The free lance. (Fredericksburg, Va.) 1885-1926, 1900-12-06
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PRESIDENTS WESSHGE.
CONCLUDED FROM FIRST PAGE.

49,
CONCLUDED FROM FIRSPPAGE)
sources IS making satisfactory progress
under the direction of different officials If
the federal government. and The various
states of the Union have shown dispo-
sition toward the most liberal participa-
ton in the enterprise
The president dwclls ON the value of
the consular reports and then turns 10
the revenues and expenditures lie says:
Ii is gratifying to be able To state that
the surplus revenues for the fiscal year
ended June 80. 1900, were $40, 527 0G01S.
For the six preceding years We had only
deficits. the aggregate OF which from
1894 to 1899, inclusive, amounted TO
S2S}. OPP COLL The receipts for the
year from an sources exclusive of postal
revenues, aggregated SI6T2iO.Ni 50 and
expenditures for all purposes. except for
the administration OF the postal depart
ment aggregated SiS1,1l3.1yl. Il. The
receipts from customs were $50. lot
S1116. an increase over the preceding
year OF ST .0363S94l The receipts
from internal revenue worc S291.32i.-
over 1899 The receipts from misccl-
laneous sources were S3S.I4S,0539l as
against S36.394.91692 for the previous
year.
Ia is gratifying also 20 note chat during
the year q considerable reduction Is
shown In the expenditures of the govern
mcnt The war department. expenditures
for the fiscal year 1900 were Sl3i1f4.-
TOTS. a reduction of $95.Oi6. iN6.69 over
those OF 1899. In The navy department
the expenditures were S5J.9l3. O1I.l2 for
the year 1900 as against S63.9l2. lUA2l
for the preceding year, decrease OF So
| 9S9,O26.53 I'm the expenditures on ac-
count Of Indians there was decrease I'm
1900 over 1899 OF S263O6043S. and ia
the civil and miscellaneous expenses f0r
1900 there was reduction of Nl3.ilN,
O65.74
Because of'the excess of revenues over
expenditures the secretary of the treas
ury was enabled 90 apply bonds and 9th
er securities 90 the sinking fund 90 tbe
amount of S56.541.J5 The details
| Of the sinking fund are set forth iu the
| report of the secretary of the treasury
10 which / invite attention. The secre-
receipts for the current fiscal year will
aggregate S5S0.0OOO0O and the expendi-
lures $500. OOO. 900. leaving an excess OF
revenues over expenditures of $4,000.
600 The present condition of the treas
ury is one Of uud0ubted strength. The
available cash balance Nov. 30 was Sl39-
| 500. 1890. Under the form of statement
prior 20 the financial law of March n
last there would have been included IN
the statement of available cash gold coin
and bullion held for the redemption OF
United States notes
II this form were pursued. the cash
balance. Including the present gold re-
serve of S1JOOOO0OO, would bc $3.50
3O3. 7g450. Such balance Nov. 80. 1880
was S29G. 495.30lj -. In the general
fund which is wholly separate from the
reserve and trust funds. there was ON
Nov 80. $70O90.073.15 in gold coin and
bullion. 10 which should be- added SD,
957.3O0 in gold certificates subject To is
sue. against which there are held i'm the
division Of redemption gold coin and bull
lion. making q total holding Of free gold
amounting u S93.O47.3731J.
Ii will be the duty as | am sure 10 viii
be the disposition of the congress to pro-
vide whatever further legislation is need
ed to insure the continued parity under
all conditions between our two forms of
metallic money. silver and gold.
Financial Act of 1000.
The beneficial effect of the financial act
OF 1900. so far ms it relates 30 a modiica
ton of tine national banking act, is nj
ready appaient The provsion-for the
incorporation of national banks with
capital of not less than $4,000 In places
not exceeding 5000 inhabitants has rec
suited in the extension Of banking facli-
ties to many small communities hitherto
unable TO provide themselves with bank
ing institutions under the national sys-
TEN. There were organized from the
enactment Of the law up 20 and including
Nov. 80 800 national banks. OF which 2hG
were with capital less than $4,000 and
1O3 with capital Of $4,000 or more.
Our foreign trade shows a remarkable
record of commercial and industrial prog
ress. The total OF imports and exports
for the first time in the history OF the
country exceeded S2.O0O,O 100000 The
exports are greater than they have ever
been before, the total for the fiscal year
1900 being 81 394 4S3.0S2. an increase
over 1899 Of Sl67. 459 $50. an increase
over 1898 of $4,000. 10. over 1897 of
S343, 4S9. j26 and greater than in 1896 by
Sj11, $40, IA.
The growth of manufactures in the
United States is evidenced 10y the fact
that exports Of manufactured products
largely exceed those Of any previous
year. their value for 1890 being S433-
SOL. 756, against $339.j92, 146 in 1899. an
increase of IS per cent
Agricultural products were also ex
ported during 1900 in greater volume
than in 1899, the total for the year being
$685., SOS, 123, against S7S4 77G.142 in
1899
The imports for the year amounted TO
SS49. .1S4. an increase over 1899 OF
1852. 1872, 800. This increase is largely in
materials for manufacture and is in re-
Spouse to the rapid development Of manu-
featuring in the United States.
recommend that the congress at its
present session reduce the internal rev
enue taxes imposed TO meet the expenses
Of the war with Spain in the sum Of $50.
100000 This reduction should be Sc
cured by the remission of those taxes
which experience has shown TO be the
most burdensOme TO the industries OF the
people.
l specially urge that there be included
in whatever reduction is made the legacy
tax requests for public uses Of literary,
educational or charitable character.
The Merchant Marine.
American vessels during the past three
years have carried about . per cent OF
cur exports and imports. Foreign ships
should carry the least, not the greatest.
part CT American trade The remarka-
bic growth Of our steel industries, the
progress of shipbuilding for the domestic |
trade and our steadily maintained ex
Bendtures for the navy have created IN
r.lnc1. tho I-nifcd Gfnfnn IN