The Bemidji pioneer., 1900-12-06
FINANCIAL AFFAIRS.
OF the Government In
\ This Respect Most Sntfsfnctory.

+ 4 " ~ 4
|MEondItion OF the Government In
This Respect Most satisfactory.
!, 1t IS era tifying to be able to state that
the surplus revenues Tor the fiseal year
onded June so. 1900. were $T9 1927 .060As.
deficits, the aggregate Of which from 1894
to 1899 inclusive. amounted to $233022...
99l.l4. The receipts for the year from all
s Gssssts ssasSs 81 sSst ana espors
all purposes except for. the administration
of the postal department, aggregated
E9 s7 Ths receipts fro o customs inns
preceding years of $2T, 036, $50. 41sy The re-
ceipts from internal revenue We're S22ao,-
,o29 az an increase Of S2is9o aEa, 70
eous sources We're $3S. 74S Oo3DI as
AGAINST $36S94.9 1852 for the previous
year. Ks .sEs IA !, 4. \
1t is gratifying also to note that during
the year considerable reduction is showH
in the expenditures or the government
The war department expenditures Tor the
duction Of sos, oe6, 4s6 go over those Of
1890; In the navy dspartment the ex-
peenditures We're 800 81; 0IT ~ for the year
prreceling year, a decrease Of sT.ass.ss
026.:s} In the expenditures on account OF
Indians there was a decrease IN 100
over 1890 OF $2. $50 604.3s and In the civil
was reduction Of Sis. Ais. o65.74
Because Of the excess Of revenues over
expenditures the secretary Of the 81 TREAS phsr
amount of s5s544. 55a.os. The details Of
the sinking fund st forth n .ns
which invite attention. The. secretary
OF the treasury estimates that the re-,
ceipts for tho current fiscal year VIII
aggregate S5S0,OO0. COO and the expendiss
lures $500. 000 900, leaving an excess 81
revenues over expenditures of $50, 000,-
900 The present condition Ct the treas
ury is one Of undoubted strength.
Further legislation.
| 1t will be the duty. as j am sure II VIII
be the disposition Of the congress, to pro-
vide whatever further legislation Is need
all conditions between our two forms OF
metallic money, silver and gold. Our sur
plus revenues have permitted the ssc .r
fiscal year to call in the funded loan Of
1891 in the sum of $25, 3R4 500. To and
including Nov. so, S2.3, 45s, 100 Of these
with the amount which may accrue from
further redemptions under the call will
be applied to the sinking fund.
The lay of March L. daog provides for
bonds, payable principal and interest," IN
gold coin. Of the present STANDARD value e;
that portion Of the public debt represented
4 per cents Of 1o0T, and the per cents
of 1904, Of which there was outstand In
at the date Of said law $S;ia, las, t30S The.
for exchange between March Ia and Nov.
30 to the amount Of ABB, TAO The
net saving TO the government or these
transactions aggregates SA,10t, lG6. An
| other effect Of the operation as stated by
the secretary Is to reduce the charge upon
the treasury for the payment Of Interest
from the dates Of retunding 20 ~ t nno nd !;
annually. From Feb. l, l904, to July !,
| 1907 the annual interest charge, will be
reduced by the sum. Of more than So;-
| ing Aug. l. 1908, by about S1.OOO,U9o
| The full details Of the refunding are given
! In the annual report Of the secretary OF
49, New Financial Low.
The beneficial effect OF the financial &C.
\ Of 1900 so far as 1t relates to the modin
! cation Of the national banking net y a. z.
4 corporation Of national ba nks with ca p-
4 ital of not less than $25. 900 IN places
not exceeding 5000 inhabitants. has re-
/ suited in the affording of banking fn-
1 cilities to many small communities here
tofore unable to provide themselves with
banking institutions Under the niltipnai
system There were organized from the
enactment Of the law up to and including
| Nov. 80, 800 national banks, Of which
2.666 were with. capital Of less than
| 500 600 and IL with a capital OF SoO,Up0 or
more. 1t is worthy Of mention that the
| greater number of banks being olEanized
| under the new law are in sections where
1.-THE need of banking facilities has been
NEST pronounced, Iowa stands Tlrst with
thirty banks of the sraller class, Wflls
lslTeXas, Oklahoma Indian Territory and
1.-The Middle and West sections of the couii:
l8try have also awaited themselves largely
iNof the t'rov s on under TIE new law.
A largs increase in natl raj bank rote
lSctr ulatf n has resulted from the act
which permits national banks to issue cir
lScu!atlng notes to the par value tof the
United States bonds deposited as secnr-
i5ity instead CT only 90 per cent thereof,
as heretofore. Tho Increase in CIRCULATING
notes from March ID to Nov. 30 IS ST.
The party In power is committed 70
such legislation as VIII better make the
IcurrencV responsive to the varying needs
of business at all seasons and In all Sec
lions.