The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1900-12-14


gard has been evinced by the issuance
college at'Harpoot. "
The president announces that formal
notifications of the convention for the
pacific settlement of international dis
putes have. been received at The Hague
from sixteen powers. In accordance
with Article KILL. of the convention
the president announces the appoint
ment as arbitrators of ex-President
Harrison. Chief Justice Melville w.
Fuller, Hon. J. w. Griggs and Hon.
George Gray, -. s.,
On the subject of reciprocity treaties
the president says: Since my last
communication to the congress on this
subject special commercial agreements
under the third section of the tariff act
have been proclaimed With Portugal,
with Italy and with Germany. Com
mercial conventions under the general
limitations Of the fourth section Of the
same act have been concluded with
Nicaragua, with Ecuador, with the Do
minican republic. with Great Britain on
behalf Of the Island Of Trinidad and
with Denmark on behalf Of the island
of st. Croix., These will be early COM
munfcated to the senate. Negotiations
with other governments are in progress
for the improvement and security Of
our commercial relations" Continu-
ing this subject, the president says:
THE policy Of reciprocity so manifestly
rests upon the principles of interna-
tional equity and has been SO repeated
'ly approved by the people of the United
hof 1o
tation in either branch of the congress
in giving to it full effect =.
Touching on the subject of an inter-
oceanic canal, the president says that
this important matter has assumed a
new phase. He refers to the forfeit of
the contract of the Maritime Canal
company, and explains the reason
therefor. Continuing. the president
says:
"Overtures for convention to effect
the building of canal under the au-
spices of the United States are under
consideration. In the meantime the
views of the congress upon the general
subject in the light of the report of the
commission appointed to examine the
comparative merits of the various
trans-isthmian ship canal projects may
be awaited"
Taking up the question of finances,
the president says:
ut is gratifying to be able to state
that the surplus revenues for the fiscal
year ended June 80, 1900, were $685.
060.1S. For the six preceding years we
had only deficits, the aggregate Of
which from 1894 to 1899, inclusive,
amounted to $3.50, 022, 991.14 The receipts
for the year from all sources, exclu-
sive of postal revenues, aggregated
1851, 240, $685. and exports for all pur-
poses except for the administration of
the postal department, aggregated
$4S7, 713, 791.71. The receipts from GUS
toms were 1888 ,164, S71.16, an increase
over the preceding years of $27, 036, 3S9. Al
The receipts from internal revenue
We're $295, 327 ,926.76, an increase of $21,-
$50, 1926 over 1899. The receipts from
year. 1t is gratifying also to note that
miscellaneous sources We're $3S, 14S, O53.97,
as against $50, 1874, 1852 for the previous
year. 1t is gratifying also to note that
during the year a considerable reduc-
ton is shown in the expenditures of
the government. The war department
expenditures for the fiscal year 1900
were S134 ,774, 767.78, reduction Of $685.
O6,4S6.69 over those of 1899. In the navy
department the expenditures were $685.
953,677.72 for the year 1900, as against
63,942. 1O4.25 for the preceding year, a
decrease of 1888, 02G.53. In the ex-
penditures on account of Indians there
was decrease in 1900 over 1899 of
$3.50, 6o4.3s, and in the civil and mis-
fr,r
a reduction of $13,41S, O65.74. Because
of the excess of revenues over eXpendi-
lures the secretary of the treasurer
was enabled to apply bonds and other
securities to the sinking fund to the
amount of $50, 544, 55G.06. The details of
the sinking fund are set forth in the
report of the secretary OF the treasury,
to which I invite attention. The Sec
rotary of the treasury estimates that
the receipts for the current fiscal year
will aggregate $3.50. 100000. and the ex-
penditures s500,00O,O00. leaving an ex-
cess of revenues over expenditures Of
$80,0O0,O00. The present condition of the
treasury is one of undoubted strength.
1t will be the duty, as am sure it will
be the disposition Of the congress. to
provide whatever further legislation is
needed to insure the continued parity
under all conditions between our two
forms Of metallic money. silver and
gold. Our surplus revenues have per-
mitted the secretary of the treasury
since the close of the fiscal year to call
in the funded loan of 1891 in the sum
of $25, 364.500. To and including Nov.
80, 500, Ask, 100 Of these bonds have been
paid. This sum, together with the
amount which may accrue from further
redemptions under the call will be APP
piled to the sinking fund"
The president says that the benefl-
cial effect Of the new financial act. so
far as it relates to the modification of
the national banking act. is already
apparent. In concluding this subject.
he says:
"A large increase in national bank
note circulation has resulted from the
act, which permits national banks to
issue circulation notes to the par value
of the United States bonds deposited
as security instead Of only 80 per cent
thereof, as heretofore. The increase in
circulating, notes from March IA to Nov.
30 is 81, Sss, $40. The party in power Is
committed to such legislation as will