Gilpin observer., 1900-12-06

vite attention. The secretary of the
treasury estimates that the receipts
for the current fiscal year will aggre-
gate $3.50, O,0OO,O 600, and the expenditures
$500, 1000. 900, leaving an excess of rev.
enues over expenditures of $SO,OOO 000
The present condition of the treasury
is one of undoubted strength. The
available cash balance November Both
was $139,303, ,79450.
Under the form of statement prior
to the financial law of March 18th last.
this would have been included in the
statement of available cash gold coin
and bullion held for the redemption Of
United States notes.
GOLD RESERVE.
IF this form We're pursued, the cash
reserve of S15O.OOO,OOO would be $685.
BOZ, 1880. Such balance November 30,
1899. was sos, ,495, ,301 30. In the gen.
eral fund, which is wholly separate
from the reserve and trust funds, there
was on November Both, $50, 100, 1881
in gold coin and bullion, to which
should be added SO, ,957 300 in gold GER
tificates subject to issue against which
there is held in the division of redemp-
tion gold coin and bullion, making a
total holding of free gold amounting to
SOB, 3,047 ,3I3.15.
THE PARITY.
"It will be the duty, as / am sure it
will be the disposition, of the Congress
so provide whatever further Legislation
is needed to insure the continued pari-
ty under all conditions between our
two forms of metallic money, silver
and gold.
Our surplus revenues have permit
tod hrs ,,ff ,,it,on
the close of the fiscal year to call in
the funded loan of 1891, continued at
two per cent, in the sum of $25,361, 500.
TO and including November 30, $685.
45S, 100 of these bonds have been paid.
This sum, together with the amount
which may accrue from further re-
demptions under the call, will be ap-
piled to the sinking fund.
REFUNDING BILL.
''Ihe law of March IA, 1900, provides
for refunding into two per cent. thirty
year bonds, payable, principal and in
terest, in gold coin of the present
standard value, that portion of the pub
lie debt represented by the three per
cent. bonds of 1908, the four per cents
of 1907 and the five per cents of 1905,
of which there were outstanding at
date Of said law, $3.50, 149, $50. The
holders of the old bonds presented
them for change between March 18th
and November Both to the amount of
1854 ,943, ,15O. The net saving to the gov
ernment on these transactions aggre-
gates 50, JOG, 166. Another effect of the
operation, as stated by the secretary,
is to reduce the charge upon the treas
ury for the payment of interest from
the dates of refunding to February l,
1904, by the sum of more than 5000
900 annually. From February /, 1904,
to July /, 1907, the annual interest
charge will be reduced by the sum of
more than S5,OOO,OOO, and for thirteen
months ending August /, 1903, by
about $1,OOO,OOO. The full details of
the refunding are given in the annual
report of the secretary of the treasury
''The beneficial effect of the financial
act of 1900, SO far as it relates to the
modification of the national banking
act. is already apparent. The provis'
ion for incorporation Of national banks
with a capital of not less than 1000
in places not exceeding 5000 inhabit-
ants has resulted in the extension of
banking facilities to many small com.
munities hitherto unable to provide
themselves with banking institutions
under the national system. There
were organized from the enactment of
the law up to and including November
Both, 369 national banks. of which 26G
were with a capital less than $4,000,
and 103 with n capital of $4,000 or
more.
This government desires to preserve
the most just and amcable commercial
relation with all foreign countries un-
moved by the industrial rivalries nee
essarily developed in the expansion of
international trade. 1t is believed that
the foreign governments generally en-
tertain the same purpose, although
in some instances there are clamor-
Gus demands upon them for Legislation
specifically hostile to American inter.
ests. Should those demands prevail
shall communicate with Congress with
the view of advising such Legislation
as may be necessary to meet the emer-
gency.
''lt is worthy of mention that the
greater number of banks being organ
lied under the new law are in sec
tions where need of banking facilities
has been most pronounced. Iowa
stands first with thirty banks of the
smaller class, while Texas, Oklahoma,
Indian Territory and the middle and
western sections of the country have
also availed themselves largely of the
privileges under the new law.
"A large Increase In national bank
note circulation has resulted from the
provision of the act which permit ma
tiOnal banks to issue circulating notes
TO the par value of the United States
bonds deposited as security, instead OF
only ninety per cent. thereof as here
tOfore. The increase in circulating
notes from March 18th to November
3Oth is SIT 1888. $40.
'.,rhe party in power is committed to
such legislation as will better make
the currency responsive to the varying
needs of business ut all seasons and in
all sections.
nnnI,r.,Ny