The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-09-10

all are contributing so largely TO our remark.
able industrial development The money lender
receives lower rewards ior hs capital than ii
ii were invested in active business. The rates
Of interest arc lower than they have ever been
in this country while those things which pro.
duccd on the farm and in the workshop and the
labor producing them, have advanced in value.
Our foreign trade shows satisfactory and in
Creasing growth. The amount OF our exports
ior the year 100 those Of the exceptionally
prosperous year OF 800, about half mill.
ion dollars for every day OF the year, and these
| sums have gone into the homes and enterprises
Of the people There has been an increase OF
over Sj0OOO,0Oo in the exports OF agricultural
products; $02Gt2, ,220 in manufactures and in the
products of the mines Of over Sl0,OOo,0O. Our
trade balances canot fail 10 give satisfaction to
the people Of the country In 1s9S We sold
abroad SGl5, 49,, ,67G of products more than VIC
we bought abroad, in 1902 $j20s7i,sl3, and in
1900, S54i, Al 70l making during the three years
| a total balance in our favor Of sl6S9, 10 100
| nearly fye times the balance Of trade in our
favor for the whole period Of los years from l'0O
] TO June 80 1897. inclusive.
I Four hundred and thirty.six million dollars Of
| gold have been added 20 the gold stock of the
| United States since July I, 1896. The law Of
March Il, 1900, authorized the refunding into two
per cent. bonds of that part of the public debt
represented by the three per cents due IN lmS,
| the four per cents due in 1907 and the five per
than one.thrd Of the sum Of these bonds was
refunded in the first three months after the pass.
J age Of the act, and on September the sum had
been increased more than $23, 600 600, making in
| all $330,57S,050, resulting in net saving of
over Ss,S7e,j20. The ordinary receipts Of the
government for the fiscal year 1900 were $7o,-
| 527, ,O6O in excess Of its expenditures
While our receipts both from customs and
internal revenue have been greatly increased, our
expenditures have been decreasing. Civil and
| miscellaneous expenses for the fiscal year ending
June go 1900. were nearly Sli,0OO,OO0 less than
| in 1899, while on the war account there is
decrease Of more than S95, 100000 There were
| required Ss000,0O0 less to support the navy this
| year than last, and the expenditures on account
| OF Indians nearly two and ree.quartcrs
million dollars less than in 1890. The only two
| items Of increase in the public expenses OF 1900
over 1890 are for pensions and interest on the
public debt. For 1890 we expended for pensions
sl30, ,39i, ,929 and for the fiscal year 1900 pay.
mens this account amounted to Sli0,S713lG.
The net increase Of interest on the public debt
Of 1900 over 1899 required by the war loan,
S26S ,40s.2j. While congress authorized the gov.
ernment to make war loan Of 100000, 900 at
| the beginning of the war with SPAIN only 500,
600, 5000 Of bonds were issued, hearing three per
cent interest, which promptly and pa
triotically taken by citizens. Unless some
| thing unforeseen occurs to reduce revenues or
increase our expenditures, the congress at its
next session should reduce taxation very ma
| tcrialy
| Five years ago were selling government
bonds bearing high per cent interest
Now we are rcdceming them with a bond at par
bearing 2 per cent interest. We are selling our
surplus products and lending our surplus money
| to Europe. One result Of our selling to other
nations SO much more than have bought from
them during the past three years is radical
| improvement of financial relations. The
great amounts of capital which have been bor.
rowCd Of Europe for our rapid, material dcvcl-
orment have remained constant drain upon
our resources for interest and dividends aud
made our money markets liable to constant dis.
turbanccs by calls for payment or heavy sales
of our securities whenever moneyed stringency
or panic occurred abroad. We have been
paying these debts and bringing home many OF
our securities and establishing countervailing
credits abroad by loans and placing our.
selves upon sure foundation OF financial indie
pGndenCc