Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1900-12-06
the Annual Report OF the Secretary of

the nnual Report OF the Secretary OF
the Treasury.
Tho beneficial effect of the financial |
act OF 1900 so FIR AZ it relates to a |
modification OF the national banking |
act, is already apparent. The provision |
for the incorporation of national banks
with capital of not less than 1926, 600 |
in places not exceeding three thousand
| inhabitants mas resulted in the extern
sion of banking facilities to many small
communities hitherto unable to provide
themselves with banking institutions
under the national system. There were
organized from the enactment OF the
law up to and including November
/; Both, $50 national banks. of which 266
we're with capital less than $50, 600, and
l03 with capital of 5000 or more.
1t is worthy Of mention that the
greater number OF banks being Or
ganized under the new law are in
sections where the need OF banking
facilities has been most pronounced.
Iowa stands first with 30 banks OF the
smaller class, while Texas, Oklahoma,
Indian Territory, aud the middle and
western sections of the country have
also availed themselves largely of the
privileges under the new law.
large Incl ease in national-bank-
note circulation has resulted from the
provision of the act which permits
national banks to issue circulating
notes to the par value OF the United
; States bonds deposited "a security in
, stead of only so per cent thereof, as
. heretofore. The increase ID circulating
notes from March 14th to November
Both is SIT, Ss9.570.
| The party In power is committed to
, such legislation as will better make
the currency responsive TO the varying
, needs Of business at all seasons and in
all sections.
+ Our foreign trade shows remarkable
, record Of commercial and industrial
! progress. The total OF imports and ex-
! ports for the first time In the history of
I the country exceeded two billions of
, dollars The exports are greater than
I they have ever been before, the total
for the fiscal year 1900 being u, 1914, /.
3 | Asa, 0S2, an increase over 1889 OF
$167. 459, 7s0, an increase over 1898 of
: S163, 600, 752, over 1897 of $43, ass, o26,
q aud greater than 1896 by s51 s76, LA.
The growth of manufactures in the
o United States is evidenced by the fact
: that exports of manufactured products
h largely exceed those of any previous
q year, their value for 1900 being S433,
j. an increase OF 28 per cent.
a Agricultural products were also ex-
\ ported during 1900 in greater volume
q than In 1899, the total for the year
being 1896, 1858, 123, against 1874, nc, Ia
@ in 1899. -
i The Imports for the year amounted tc
a S84e, OIL, 1874, an increase over 1899 oil
Q Sl52, 1872, sos. This increase is largely
/. In materials for manufactures and is
l. in response to the rapid development
!. of manufacturing in the United States.
il While there was imported for use il
!. manufactures in 1900 material to the
!. value Of $40, 1853, 972 in excess of 1899. i
,r is reassuring to observe that there is {
T. tendency toward decrease in the i'm
"a portation of articles manufactured
: ready for consumption, which in l9O'
o formed 10. II per cent of the total i'm
e ports, against 10. 54 per cent in 1893 ans
: 81. 90 per cent In 1896.
IS recommend that the Congress at 1T
a present session reduce the internal rev
enue taxes imposed to meet the ex
4. penses of the war with Spain Id tn
sum of thirty millions of dollars. Thi
-, reduction should be secured by the re
e mission of those taxes which expert
10 epce has shown to be the most burden
~ some to the industries Of the people.
N / specially urge that there be in
n cluded in whatever reduction is mad
n the legacy tax requests for public use
as of literary, educational, or oharitabl
as character.
"s American vessels during the pas
In three years have carried about 8 pc
rs cent of our exports and imports. Foi
"a eign ships should carry the least, nc
I'd the greatest part Of American trade
- | ryr1u,fh of cta
industries, the progress of shipbuile
ing for the domestic trade, and OF
t es steadily maintained expenditures fl
~ the Navy have created an opportunit
" to place In the United States In th
~ first rank Of commercial martini
Az powers.
w Besides realizing proper nationi
No aspiration this will mean the estat
" lishment and healthy growth along a
u. our coasts of distinctive national il
oo dustry, expanding the field for IL
W W profitable employment Of labor and cal
W ita. It will increase the transportatic
~ facilities and reduce freight charg
NV on the vast volume of products brouel
" from the interior to the seaboard +,
= n export, and will strengthen an arm
~ the national defence upon which I'll
~. founders of the Government and the
4. BuUC0SSDTb hufo IL dSdth
hI,, immediate action by the Congress- {
' J,e measures to promote American shi
'no ping and foreign trade, direct atte
tion to the recommendations on I'll
ssh subject in previous messages, and pa
re- ticularly to the opinion expressed
- the message Of 1899:
Ger 81 am satisfied with the judgment
In the country favors the policy of aid
ep- our merchant marine, which W
as, broaden our commerce and markets al
W upbuild our sea carrying capacity
70 the products of agriculture and man
In facture, which, with the increase
ue, our navy, mean more work and WAC
1ne to our countrymen, as we'll as a sal
IND guard to American interests in eve
rec part Of the world
The attention of the Congress- is
IL vited to the recommendation of t
ess Secretary OF the Treasury in his Annu
ION ION Report for legislation in behalf of t
NY Revenue Gutter Service, and favorat
iwo action is urged.
and In my last Annual Message to t
Congress- ] called attention to t
ted necessity for early action to RENE
the such evils as might BIZ found to ex
the in connection with combinations
per capital organized into trusts, and aga
To invite attention to my discussion
oS.- the subject at that time, which &C
lid. cluded with these words:
unit SIT is apparent that uniformity
re- legislation upon this subject in I
r.. - a.,