Barre evening telegram. (Barre, Vt.) 1898-19??, 1900-12-04

OtNl . Va FSNDNVOb
600. The present condition of the treas
ury Is one Of undoubted strength.~ The
available cash balance Nov. 30 was $780,.
300. 1880. Under the form of statement
prior to the financial law Of March II
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 $3.50, 100000. would be $780,
1903, 794.5 Such balance Nov. 80, 1899,
was 5000, 495, 301 80. In the general
fund, which is wholly separate from the
reserve and trust funds, there was on
Nov. 80, $1,000, 073.15 in gold coin and
bullion, to which should be added $22,-
057, 300 in gold certificates subject to is
sue, against which there are held in the
division of redemption gold coin and bull
lion, making "A total holding of free gold
amounting to $$93. O47,373.15.
1t will be the duty as ! am sure it 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 1000.
The beneficial effect Of the financial act
of 1900, so far as it relates to a moditica-
ton of the national banking act, is al
ready apparent. The provision for the
incorporation of national banks with a
capital of rot less than $4,000 in places
not exceeding 5000 inhabitants has re-
suited in the extension of banking facili-
ties to many small communities hitherto
unable To ,,rCrsIn <boppcn1xyoc with ho nh
ing institutions under the national sys-
TEN. There were organized from the
enactment Of the law up to and including
Nov. 30 1863 national banks, of which 266
We're 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 50, 900, 900. The
exports are greater than they have ever
been before, the total for the fiscal year
1900 being 81 1874, 4S3 ,OS2, an increase
over 1899 of $167, 459. $50, an increase
over 1898 of 100000, 752, over 1897 Of
$343,4S .526 and greater thar in 1896 by
$511, SIG, IA.
The growth of manufactures in the
OlltCu 1latEo 10 liz luNL
that exports Of manufactured products
largely exceed those of any previous
year, their value for 1900 being $4:33,-
S51, 1856, against $3.50, 500, 146 in 1899, an
increase of % per cent.
Agriculture! products were also OK
ported during 1900 in greater volume
than in 1899, the total for the year being
$685., S5S, 1923, against 1874, ZIG, 142 in
1899.
The imports for the year amounted to
$S49,941 1874, an increase over 1899 of
$152, 702, sos. This increase is largely in
materials for manufacture and is in re-
sponse 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 $780,
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 a literary,
educational OK charitable character.
II Merchant Marine.
American vessels during the past three
years lave carried about 8 per cent of
our exports and imports. Foreign ships
should carry the least, not the greatest,
part CT American trade. The remarka-
BILE growth of our steel industries, the
progress of shipbuilding for the domestic
trade and our steadily maintained ex-
penditures for the navy have created an
opportunity to place the United States in
the first rank of commercial maritime
bowers.
Besides realizing a proper national as
Jiration, this will mean the establishment
and healthy growth along all our coasts
Of a distinctive national industry, ex-
banding the field 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-
| Tense 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 n
particularly to the opinion expressed in
| the message of 1899:
II am satisfied the judgment of the
country favors the policy of aid to our
merchant marine, which will broaden our
commerce and markets and upbuild our
sea carrying capacity for the products OF
agriculture and manufacture, which,
with the increase of our navy, mean more
work and wage 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 to
my discussion of the subject at that time,
which concluded with these words:
1T is apparent that uniformity of leg
islation upon this subject in the several
states is much to be desired. 1t is to be
hoped thai 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 to supple
! ment an effective code of state legislation
as to make a complete system of laws
throughout the United States adequate
to compel a general observance of the
salutary rules to which l have referred.
"The whole question is SO important
and farreaching that l am sure no part
of it will be lightly considered, but every
phase of 1t will have the studied deliber.
nru nd <tA ,.r,, ar,,1% ~ -, r-seo