The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1900-12-05

banking association shall be entitled to
receive from the comptroller OF the cur
rency. or 10 issue or reissue or PA plsse T.,
amount of its circulating notes OF the ue-
nomination Of IS. The semi-annuai duty
on national bank circulation Is rea ee,,
where secured by per cent. consolS OF
| 1890 Circulation secured by other classes
OF bonds is still subject 10 tne sefhi, Tsbs
act repeats so much OF the act OF July
II, 1859. prohibits any national panN,
which makes deposit y lawful mone es
in order to withdraw its circulating hutss'
from receiving an increase or its clrcuid-
/ ton for the period OF six months lrSi3 ,
the time IT made such deposit OF iaw s,si
made for the incorporation Of national
banks. by sanction OF the secretary OF the
itarsasry with capital OF n ,;o ies 80 in
$4,000 In any place the population OF WINCH
does not exceed 1890 Inhabitants
Since the new law went into effect, and
covering the period from Mareh ] 10 70
currency has approved Jn Applications
to organize national banks, OF when -
were for banks with cal tai OF Tess lnen
SJ9.f61. and 127 will capital OF S3VV"o OF
more. Eighty of the applications were
from state banks proposed to be convert,
ed under the provisions o. section 9,ist
Of the Revised Statutes; l1s from state
or private banks proposed to liquidate
for the purpose OF reorganization under
the national banking law, and 256 from
those contemplating primary organiza-
since october 81. 1899. 1888 banks, with an
authorized capital of $50 025,000. have been
chartered. of which SiS completed their
organizations between March IL and Octo-
Der 81. 1900 Sixty-two of the banks or
ganizei since March "a, with capital ag-
gregating 1850 OOo were conversions: l23
with capital OF S. sos 900. reorganizations
of state and private banks. and 1863. with
capital of S,S100o. primary ,organiza-
lions. Two hundred and forty-nine OF the
hqpkc N 1eI March II with
capital Of less than $4,000, the great ma
1ority being with the minimum amount
REQUIRED; namely, s2s 900, the aggregate
with capital of $4,000 or over. the aggre-
gate capital for this class being S0,s0o,0oo
Bonds deposited by both classes amount
20 per cent. of the maximum which might
be deposited.
National Debt.
The interest bearing debt July /, 1900.
included unmatured United States bonds
outstanding amounting TO Sl,O23 Az, 800,
there having been reduction since July
/. 1899, of 22,5s7 $50 This was brought
about by the purchase, under announce
ment of the secretary OF the treasury on
November Is, 1899 OF per cent. bonds.
funded loan of 1907. amounting to. Sl4.'
3lo.S5o. and per cent. bonds, loan of 1904.
in the amount of 1880, 800. There were
also redeemed, under the secretarys call
of May is. 1900. United States bonds of the
funded loan of 1891, continued at per
cent, III the amount OF SS,SSib5u. Inc To-
tai reduction In these three loans up TO
July /, 1900, was So. 6s5, 800, but the net re-
duction, as stated above, was $50,
there having been issued during the fis-
cal year per cent. bonds, loan of 1908
1918, amounting to sllS,920, and $3.50 In
4 per cent. bonds. funded loan OF 1907, In
conversion of refunding certificates, of
which Sl,490 were Issued In payment of
accrued Interest on said certificates.
Foreign Commerce.
The imports of the year were Ss49. 941,
lS4, against s6sl. Jas. 4ss in 1899 an Increase
of S152. 1872, $50.
ued at si,39i. .0SS. Of which $3.50 1881
were of domestic production OF this vast
sum, manufactures formed 3l65 per cent,
against S2l per cent. In 1899. 2s.l4 per
The total expectation of manufactures
during the year 1900 was Sf3s,S5l, io6,
nearly sioo0o0ooo. or about 2S per cent.
Agricultural products also show a graft
Tying gain over 1899 the total for the year
1900 being sS35. s5S. i2s. against s7S4 1912 In
1888, while every other class-mining, for
estry, fisheries and miscellaneous-also
shows an increase In 1900, as compared
with the preceding year
Reduction of Revenue.
From the estimates OF receipts and ex-
penditures for the fiscal year 1899 there
promises to be an excess of receipts to
the amount of S26O00,00 IL Is hardly.
necessary to point out that estimates are
public service which can not be anticipat-
ed may require expenditures not contem-
plated. Congressional appropriations, ex-
traordinary in character. failures t6
realize fully estimated revenues. are also
influences which may operate seriously TO
derange all advance calculations. A con-
sentative margin should, therefore be re-
served In forecasting definite results
based on hypothetical calculations.
An annual excess in receipts over ex-
penditures IL the best Endorsement of the
national credit while "A deficit
pressing factor In public finance. 1t has
been our wise policy I'm the past 20 reduce
the public debt In time of peace and to
this good policy may be attributed, 10 a
high degree, the low rates of interest.
hitherto unprecedented, which now at
tach TO our government debt obligations.
IL Is true that for period OF six years
from 1894 TO 1899 inclusive. annual deficits
appeared; but IL may be hoped that this
was temporary Interruption to his
tory OF twenty-etght years. when each
year showed annual expenditures less
than annual revenues.
The operation OF the act OF February
-. 1857, providing for n sinking fund con-
templates the payment or purchase and
cancellation of substantially $50.uOa.nO an
nuaiiy OF our interest bearing debt obli-
cations. Owing to the unfavorabie tondi-
lions In the treasury during the six years
Just referred to, the sinking fund was en-
ttrely neglected
In the absence of any expression 10
the contrary, IL may be safely assumed
ihat y IS the desire OF congress to observe
faithfully the general requirements 81 the
sinsihe iend act and TO provide revenue
sutnSlent 70 meet the charges thus Inn
posed upon the government The nrrssrt
ana prospective easy condition of Tho
tessary lustifes tire belief that the sink
ing tnnu requirement. can be met hnfh
for the current fiscal year and for ths
next hscai year, and still permit a mott
crate reduction tn taxes imposed BY the
amount 81 $40 00o. 600 is therefara ~ .he
mcRueu 10 the consideration OF fhe pres.