Alma record. (Alma, Mich.) 1878-1928, 1899-12-08
M'KINLEY'S MESSAGE.
Synopsis of His Annual Communi-
cation to Congress.
Treats ExhaustivcIy of the Subjects uf
Financial Legislation, the Trusts
and the Affairs Of the Diff
ferent Colonies.

The following is a comprehensive synop-
sis Of the presidents annual message tC
congress, which makes, in full, about 3d.
Geo words:
The message begins with an announce
ment Of the death Of Vice President Hobart
and a tribute TO his worth Following
that Is statement of the prosperity which
the country is enjoying and statistics Of our
/ exports and imports for the year in which
il is shown that we have exported dur
ing the year more than $1,000, $50 worth
OF goods, more than the total of both our
exports and imports in 1870. or the exports
for the past year he says:
Exports of agricultural products were
S14,06,l42 OF manufactured products we
exported in value 1898, j92 LAG, being larger
than any previous year. IL is noteworthy
fact that the only years in all our history
when the products of our manufactures
sold abroad exceeded those bought abroad
were 1898 and 1899.
Government Receipts and Expenses.
lie calls attention TO the report Of the
secretary Of the treasury and his estimate
Of the receipts and expenditures for the
present fiscal year, showing a surplus OF
S0O00,Oo0 He points TO the present graf
/ flying strength OF the treasury, and says
hand was $Z7S,OOi, SS77 u. of which 1929. "a
!OJ.36 Was In gold and bullion. OF the show
ing of the treasury he says:
Government receipts from all sources for
the fiscal year ended June 30 1899, includ-
/ ing $ll,79N Bah, part payment OF the Cen
Gated sS10 SS2 664 az Customs receipts We're
enue 1913. 49, 16l 81
For the fiscal year the expenditures were
500 093 564.02. leaving IA deficit of $S9,l1l,-
. 500 g.
The secretary Of the treasury estimates
| that the receipts for the current fiscal year
Will aggregate $6lO95S.ll2 and upon the
basis of present appropriations the eX-
/ penditures will aggregate $6OO,9JS,ll2 leaV-
ing a surplus Of $40, 600 900.
For the fiscal year ended June 80, 1899, the
internal receipts were Increased about
Changes in banking Act Needed.
He notes the resumption OF bond pur-
chases, and recommends important
/ changes In the banking laws 10 allow ma
tional banks to organize with a capital OF
$4,000, and says;
In it's earlier history the national banking
act seemed to prove reasonable avenue
through which ueodful additions TO the
circulation could from time 20 time be
emily rendered II now imperative 10 that
end. The high margin in bond securities
required, resulting from large premiums
which government bonds command in the
. MAJ lot, or the tax on note issues, or both
! operating together, appear TO be the infiu-
/ ences which impair its public utility.
The attention Of congress Is respectfully
/ invited TO this important matter with the
view Of ascertaining whether or not such
/ reasonable notifications can be made in
service in the particulars here referred to
/ more responsive TO the peoples needs.
a-a4h uIEc that national banks DC author
/ lied to organize with capital OF $4,000.
! urgently recommend that 70 support the
existing gold standard. and 20 maintain
tho paritv in value of the coins of the two
metals gold and silver and the equal
power Of every dollar a all times In the
market and in the payment Of debts" the
secretary Of the treasury be given addi-
tiOnal 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 10 sell bonds on
long and short time as conditions may
quire and should provide for rate OF in
tcIest lower than that fixed by the act Of
January Il. 1875.
Time for Gold standard.
He strongly recommends the adoption Of
/ the gold standard, and on this subject says:
WIN, tf.rre Is now no commercial fright
which withdraws gold from the govern
ment, but. on the contrary, such wide
spread confidence that gold seeks the
treasury demanding paper money in ex-
change, yet the very situation points TO the
adequate provision TO insure the continu-
ance Of the gold standard and Of public
confidence I'm the ability and purpose Of the
government to meet all its obligations in
the money which the civilized world recog
nizes the best. The financial transac-
lions of the government are conducted
upon a gold basis. We receive gold when
We sell United states bonds and use gold
for their payment We are maintaining the
parity Of all the money issued or coined by
authority OF the government. We are do
ing these things with the means at hand.
Happily at the present time we are not
compelled 10 resort TO loans to supply gold
1t has been done in the past however. and
may have to be done in the future. IL be-
hooVes us. therefore, TO provide at once
the best means TO meet the emergency when
ii arises, and the best means are those
which are the most certain ard coc..Cu.U.Ii.
Those now authorized have the virtue
neither Of direCtneSS nor economy. We have
already eliminated one OF the causes Of our
the years 1893. 1894 1895 and 1896 our re-
ceipts now equal our expenditures de-
ficient revenues no longer create alarm.
Let us remove the only remaining cause by
comforting the fun ana necessary power on
the secretary Of the treasury and impose
upon him the duty TO uphold the present
gold standard and preserve the coins Of the
two metals on a parity with each other,
which IS the repeatedly declared policy Of
In this connection I repeat my former
recommendation that a portion OF the
gold holdings shall he placed in n trust
IuDQ IIOm " AItA BrtCubdCks shan De re-
deemed upon presentation, but when once
redeemed shall not thereafter be paid out
He recommends such legislation as will
increase our merchant marine, and points
out the fact that our increased trade de-
mands increased carrying facilities.
Asks for Trust Legislation
The subject Of trusts is treated exhaust
ivcly. ard several recon -nerdations are
made for their control; including a reitera-
tion Of those made by his predecessors or
this subject he says In part:
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 general |
consumer. are obnoxious not only to the |
common law but also to the public well |
fare. There must be a remedy for the |
evils involved in such organizations If !
the present law can be extended more GER |
tainly to control or check these monopolies /
or trusts, II should be done without de- |
lay. Whatever power the congress pos
sesses over this most important subject
should be promptly ascertained and as
serted.
state Legislation Has Failed
He points 70 previous trust legislation
and its Effectiveness, and also calls at
tention to the legislation enacted by the
various states in the following words;
The state legislation to which President
Cleveland looked for relief from the evils
OF trusts has failed to accomplish fullv