Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-12-04

OF International trade. II is believed
| that the foreign governments generally
j entertain the same purpose, although
IN some Instances there are ciamorous
demands upon them for legislation
specifically hostile to American inter-
| ests. Should these demands prevail I
| shall communicate with the Congress-
with the view OF advising such legls-
lation as may be necessary to meet the
| emergency.
PAN AMERICAN EXPOSITION.
The President endorses the EXPOSE
ton OF the resources and products Of
| the western hemisphere to be held at
Buffalo next year, and says the Latin
American states are evincing lively
| interest.
RESOURCES.
1t is gratifying to be able to state
that the surplus revenues for the fiscal
year ended June so, 1900, were s7s527,-
O6o.1S. For the six preceding years we
had only deficits, the aggregate Of
which from 1884 to 1899, inclusive.
amounted to S2s3, OF, e91.14 The re-
ceipts for the year from ell sources,
exclusive OF postal revenues. aggre-
| gated 1861, 240 s5l.89, and expenditures
for all purposes, except for the admin
istration of the postal department. ag-
| gregated $4S7,713,791.71. The receipts
from customs We're S233. 164 ,S71I6. an in
crease over the preceding year of s27.-
| 036. 3S9.41. The receipts from internal
revenue were s295, 1921. 926.76, an increase
| OF SCI 800, 766.25 over 1885, The receipts
from miscellaneous sources were $685.
74s,o53.o7 as against sS6,Ss4.s76s2 for
| the previous year.
1t is gratifying also to note that
| during the year a considerable reduc-
ton is shown in the expenditures of
the government. The war department
expenditures for the fiscal year 1900
| 1 nf
| 066, 1860 over those OF 1899. In the
navy department the expenditures
were s55,953.077.72 for the year 1900. as
against s63, 942, 104.25 for the preceding
year, decrease of 1898. 026.53. In the
expenditures on account of Indians
there was decrease in 1900 over 1899
OF $780, 04SS; and in the civil and
| miscellaneous expenses for 1900 there
| was reduction of S13 41S. 065.75
| Because OF the excess of revenues
| over expenditures the secretary of the
treasury was enabled to apply bonds
and other securities to the sinking
fund to the amount of $50, .556. 06.
The details of the sinking fund are set
forth in the report Of the secretary of
the treasury. to which 1 invite atten-
ton. The secretary of the treasury es-
Inmates that the receipts for the cur
rent fiscal year will aggregate S0,o00,-
900 and the expenditures $500, 600,
leaving an excess OF revenues over ex-
penditures OF $50, 0oO, 900. The present
condition of the treasury is one OF UNI
doubted strength. The available cash
balance November 80 was sl39,303,
1890. Under the form of statement
prior to the financial law OF March Ia
last there would have been included in
the statement of available cash gold
coin and bullion held for the redemp
ton of United States notes.
If this form were pursued, the cash
balance, including the present gold re-
serve of $3.50, 900, 600, would be $3.50 ,303,-
794.50 Such balance November 80,
1899, was s296, 495. So1.55. In the general
fund, which is wholly separate from
the reserve and trust funds. there was
on November 80. $7o.09o073.15 in gold
| coin and bullion, to which should be
added S22,957,300 in gold certificates
subject to issue, against which there
gold coin and bullion. making total
holding of free gold amounting to $780,
47,S73.15.
PARITY OF MONEY.
1t will be the duty as 1 am sure II
will be the disposition of the Congress
to provide whatever further legislation
| is needed to insure the continued parity
under all conditions between our two
| forms of metallic money, silver and
gold
REFUNDING.
Our surplus revenues have permitted
the Secretary of the Treasury since
the close of the fiscal year to call in
the funded loan OF 1891 continued at
per cent, in the sum of $50. 1854 500. TO
and including November 80. BASS, 100
of these bonds have been paid. This
sum. together with the amount which
may accrue from further redemptions
under the CALL will be applied to the
sinking fund.
The law of March II, 1900, provided
FAt- n
thirty-year bonds, payable, principal
and interest, I'm gold coin of the pres
ent standard value, that portion (of the
public debt represented by the per
cent. bonds of 1908. the per cents. of
1907. and the per cents. of 1904, of
which there was outstanding at the
date of said law $3.50, 149, 800. The hold
ers of the old bonds preseQted them for
exchange between March IA and No
vember 80 to the amount OF 1854. s43. $50.
The net saving to the government on
these transactions aggregates s9.106. 166.
Another 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 or
refunding to February /, 1904, by the
sum OF more than seven million dol
lars annually From February l, 1904
to July /. 1907. the annual interest
charge will he reduced by the sum of
| more than i've millions. and for the
thirteen months ending August /. 1905.
by about one million. The full details
of the refunding are given in the an
nual report OF the Secretary OF the
Treasury.
NATIONAL BANKING ACT.
The beneficial effect OF the financial
act of 1900. SO far as 1t relates to n
modification of the national banking
act. IS already apparent. The provision
for the Incorporation of national banks
with a capital OF not less than $4,000
j x.l. Il