900 so far as 1t relates TO the moditi-
cation of the national banking act Is al
ready apparent. The provision for the in
corporation of national banks with a cap
itai of not less than S25, 900, in places
not exceeding 5000 inhabitants, has re-
suited in the affording Of banking Ia
cilities to many small communities here
tofore unable to provide themselves with
banking Institutions ulder The national
system. There were organized from the
enactment of the law up TO and including
Nov. 30, $50 national banks, OF which
2,666 were with a capital of less h
$1,000 and 13 with a 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 beer
m st pronounced. Iowa stands Tirst with
thirty banks OF the STaller Class, wnile
Texas, Oklahoma, Indian Territory and
the Middle and West sections of the coun'
try have also availed themselves largely
Of The prov S ons under the new law.
A large Increase in natl nal bank note
CIR ulati n has resulted from the act
which permits national banks TO issue cir
cu'at'ng notes to the par value of the
United States lords deposited as secur.
ity ms cad Of only 80 per cent thereof
as heretofore. The increate In c,rculatins
notes from March IA to Nov. 80 Us SIT,
$50, $40.
The party in power is committed VI
such legislation as Will better make fht
| currency responsive to the varying need:
Of business at all seasons and In all sec
tons.