The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1900-12-04

capital OF not less than 1000 In places
not exceeding three thousand inhabitants
has resulted In the extension OF banking
facilities to many small communities
hitherto unable to provide themselves
with banking Institutions under the ma
tibnal system. There were organized
from the enactment Of the law mp 10 and
including November 30. 800 national
banks. Of which 266 were with capital
less than so. 900. and 103 with capital Of
$4,000 or more.
IL 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 30
banks of the smaller class, while Texas,
Oklahoma. Indian Territory, and the mid
die and western sections Of the country
have also awaited themselves largely Of
the privileges under the new law.
A large increase in ACKNOWLEDGEMENTS
circulation has resulted from the provi-
sion of the act which permits national
banks to issue circulating notes to the
par value Of the United States bonds de-
posted as security instead of only 30 per
cent thereof, as heretofore. The increase
In circulating notes from March IA TO No
vember 80 Is 1889, $50.
The party in power Is committed TO
such legislation as will better make the
currency responsive to the varying needs
of business at all seasons and In all sec
tons
Our foreign trade shows 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 two billions of dollars.
The exports are greater than they have
ever been before, the total for the FISCAL
year 1900 being S1,394, 49,, 0S2, an in.
crease over 1899 of $167, 459, 7S0, an in
crease over 1898 of $163, 600, 752, oven
1897 of $343, 4S9, 526, and greater than
1896 by SSH $40, IA.
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 1888.
S51. 756, against $685.. 592, LAG in 1899, an
increase of % per cent.
Agricultural products were also export.
ed during 1900 in greater volume than In
1899, the total for the year being $685.,
S5S.123, against STS4, re, 142 in 1899.
The imports for the year amounted to
SS4s, 941 1854, an increase over 1899 of
$f52, 49,, sos. This increase is largely in
materials for manufacture, and is in
response to the rapid development OF
manufacturing in the United States.
While there was imported for use in
manufactures in 1900 material to the
value of $40. 76S.9T2 in excess of 1899, il
Is reassuring to observe that there is q
tendency toward decrease in the importa
ton of articles manufactured ready for
consumption, which in 1900 formed 1917
per cent of the total imports, against
1854 per cent In 1899 and 21.09 per cent
in 1896.
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
thirty millions of dollars. This reduc.
ton should be secured by the remission
of those taxes which experience has
shown to be the most burdensome TO the
industries of the people.
| specially urge that there be included
in whatever reduction is made the legacy
tax requests for public uses of literary,
educational, or charitable character.
American vessels during the past three
years have carried about 8 per cent OF
our exports and imports. Foreign ships
should carry the least, not the greatest.
part of American trade. The remark
able 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
powers.
Besides realizing a proper national
aspiration this will mean the establish
ment and healthy growth along all our
coasts of a distinctive national industry,
expanding the field for the profitable
employment 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
relied. In again urging immediate action
by the Congress on measures to promote
American shipping and foreign trade, l
direct attention to the recommendations
on the subject in previous messages, and
particularly to the opinion expressed in
the Message of 1890:
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-earrying capacity for the prod
ucts of agriculture and manufacture,
which, with the increase of our Navy,
mean more work and wages to our coun-
trymen, as well as a safeguard to Amer
lean interests in every part of the world"
The attention of the Congress is in
vited to the recommendation of the Sec
rotary of the Treasury in his Annual Re
port for legislation in behalf OF the Reve-
nue-Cutter Service, and favorable action
is urged.
In my last Annual Message to the
Congress called attention TO the neces-
sity for early action to remedy such
evils as might be found to exist in CON
nection with combinations of capital Or
ganized into trusts, and again invite at
tention to my discussion of the subject
at that time, which concluded with these
words:
at is apparent that uniformity of legis-
lation upon this subject In the several