The Saint Paul globe., 1900-09-10

resentative government in Hawaii; has
enacted bills for the most liberal treat
ment OF the pensioners and their
| WIDOWS; has revived the free homestead
| policy. In its great financial law it pro-
| Vlded for the establishment of banks
| OF issue with g capital of $25, 600 for the
! benefit of villages and rural communi-
ties, and bringing the opportunity for
profitable business in banking within the
reach of moderate capital Many are al
ready availing themselves of this Civ
| ilege.
During the past year more than nine
| teen millions of United States bonds
/ have been paid from the surplus rev.
enues of the treasury, and in addition
twenty-five millions of 2 per cents ma
| tured, called by the government, are in
process of payment. Pacific railroad
| bonds issued by the government in aid
| or the roads in the sum of nearly forty-
four million dollars have been paid since
| Dec. 81, 1887. The treasury balance is
| In satisfactory condition, showing on
| Sept. 1, $135, $4,000, in addition to the
Sl5OOOO, GOO gold reserve held in the treas
the Pacific railroads have been substan-
| TALLY closed, $124, ,421, 600 being received
| from these roads, the greater part in
| cash and the remainder with ample Sc
| cur1tleS for payments deferred
INCREASE OF CURRENCY.
Instead of diminishing, as was predict
ed four years ago, the volume of our
! currency IS greater per capita. than it
has ever been. It was S21.10 in 1886 II
had Increased to $26.50 on July 1, 1900,
money on July l, 1896, was s.. SOC, ,434, ,966;
on July 1, 1900, it was $2062, 425. ass. and
81 096, 6S3 042 on Sept. 1, 1900
| Our industrial and agricultural conditions
are more promising than they have been
Tor many years; probably more so than
they nave ever been, Prosperity abounds
everywhere throughout the republic 1
rejoice that the Southern as well as the
/ Northern states are enjoying a full share
| OF these improved national conditions
| ana that all are contributing so largely
10. 10 our remarkable industrial development
Inc money lender receives lower rewards
| Tor his capital than If 1t were invested
III acllVe business The rates of inter-
est are lower than they have ever been
! IN TINS country, while those things which
are produced on the farm and in the
| workshop and the labor producing them
! nave advanced In value.
Our foreign trade shows a satisfactory
] and increasing growth. The amount of
our exports for the year 1900 over those
OF the exceptionally prosperous year of
1898 was about half million dollars for
! every day of the year and these sl1ns
nave gone into the. homes and enterprises
| OF the people. There has been an in
crease CT Sc; OF over 500 9ooeoO in the exports
| manufactures and in the products of the
mines of over $500 1000. Our trade ball
ahces cannot fail to give satisfaction to
the people of the country In 1898 we sold
abroad $685. 432,676 of products more than
we bought abroad; in 1899 $529, ,S74,Sls, and
IN IN 1900 $544 All. 701 making during the
| tnree years a total balance of trade In
our favor of S. $50. .779, ,190-nearIy five times
the balance of trade in our favor for the
| whole period of 108 years from 1890 to
| June 80, 1897. inclusive.
| Four hundred and thirty-six million dol
lars OF gold have been added to the gold
! stock of the Unite States since JuIV
1876 The law of March A. 1900, authorized
the refunding into per cent bonds of
/ that part Of the public debt represented
by the per cents due in 1905 the 4 per
/ cents due In lSt! and the 5 per cents due
IN l9V4, aggregating $780, 600, co., More than
] one-third of the sum of the bonds wa q
/ refunded in the first three months after
the passage of the act, and on Sept. i
i this sum had been Increased mora tl3a1
$S3, coo, making in all 1896. SIS 050 result
I ing IN net saving of over SIS, ,379 $50. The
ordinary receipts of the government for
the fiscal year 1900 were s79. ,O60 in ex-
/ cess OF its expenditures.
TRADE STATISTICS.
! While our receipts both from customs
and internal revenue have been greatIv
i increased, our expenditures have been de-
| creasing. Civil and miscellaneous ex
| penses for the fiscal year ending June 80.
| 1900, were nearly $14. 900 less than in
! 1889. while on the war account there is
| a decrease of more than $95 900 COO There
were required 5000 900 less to support the
| navy this year than last, and the expendf-
| lures on account of Indians were nearly
/ two and three-quarter million dollars less
than in 1899. The only two items of in
950a crease IN the public expenses of 1900 over
| 1879 are for pensions and interest ON the
public debt. For 1899 we expended for
/ pensions $l39, 394 929. and for the fiscal wear
l9VO our payments Pc 5 on this account amount
ed to $140,S77, ,316. The net increase of in
| terest on the public debt of 1900 over
| 1889, required by the war loan was S26S
4o825 While congress authorized the gov
eminent to make war loan of $40). 900 600
| at the beginning of the war with Snain
! only $zOO,OOO,OO of bonds were issued, bear.
ing per cent interest, which were
! citizens.
Unless something unforeseen occurs TO
| reduce our revenues or increase our ex
| pendltures the congress at its next ses-
rally. -iA'' "
Five. years ago we were selling govern
ment bonds bearing as high as s per cent
| interest Now we are redeeming them
with bond at par bearing per cent
interest We are selling our surplus
products and lending our surplus money
| to Europe. One result of our selIinep to
other nations SO much more than we have
| bought from them during the past three
years is radical Improvement of our
OF capital which have been borrowed of
Europe for our rapid, material develop
| ment have remained a constant drain
upon our resources for interest and divi-
| dends and made our money markets la
| bic to constant disturbances by calls for
| payment or heavy sales of our securi-
| Ties whenever m0S6yed Stringency or
panic occurred abroad. We have now
been paying these debts and bringing
home many of our securities and estab-
fishing counter-vailing credits abroad bv
our loans and placing ourselves upon a
sure foundation of financial independence.
In the unfortunate contest between
Great Britain and the Boer states Of
South Africa, the United States has main
| tained an attitude of neutrality In accord
ance with its well known traditional poll
| cy. 1t did not hesitate, however, when
| requested by the governments of the
| South African republics, to exercise its
| good oft1ceR for a cessa ton of hostilities
1t is to be ,Sbserved that, while the South
African REPUBLICS made like requests OF
other poweis, the United States is the
only one Which complied The British
| government declined to accept the inter.
yentior Of any power.
IN FOREIGN SHIPS.
Ninety-one per cent of our exports and
imports are now carried by foreign shins
For ocean transportation we pay annual
ly to foreign ship owners over $685. 900
We ought to own the ships for our carry.
ing trade with the world, and we ought te
build them in American shipyards anG
man them with American sailors. Oul
own citizens should receive the transpor.