Show FINANCIAL ACT LAST YEAR < Beneficent Effects Extend Apparent In Ext n f sion of Banking Facilities it The beneficial effect of the financial act of 1900 as far as It relates to the modification of the national banking net Is already apparent The pro vision for the incorporation of national 1anlcs with a capital ° C not leas than 925000 In places not exceeding 3000 in italitants has resulted In the extension of banking facilities to many small communities hitherto unable to pro vide themselves with banking inatltu i UpnH under the national system J There were organized from the enact menl of the law up to and Including 7 rspycnibpi 30th Mf national banks of JVllS 26 G were with capital less than SaOOQO and 103 with capital of 50000 or more WHERE NEW BANKS ARE It Is worthy of mention that the greater number of banks being organ Jxed under the now law uru in sections Where the need of banking facilities Jia been most pronounced Iowa aland first with thirty bank of the ni IIwnrlM8 while Texas Oklahoma i Indian Territory and the middle and western aectlona of the country have also availed themselves largely of the privileges under the new law BANK NOTE CIRCULATION A large Increase in national banknote circulation has resulted from tu provision pro-vision of the net which permits national banks to Issue circulating notes to the par value of the United States bonds deposited as security Instead ot only 90 per cent thereof ny heretofore The increase In-crease in circulating notes from March 1lth to November 30th Is 77889570 The party In power Is committed lo such legislation as will better make the currency responsive to the varying needs of business at all seasons and in all sections FOREIGN TRADE Our foreign trade shows a remarkable record of commercial and industrial progress The total of imports and exports for the first time in the history of our country exceeded two billions of dollars The exports are greater than they have ever been before the total for the fiscal year 1900 being el 3941S30S2 an Increase over 1899 of 167 4597SO an Increase over 1S9S of 103000 752 over 1897 of 5313IS9C2C and greater than 18DG by 511S7G1H GROWTH OF MANUFACTURES The growth of manufactures In the United States Is evidenced by the fact that exports of manufacturedproducts largely exceed those of any previous year their value for 1900 being 433851 7GG against J339G921IG In 1S99 an increase In-crease of 28 per cent Agricultural products were also exported during 1900 In greater volume than In 1S99 the total for the year being 835858123 against 7SJ77G1J2 Sn 1SH9 IMPORTS OF RAW MATERIALS The Imports for the year amounted to 819941181 an Increase over 1809 of 152792695 This Increase Is largely In materials for manufacture and Is in response to the rapid development of manufacturing in the United States While there were Imported for use In manufactures in 1900 material to the value of 797CS972 in excess of 1S99 It Is reassuring to observe that there Is a tendency toward decrease In the importation im-portation of articles manufactured ready for consumption which In 1900 formed 1517 per cent of the total Imports Im-ports against lull per cent In 1899 and 2109 per cent In 1S9G TAX REDUCTION RECOMMENDED I recommend that the Congress at Its present session reduce the internal revenue tax Imposed to meet the expenses ex-penses of the war with Spain in the sum of 30000000 This reduction should be secured by the remission of these taxes which experience has shown to be the most burdensome to the industries indus-tries of the people I especially urge that there be included in whatever re duction Is made the legacy tax on bequests for nubile uses of a literary educational or charitable character SHIPPING INTERESTS American vessels during the past three years have carried about 9 percent per-cent of our exports and Imports Foreign For-eign ships should carry the least not the greatest part of American trade The remarkable growth of our steel industries in-dustries the progress of shipbuilding for the domestic trade and our steadily maintained expenditures for the navy have created an opportunity to place the United Slates In the 3vst rank of commercial maritime powers Besides realizing a proper national association this will mean the estab lishment and healthy growth along all our coasts of a distinctive national In dustry expanding the field for profita ble employment of labor and capital It will Increase the transportation facili ties and reduce freight charges on the vast volume of products brought from the Interior to the seaboard for export and Will strengthen an arm of the na tional defense upon which the founders of this Government and their successors have rolled AID FOR MERCHANT MARINE Jn again urging Immediate action by the Congress on measures to promote American shipping and foreign trade I direct attention to the recommenda tions on the subject in previous mes sages and principally to the opinions expressed in the message of 1899 I am satisfied the judgment of the country favors the policy of aid to our merchant marine which will broaden our com merce and markets and upbuild our seacarrying capacity for the products of agriculture and manufacture which with the Increase of our navy mean work and wages to our countrymen as well as a safeguard to American inter ests in even part of the world The attention of the Congress is in vited to the recommendation of the Secretary of the Treasury in his annual report for legislation in behalf of the revenuecutter service and favorable action Is urged |