The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-12-07

g ~ - SAlNS
out ways and means Of disposing of
a great variety of manufactured
goods which otherwise might not have
found sale abroad.
Testimony of foreign observers to the
commercial efficiency of the consular
corps seems to be conclusive. and our
own manufacturers and exporters high
ly appreciate the value of the services
rendered not only in n printed reports
but also in the Individual efforts of on
sular officers TO promote American
trade. An increasing part Of the work
of the bureau of foreign commerce..
who's primary duty it is to compile and
print the reports. Is to answer inquiries
from trade organizations. business
houses. etc.. as to conditions in various
parts of the world. and. notwthstand-
ing the smallnesS Of the force employ
ed, the work has been so symtematizeo
that responses are made with
such promptitude and
as to solicit ~fiattering enco.n-
iums. The experiment Of print
ing the consular reports daily f. IN
mediate Use by trade BODIES, ex. RS,
and h press. which was begun in Jan-
uary, 1898. continues to give general
satisfaction.
TIE Nations Finances.
1t is gratifying TO be able to state that
the surplus for the fiscal year
ended June 80. 1900. were S79, 527, 060.1S.
For the six preceding years we had only
deficits, the aggregate of which from
1894 to 1899. inclusive. amounted to
$3.50, 022, 991. IA. The receipts for the year
from all sources. exclusive of postal
revenues aggregated 1861, 24O, S51.S9, and
expenditures for all purposes. except
for the administration of the postal de-
partment, aggregated $4S7, 713, 1917 The
receipts from customs were 1898 1884,
Sl1.16, an increase over h preceding
year of S27. 036. 3S9. Al. The receipts from
internal revenue were 1926, 327, 926. 76, an
increase of s21. $50, 765. 25 over 1899. The
receipts from miscellaneous sources
were $3S, 74S, 053.S7, as against $36, 1884,.
1862 for the previous year.
It is gratifying also to note that dur
ing the year a considerable reduction is
shown in theexpenditures of the gov
eminent. The war department eXpendi-
lures for the fiscal year 1900 were S134,-
IA, 1918, a reduction of s95. 066. 1856 50
over those of 1893. In the navy depart
ment the expenditures were S55, 9e3,-
G77.72 for the year 1900. as against S63.-
942, 104.25 for h preceding year. a de-
crease Of 81 S9. 026.53. In the expendi-
lures on account Of Indians there was a
decrease OF 1900 over 1899 of 81. $3.50. 604.3 IS:
and in the civil and miscellaneous ex-
penses for 1900 there was a reduction
OF s13, AS. 065. "A.
Because Of the excess of
over expenditures the secretary Of the
treasury was enabled to apply bonds
and other securities ito the sinking fund
10 the amount of $685. 44, 556.06. The de-
tails of the sinking fund are set forth
in the report of the secretary of the
treasury, to which I invite attention.
The secretary Of h treasury estimates
that the receipts for the current fiscal
year will aggregate $3.50, 900, 900 and the
| expenditures $500, 900, 900, leaving an ex-
cess OF over expenditures of
sSO,Ooo,Oeo. The present condition Of
the treasury is one OF undoubted
strength The available cash balance
November Goth was 1888, 300, 794.5 SC. I'm
der the form OF statement prior to the
financial law of March 18th last there
would have been included in h state
the division of redemption gold coin and
bullion held for the redemption OF
United States notes.
1t will be the duty as lam sure it will
balance. including the present gold re-
serve of $50, 900, coo, would be $3.50, 303.-
$3.50. Such balance November 80, 1892.
VIZ $500, 495, 301. SO. In the general fund,
which is wholly separate from the re-
serves and trust funds, there was OF
November Both, $40, 900, 073.15 in gold coin
and bullion, to which should be added
So, 957 800 in gold certificates subject t.
issue, against which there is held IL
the division of redemption gold coin an(
bullion, making a total holding of free
gold amounting to 500, 047, 373.15.
1t Will be the duty as l am sure it will
be the disposition of the congress &c
provide whatever further Legislation Is
needed to Insure the continued parity
under all conditions between our tive
forms of metallic money. silver and
gold.
Our surplus have permitted
the secretary of the treasury since the
close Of the fiscal year to call in the
funded loan of 1891 continued at 2 pei
cent. in the sum of s25, 1854, 500. To AND
including November Goth, S23, ASS, 100 o.
these bonds have been paid. This sum
together with the amount which may
accrue from further redemptfons unde
h call, will be applied to the sinking
fund.
The law of March IA, 1900, provided
for refunding into 2 per m 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 8 per cent
bonds of 1908. the 4 per cents. of 1907
and the 5 per cents. of 1904. of which
there was outstanding at the date OF
said law 1888, lag, $50. The holders OF
the old bonds presented them for ex.
change between March 14th and No
vember 30th to the amount of S264, 94S,
$50. The net saving to the government
on these transactions aggregates SO, 106.
166.
Another effect of the operation. a:
stated by the secretary. is to reduce the
charge Dol the treasury for the pay
ment of interest from the dates of re
funding to February 1. 1904. by the sun
of more than 1000. 900 annually. From
February 1. 1904, to July /, 1907, the an.
nuaA interest charge will be reduced
by the sum of o thar $500 900, AND
for the $hirteen months ending Angus
l, 1908, by ABOUT 81. OOO, 900. The full de.
tails of the refunding are given in tn,
annual report Of the secretary OF tn
treasury.
The beneficial effect Of the financia
act OF 1900, so far as it relates to {
modification of the national bankins
act. is already apparent. The provis
ion for the Incorporation OF nationa
banks with a capital of not less thai
s25, 900 in places not exceeding 5000 In
habitants has resulted in the extension