The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1899-12-07
PRESIDENTS MESSAGE
70 the Senate and House of Representa-

70 the Senate and House Of Representa-
tive-:
The Fifty-sixth congress convenes In its
first regular session with the country In
a condition Of unusual prosperity. Of uni
versal good will among the people at
home. and In relations of peace and
friendship with every government OF the
world. Our foreign commerce has shown
great increase In volume and value. The
combined imports and exports for the
year are the largest ever shown by a
single year In all our history.
Government receipts from all sources
for the fiscal year ended June 30. 1899. in
cluding sll.i9S3l4.l4. part payment OF the
Central Pacific railroad Indebtedness ag-
gregated sGl0, ,9S2. .00i.S5. Customs receipts
were sc06 Us. .iSl.75. and those from in
ternal revenue 1913 437. 1851.
For the fiscal year the expenditures
were 500. .093. .56i.02, leaving n deficit of sS9.
III. 559.67.
The present gratifying strength OF the
treasury shown by the fact that on Dec.
I, 1879. the available cash balance was
$27S OO4. .s3772. of which 1889 7ii, ,905.S6 was in
gold coin and bullion. The conditions
OF confidence which prevail throughout
the country have brought gold into more
general use and customs receipts are now
almost entirely paid in that coin.
The strong position Of the treasury
with respect to cash on hand and the ia
vorable showing made by the revenues
have made 1t possible for the secretary Of
the treasury to take action under the
provisions Of section S69i. revised stat
utes. relating to the sinking fund. Re-
ceipts exceeded expenditures for the first
five months of the current fiscal year by
Sl3,il3 SS9.91. and the secretary OF the
hnf har W hp n
surplus of approximately s4Oo at the
end of the year. The treasury depart
ment therefore, offered to purchase dur
ing November s25. 900 600 OF the per cent
loan of 1904. or the per cent funded loan
OF 1907 at the current market price. The
amount offered and purchased during No
vember was SIS iOS, 800. The premium paid
by the government on such purchases
was s., 263. 52l and the net saving In in
terest was about s2.SS5000. The success
OF this operation was sufficient to induce
the government to continue the offer to
purchase bonds to and including the 23d
day of December. unless the remainder
OF the s25, 900, 600 called for should be pre-
sented in the meantime for redemption.
In It's earlier history the national bank
ing act seemed to prove a reasonable ave-
nue. through which needful additions to
the circulation could from time TO time
be made. Changing conditions have ap-
parently rendered II now imperative to
that end.
The attention OF congress Is respectfully
invited to this important matter. with
the view OF ascertaining whether or not
such reasonable modification can be
made in the national banking act rs will
render Its service more responsive to the
pople's needs. l again urge that the ma
tional banks be authorized to organize
with capital Of $4,000.
I urgently recommend that to support
the existing gold standard and to main
tain 'the parity in value of the coins Of
the two metals gold and silver and the
equal power OF every dollar Mt all times
in the market and In the payment Of
debts" the secretary of the treasury be
given additional power and charged with
the duty to sell United States bonds and
to employ such other effective means as
may be necessary to these ends. The
authority should include the power to
sell bonds on long and short time, as
conditions may require. and should pro-
vide for rate Of interest lower than that
fixed by the act of Jan. IA. 1875.
I repeat my former recommendations
that a portion Of the gold holdings shall
be placed In trust fund from which
greenbacks shall be redeemed upon pre-
sentation, but when once redeemed shall
not thereafter be paid out except for
gold.
The value Of an American merchant
marine to the extension of our COM
merciai trade and the Strengthening Of
our power upon the sea invites the i'm
mediate action of the congress. Our ma
tional development will be one sided and
unsatisfactory so long as the remarkable
growth of our island Industries remains
unaccompanied by progress on the seas
Combinations OF capital organized into
trusts to control the conditions OF trade
among our citizens. to stihe competition.
limit production and determine the prices
OF products used and consumed by the
people are Justly provoking public dis
cussion, and should early claim the at
tention of the congress.
1t is universally conceded that COM
binations which engross or control the
market OF any particular kind of mer-
chandise or commodity necessary to the
general community by suppressing nat
ural and ordinary competition whereby
prices are unduly enhanced to the gen.
eral consumer are obnoxious, not only to
the common law. but also to the public
welfare. There must be n remedy for the
evils evolved In such organizations. If
the present law can be extended more
certainly 10 control or Cneck tneSe mon
opolies or trusts II should be done with
out delay.
A review Of our relations with foreign
states Is presented with such recOmmen-
dations as are deemed appropriate.
The long pending boundary dispute be-
tween the Argentine Republic and Chile
was settled In March last by the award
of an arbitral commission. on which the
United States minister at Buenos Ayres
served as umpire.
Progress has been made toward the con-
clusion of a convention OF extradition
with the Argentine Republic. Having
been advised and consented to by the
United States senate and ratified by Ar
gentina, It only awaits the adjustment Of
some slight changes in the text.
1t Is gratifying TO be able to announce
that the Belgian government has miti-
gated the restrictions on the importation
Of cattle from the United States.
Having been invited by Belgium to par
ticipate In q congress held at Brussels
to revise the provisions of the general act
Of July 2. 1890. for the repression Of the
African slave trade. to which the Uni
ted States was a signatOry party, this