The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1900-12-12


Condition of the Treasury.
It Is gratifying to be able to state that
| the surplus revenues for the fiscal year
ended June 80, 1900, were $79, o27 1850. IS
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, exclusive Of postal revenues ag-
gregated 1851, 1910, $685., and expenditures
| for all purposes, except for the admins
tration of the Postal department, aggre-
gated $4S7, 3,791.71. The receipts from
| customs were 1888, 164, 87116, an increase
over the preceding year Of $27, 036, 1894
| The receipts from internal revenue were
1926, 1927 ,92676, an increase Of $21, $780, 765 .25
| over 1899. The receipts from miscellane-
| Gus sources were $38, 748, O53.97, as against
| $36 1894 1852 for the previous year.
| It is gratifying also to note that during
| the year considerable reduction is shown
| in the expenditures of the government
| The War department expenditures for the
| fiscal year 1900 were $134 TIA, 1918, a re-
duction of sos, 066, 4S6.69 over those OF
! 1899. In the Navy department the ex-
| penditures $55 500, 077.72 for the year 1900
as against 500, 942, 1O4.25 for the preceding
| year, decrease of 81, 1888, 026.53. In the ex-
| penditures on account of Indians there
| was a decrease in 1900 over 1899 Of ST.
| $50, 604.3S; and in the civil and miscella-
neous expenses for 1900 there was re-
duction of $13,41S,065
| Strong Condition of the Treasury.
| Because Of the excess Of revenues over
expenditures the secretary of the treas
| ury was enabled to apply bonds and other
securities to the sinking fund to the
amount of $685. 556.06 The details OF
the sinking fund are set forth in the re-
port of the secretary Of the treasury to
which I invite attention. The secretary
of the treasury estimates that the receipts
for the current fiscal year will aggregate
$3.50, 100000 and the expenditures 100000,
000 leaving an excess of revenues over
expenditures of $80,000,000. The present
condition of the treasury is one of un-
doubted strength. The available cash bal
ance Nov. 80 was $139, 303 1880 Under the
form Of statement prior to the financial
law of March IA last this would have been
included in the statement of available cash
gold coin and bullion held for the redemp-
ton of United States notes.
If this form were pursued, the cash bal
| ance, including the present gold reserve
of $150,000,000, would be $289, 1903, 1880.
Such balance Nov. 80, 1899, was S296, 1885,
301.55. In the general fund, which Is
| wholly separate from the reserve and trust
funds, there was on Nov. 80. $4,000, o7S. 10
in gold coin and bullion, to which should
be added $22,957, 800 in gold certificates
subject to issue, against which there Is
held in the division of redemption gold
coin and bullion making total holding Of
free gold amounting to $93,047,37315.
Further Financial Legislation.
It will be the duty as am sure 1t 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
Our surplus revenues have permitted the
secretary Of the treasury since the close
Of the fiscal year to call in the funded loan
Of 1891 continued at per cent. in the sum
| Of $25, 364,5 To and including Nov. 80,
$23, 45S, 100 Of these bonds have been paid.
This sum- together with the amount which
may accrue from further redemptions I'M
der the call, will be applied to the sink
ing fund.
The law of March IA, 1900, provided for
refunding into per cent. 80 year bonds,
payable, principal and interest in gold coin
of the present standard value, that por-
ton Of the public debt represented by the
3 per cent bonds Of 1908. the per cents.
of 1907 and the per cents. of 1904 of
which there was outstanding at the date of
said law $685. 149, 800. The holders Of the
old bonds presented them for exchange
between March IA, and Nov 80 to the
amount of 1864, 943, $50. The net saving to
the government of these transactions ag-
gregates $780, 166.
Another effect of the operation, as stat
ed by the secretary, is to reduce the
charge upon the Il easury for the payment
of interest from the dates of refunding to
Feb 1, 1904, by the sum of more than
$4,000, 600 annually. From Feb. 1, 1904, to
July l, 1907 the annual interest charge
will be reduced by the sum of more than
five millions, and for the thirteen months
ending Aug. 1, 1908, by about one million
The full details of the refunding are Civ
en- In the annual report of the secretary
Of the treasury.
Benefits of Financial Act of 1000.
The beneficial effects of the financial act
OF 1900 so far as it relates to the modif1ca-
ton OF the national banking act, is al
ready apparent. The provision for the
Incorporation of national banks with a
capital Of not less than $50, 900 is places
not exceeding 5000 inhabitants, has re-
suited in the extending Of the banking ia
ctlities to small communities hitherto un-
able to provide themselves with banking
institutions under the national system
There were organized from the enactment
Of the law until Nov. 80, 369 national
banks, of which 266 were with capital less
than $4,000, and 103 with capital of $780,
900 or more.
1t 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
pronounced. Iowa stands first, with 80
banks OF the smaller class, while Texas,
Oklahoma, Indian territory and the middle
and western sections OF the country have
also availed themselves largely of the pro-
visions under che new law.
A large increase in national bank circu-
-ation has resulted from the provision of
the act which permits national banks to
issue circulating notes to the par value of
the United States bonds deposited as Sc
curity instead of only 80 per cent. there
of, as heretofore. The increase in circu-
lating notes from March Il to Nov 80 is
SIT, 8S9,570
The party in power is committed to such
legislation as will better make the cur
rency responsive to the varying needs of
business at all seasons and in all sections.
Our Foreign Trade.
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 exceeds two billions of dollars.
The exports are greater than they have
ever been before, the total for the fiscal
year 1900 being $1,394, 483,0S2 an increase
over 1899 Of $167, 459, 780, an increase over
Of