The Providence news. (Providence [R.I.]) 1891-1906, 1900-12-03

pfS,r TO the nnancisi law or naarcn Ia
last there would have been included in
the statement OF available cash gold coin
and bullion held for the redemption OF
United States notes.
IL this form were pursued. the cash
balance. including the present gold re-
serve of 10000, 600, would be $3.50.
303. 1880. Such balance Nov. 30. 1899.
was $206. .495. sol So. Ia the general
fund. which isswholly separate from the
reserve and trust funds, there was on
Nov. so. $70090 o73.1b in gold coin and
bullion. to which should be added S22,-
957 800 in gold certificates subject to is-
sue, against which there are held in the
division OF redemption gold coin and bull
lion. making total holding OF free gold
amounting To $93, ,047 ,313I5.
IL will be the duty as l am sure IL will
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 1900.
The beneficial effect OF the financial act
OF 1900, so far as 1t relates 70 a modifca-
ton of the nstionsl banking act is al
ready apparent. The provision for the
Incorporation OF national banks with a
capital OF not less than $25,000 In places
not exceeding 1900 inhabitants has re-
suited in tbe extension OF banking facili-
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 mp 70 and including
Nov. 80 800 national hanks. OF which 266
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 tho first time in the history of the
country exceeded S2.00O.00O, 600. The
exports are greater than they have ever
been before, the total for the fiscal year
1900 being 1894 4S3, ,0s2. an increase
over 1880 of s167, 459.7S0. an increase
over 1898 Of S1G3 000,T52 over 1897 OF
s343.4ss,526 and greater than in 1896 10y
S511, ,sT6.144
The growth of manufactures in the
United States is evidenced by the fact
that exports of manufactured products
largely exceed those OF any previous
year. their value for 1900 being S433,-
S51, 1J3. against $3.50, ,592, ,l46 in 1899, an
increase OF 2S per cent.
Agricultural products were also ex-
ported duriy 1900 in greater volume
than in 1890 the total for the year being
$S35, SsS,l23, against $IS4, 1912 in
1899.
The imports for the year amounted to
$S49, ,94I. .1S4 an increase over 1899 OF
$152, 1o2. .695. This increase is largely in
materials for manufacture and is in re-
sponse to the rapid development of manu-
featuring in the United States.
i recommend that the congress ut its
present session reduce the internal rev.
enue taxes imposed to meet the expenses
OF the war with Spain in the sum of S30,-
100000. This reduction should be Sc
cured by the remission OF those taxes
which experience has shown to be the
most burdensome 10 the industries OF the
people
/ specially urge that there be included
In whatever reduction is made -taa laGaey
tax beouests for public uses of literary,
educational or charitable character.
The Merchant Marine.
American vessels during the past three
years have carried about q per cent of
| our exports and imports. Foreign ships
! should carry the least. not the greatest
| part Of American trade. The remarka-
| BILE growth Of our steel industries. the
progress of shpbuilding for the domestic
trade and our steadily maintained cx-
penditurcs for the navy have created an
opportunity to place the United States in
the first rank of commercial maritime
powers.
Besides realizing a proper national as
piration. this will mean the establishment
and healthy growth along all our coasts
of a distinctive national industry. ex-
| panding the 6eld for the profitable en-
ployment of labor and capital. 1t will
increase the transportation facilities and
reduce freight charges on the vast vol
ume of products brought from the inte-
rior to the seaboard for export and will
strengthen an arm OF the national de-
| fense upon which the founders OF the
government and their successors have re-
! lied. In again urging immediate action
by the congress on measures TO promote
| American shipping and foreign trade
direct attention to the recommendations
on the subject in previous messages and
| particularly to the opinion expressed in
| the message OF 1899:
Il am satisfied the Judgment of the
country favors the policy OF aid to our
merchant marine. which will broaden our
+, sea carrying capacity for the products OF
| agriculture and manufacture, which,
| with the increase OF our navy, mean moro
! work and wages TO our countrymen as
well as a safeguard to American inter-
ests in every part of the world"
| In my last annual message TO the con-
Gress l called attention TO the necessity
for early action TO remedy such evils as
might be found to exist in connection
with combinations Of capital organized
into trusts and again invite attention te
my discussion OF the subject at that time,
which concluded with these words:
"It Is apparent that uniformity Of leg
islation upon this subject in the several
states is much to be desired. II is TO be
hoped that such uniformity. founded in a
wise and just discrimination between
what is injurious and what is useful and
necessary in business operations. may be
obtained and that means may be found
for the congress, within the limitations
OF its constitutional power, so 10 supple
nent an effective code of state legislation
as TO make a complete system of laws
throughout the United States adequate