The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1900-12-07

| S4lli6i " dIiNil VI liAS SOA6 IL S-NAA45 .
| to it full effect.
Our Financial showing.
The president points with much pride
| to the showing made by the treasury de-
| partment and quotes eXhauSuVely from
| the report of Secretary Gage. He shows
| the surplus for the year to be S79.52 ,O6O1S,
and estimates the surplus of the coming year
atSSOOOOO0O. Hesays present Sondltlon
| of the treasury is one of undoubted strength.
The available cash balance November 30
was $139, ,303, 794. so. Under the form of
statement prior to the financial law of
March IA last this would have been in
cluded in the statement of available cash
gold coin and bullion held for the redemp-
ton of United States notes.
Further Financial Legislation.
He recommends further financial legis-
lation IN the following words: 49,,
1t Will be the duty as l am sure 1t VIII
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.
Our surplus revenues have permitted the
secretary of the treasury since the close
of 1891 continued at two per cent, in the
sum OF $25, S64, 500. To and including No
yember 80, So, 45S,1OO of these bonds have
been paid. This sum, together with the
amount which may accrue from further
redemptions under the call, will be ap-
piled to the sinking fund.
The law of March IA, 1900, provided for
refunding into two per cent. 30-year bonds.
payable. principal and interest, in gold
portion of the public debt represented by
the three-per-cent bonds of 1908, the four
per-cents of 1907 and the fve-per-cents
OF 1900, of which there twas outstand-
ing at the date of said law $3.50, 49,,
93O The holders of the old bonds presented
them for exchange March "A and Novem-
net saving to the government on these
transactions aggregates $9,106, 166.
Banking Facilities Extended.
The beneficial effect of the financial act
cation of the national banking act, is al-
ready apparent. The provision for the
incorporation of national banks with
capital of not less than $4,000 in places
not exceeding 5000 inhabitants has result
ed in the extension of banking facilities
to many small communities hitherto un-
able to provide themselves with banking
There were organized from the enact
ment of the law up to and including
November 80, 269 national banks, Of which
266 were with capital less than $4,000 and
103 with capital of $4,000 or more.
number of banks being organized under
need OF "anking facilities has been most
pronoun, ed. Iowa stands first, with 90
banks of the smaller class, while Texas,
Oklahoma, Indian territory and the mid
have also availed themselves largely of
the privileges under the new law.
Our Foreign. Trade.
Our foreign trade shows remarkable
record OF commercial ana lnQuSIrldl prog
ress. The total of imports and exports
for the first time in the history of the
country exceeds $1,000, 100000. The exports
are greater than they have ever been
before, the total for the fiscal year 1900
being 81, 1874, ,4S30S2, an increase over 1899
o Of So @ 6aT in .s4 so oyer 3S 5SsS sfs
than 1886 by $611, &6144:
The growth of manufactures in the
Tted States Is egY fRe
largely exceed those Of any previous year,
their value for 1900 being s48S, S0l 1856
against 1888. JAG in 1899, an increase of
26 per cent.
Agricultural products were also export
ed during 1900 in greater volume than in
1899, the total for the year being $685., $685.
123, against $7S4,776,1 142 in 1899.
The imports for the year amounted to
1872 695. This increase is largely in mate
rials for manufacture, and is in response
6g f0 the n 6e Gned states Whe there
was imported for use in manufacture in
1900 material to the value of s7976S,9l2 in
excess of 1S99 it is rea ssuring to observe
that there is a tendency toward decrease
in the importation of articles manufac-
tured tured ready for consumption. which WI nm IN
import, against Is, q per cent in 1889 and
21O9 per cent. in 1896.
Tho Internal Revenue Tax.
I 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,
900, 000 This reduction should be secured
by the remission of those taxes which eX-
perience has shown to be the most bur
densome to the industries Of the. people.
l specially urge that there be included in
whatever reduction is made the legacy tax,
be0uests for public uses of a literary edu-
cational or charitable character.
Recommends Ship Subsidy.
American vessels during the past three
of our exports and imports. Foreign ships
should carry the least, not the greatest
part of American trade: The remarkable
growth of our steel Industries, the prog
ress of shipbuilding for the dOmesti trade,
and our steadily maintained expenditures
for the navy have created an opportuni-
ty to place the United States in the first
rank of commercial maritime powers.
Besides realizing proper national as
and healthy growth along all our coasts
of distinctive national industry, expand
ing the field for profitable employment
of labor and capital 1t will increase the
transportation facilities and reduce freight
brought from the interior to the seaboard
for export, and will strengthen an arm
of the national defense upon which the
founders of the government and their
successors have relied.
The Trust Question.
The trust question receives the atten-
ton of the president, and he says:
1T is apparent that uniformity of legis-
lation upon this subject in the several
states is much to be desired. 1t is to be
hoped that such uniformity, founded in
wise and just discriminat tfon between what
is injurious and what is useful and neces-
sary in business operations, may be OBJ
tanned, and that means may be found for
the congress, within the limita tionS of it's
constitutional power, SO to supplement an
make complete system of laws through
out the United States adequate to compel
a general observance of the salutary rules
to which / have referred.
The whole question is so important and
far-reaching that | am sure no part of it
of it will have the studied deliberation of
congress, resulting in wise and judicious
action.
Restraint upon such combinations as are
injurious, and which are within federal
jurisdiction, should be promptly applied
by the congress-"
The Philippines.
Considerable attention is given the sub
ject of the Philippines, and in this con-
nection the scope and work of the Phil
ippine commission as outlined to the COM
fit of congress. OF the present condi-
tions in the islands the president says:
In my last annual message 1 dwelt at
some length upon the condition of af-
fairs in the Philippines. While seeking
to impress upon you that the grave re-
those islands rests with the congress of
the United States, l abStained from rec
ommending at that time specific and
tory actually held by the United States
forces and in which, as long as insur-
rection continues, the military arm must
necessarily be supreme. stated my pur-
pose, until the congress shall have made
known the formal expression of its will,
to use the authority vested in me by the
constitution and the statutes to uphold
the sovereignty of the United States in
those distant islands in all other places
where our flag rightfuIly floats, placing,
to that end. at the disposal of the army
and navy all the means which the lib
erality of the congress and the people
have provided. No contrary expression
of the will of the congress having been
pose so declared employing the civil arm
as well toward the accomplishment of
pacification and the institution of local
governments within the lines of author
ity and law.