The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1900-12-06

Our Financial Showing.
The president points with much prid,
10 the showing made by the treasury de
partment and quotes exharstlvcIy from
the report Of Secretary Gage. He show,
tne surplus for the year TO be SO 527. .OGJ. ls
ana estimates the surplus OF the coming yea,
a1|So0O.Oc). Hesays the present condition
III ~ ,ne treasury Is one OF uncoubted strength
was Sl5y5D3, 1880. Under the form OF
sssatefnent prior 70 the financial law OF
MaIch IL last this would have been In
SIuged IN inc statement OF available cash
s,u com and bullion held for the redemp-
'ioh OF United States notes.
Further Financial LeEisIstion.
lie recommends further financial leris-
iation In the following words
VIII De the duty as / am sure Il will
De the disposition OF the congress 10 pro-
Va Ndoe Whatever further legislation is need
90 10 insure the continued parity uucer
el conditions between our two forms Of
HLetaIIlc money, silver and gold.
OuI surplus revenues have permitted the
sssc,estary os ,et Of the treasury sing. .the. close
VI me me hscal year TO call in the fuhded loan
or 1891 continued at two per cent. In the
sum OF 81. .364.5OO. TO and including Mo-
Hember -. s23, 458.100 Of these bonds have
spdnI amen paid. This sum, together with the
redempuons under the CALL Will be an
pned to the sinking fund.
ne law OF March II. 1900, provided for
re,unGlhg INTO two per cent 30.year bonds,
payable, principal and interest In goI4
coin of the present standard value. that
ppIuQn OF the public debt represented by
me oie .nree-por-cent. bonds Of 1908, the four
pesr-Cents OF 1901 and the five-per-cents
on 1900. Of which there was outstand-
dng az the date Of said law ss3e. i4s.-
~ ~ Ihe holders Of the old bonds presented
snem lot exchange March u and Novem-
net 81 so,,t 10 me amount of tSs4.st37S0. The
transactions aggregates 50, Io6, 1866.
banking Facilities Extended.
The beneficial effect OF the financial ar,
OF 1900, 80 far as it relates 10 the modid
catlon OF the national banking act, Is All
tao.g teaug apparent The provision for the
~ tiaC0''ttpforation r''t Of national banks with a
NOT exceeding 1900 inhabitants has result
eu IN the extension OF banking facilities
70 many small communities hitherto un-
aDie 10 provide themselves with banking
There were organized from the enact.
Lnent OF the law UP to and Including
asS ~ Soyember 30, 3C9 national banks, OF which
,1s 1gs were with capital less than $4,000 and
lo5 with capital of so 900 or more
III IS worthy Of mention that the greater
! NUMBER OF banks being organized under
the new law are in sections where the
need OF banking facilities has been most
banks OF the smaller class, while Texas.
oklahoma, Indian territory and the mid
die and western sections Of the country
nave also availed themselves largely Of
me privileges under the new law.
Our Foreign Trade.
Our. foreign trade shows a remarkable
'ecord OF commercial and Industrial prog
,ess. The total OF imports and exports
or the first time in the history of the
'ountry exceeds 800. .oO0cOo. The exports
,efore. the total for the fiscal year 1890
'elng- s., S94, A30s2, an increase over 1899
II slGI ,7So, an increase over 1898 of &c.,
VV,192 over 1887 Of s345 iS9. .52S. and greater
han 1895 by $5ll.Ss6.l44
me growth OF msnufactures in the
ynited States IS evidenced by the fact
hat exports OF manufs sctured products
lrsely exceed those Of any previous year
gainst 1893 '592,l ,l4e In 1899. an increase OF
} per cent
Agricultural products were also export
during 1870 in greater volume than in
~. the total for the year ing ss35. .S5S,-
.. against s7s4.776.li2 in IS3
The imports for the year amounted to
'4s @l, ,lA, an increase over 1899 Of fl52-
2 Cos. This increase is largely in mate
ais for manufacture. and IS in response
} the rapid development OF manufaetur-
lg In the United States. While there
as imported for use in manufacture in
20 material to the value OF $79 76S 972 In
Ccess OF 1899. 1t Is reassurlng to observe
lat there is tendency toward decrease
the importation of articles manufac- I
lred ready for consumption, which in :
90 formed 1917 per cent. OF the total {
1port, against 1871 per cent in 1889 and {
90 per cent. In 1895
The Internal Revenue Tax.
I recommend that the congress at its t,
esent session reduce the internal rev. ! q
ue taxes imposed 10 meet the expenses !
the war with Spain in the sum of $780, :
J. 900 This reduction should be secured
the remission of those taxes which ex-
rience has shown to be the most bur-
nsome 10 the Industries Of the people.
! specially urge that there be included IN
hateVer reduction is made the legacy tax
quests for public uses OF a literary, edu. e
tional or charitable character. u
Recommends Ship Subsidy. a
American vessels during the past three
ars have carried about nine per cent. q
our exports and imports Foreign ships 0
]uld carry the least. not the greatest, h
IT OF American trade. The remarkable
)wth Of our steel industries, the prog
IS OF shipbullding for the domestic trade, e'
d our steadily maintained expenditures 3,
the navy have created an opportuni- u
10 place the United States In the first h.
TX OF commercial maritime powers. al
'esides realizing a proper national as r.
alton this WIN mean the establishment a
healthy growth along all our coasts L
a distinctive national Industry. expand- M
the field for profitable employment II
labor and capital II will increase the la
nsportatlon facilities and reduce freight
rges on the vast volume Of products
ught from the interior 10 the seaboard 70
export, and Will strengthen an arm ~
the national defense upon which the 81,
nders Of the government and their ~
cessors have relied y.
The Trust Question.
he trust question receives the atten- bo
of the president. and he says: co
i Is apparent that uniformity Of legis- uc
on upon this subject in the several &C
tes Is much TO be desired. II Is TO be
ed that such uniformity. founded in a
e and just discrimination between what "a
njurious and what is useful and neces- sh
IN business operations, may be OBJ lie,
led, and that means may be found for M
congress, within the limitations OF its he
stituti9nal power, so TO supplement an
ctive code OF state legislation as 10 trc
re a complete system of laws through ISL
the United States adequate to compel ali
'hicn have referred. co
he whole question is so important and ms
reaching that ! am sure no part of IL sh
be lightly considered. but every phase as
will have the studied deIiberatio OF
;ress, resulting In wise and judicious ris
On. tro
restraint upon such combinations as are du
rlous. and which are within federal Ike,
'dictlOn, should be promptly applied pin
the congress- this
The Philippines. net
nsiderable attention Is given the sub he,
of the Philippines. and In this con- shs
ion the scope and work OF the Phil IT,
lie commission as outlined TO the COM 40
ioners is fully outlined for the bene- 7,
II congress. OF the present condi- o,ii
in the islands the president says: A.,
my iaS' anhuai ihessasS 4 u"et az the
in the Philippines. While seeking nrs
npress UPON you that the grave re- hi,
sibility OF the future government OF rai,
? islands rests with the congress of 70
= = niteu otates, 1 aostalheo from rec liey
form OF government for the terri I'aI
actually held by the United States n