The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-06
DECLARES in FAVOR OF
The GOLD STANDARD
Leaves the Philippine Question In
Hands of Congress.
Says Cubans Must Have Their indie
perdence and Names Next April
as the Time For Election of Ma
tive Officers For the Island-Bet-
ter Form of Government For Porto
Rico and Hawaii-Favors Legisla-
ton Against the Trusts.

Washington, Dec. 5.-The presidents
message sent to congress today is as
follows:
To the Senate and House of Repre-
sentatives:
At the threshold of your delibera-
tions you are called to mourn with
your countrymen the death of Vice
President Hobart, who passed from
this life on the morning of Nov 2i
last. His great soul now rests in eter-
nal peace His private life was pure
and elevated, while his public career
was ever distinguished by large ca
pacity stainless integrity and exalted
motives He has been removed from
| the high office which he honored and
/ dignified by his lofty character. but
his devotion to duty his honesty of
purpose and noble virtues remain with
US as priceless legacy and example.
The Fifty-sixth congress convenes in
Its first regu ar session with the country
| in a condition of unusual prosperity,
of universal good will among the pee
! pie at home, and it's 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 single year in all cur
history. Our exports for 1899 alone
exceeded by more than a billion dollars
| our imports and exports combined in
| 1870 The imports per capita are 20 per
cent less than in 1870, while the exports
per capita are IS per cent more than
in 1870, showing the enlarged capacity
of the United States to satisfy the
wants of it's own increasing population,
as well as to contribute to those of the
peoples of other nations.
Farmers Are Prosperous.
Exports of agricultural products
were s7S4, 1912. OF manufactured
products we exported in value $685.
2.146, being larger than any previous
year. 1t 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 from all sources
for the fiscal year ended June 80, 1S99
including 81, 79S, ,314.14 part payment of
the Central Pacific Indebtedness. ag-
gregated S610.9S2, ,004.35. Customs re-
ceipts We're $206, lbs, ,4S175 and those
from internal revenue s273, ,437, ,161.51
For the fiscal year the expenditures
We're $500. ,56402, leaving "a deficit of
$50 iii, ,559.67.
The secretary of the treasury esti-
mates that the receipts for the current
fiscal year will aggregate $640, ,95S.112,
and upon the basis of present appro-
priations the expenditures will aggre-
gate $500. .95S. .112, leaving SAC. .000, 900. For
the fiscal year ended June 80. 1899. the
internal revenue receipts were increaS-
ed about s10O. 100000.
Strength of the Treasury.
The present gratifying strength of
the treasury is shown by the fact that
on Dec. l, 1899, the available cash ball
ance was s27S 0O4. S37.72. of which $685.
IA Sc 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 condition of the treasury
with respect to cash on hand, and the
favorable showing made by the reve-
nues have made it possible for the sec
retary of the treasury to take action
under the provisions of section 1894.
Revised Statutes relating to the sink
ing fund.
Receipts exceeded expenditures for
the first five months of the current
fiscal year by S13. 413, ,2S9.91. and as men,
toned above. the secretary Of the
treasury estimates that there will be
a surplus of approximately $4,000, 900
at the end of the year. Under such
conditions it was deemed advisable and
proper to resume compliance with the
provisions of the sinking fund law.
which for eight years has not been
done because of deficiencies in the
revenues.
The treasury department, therefore,
offered to purchase during November.
s25. .00O. 900 of the per cent loan of
1904 or the 4 per cent funded loan of
1907 at the current market price. The
offered and purchased during
was S1S.40S, 800. The pre-
MUM paid by the government on such
purchases was s., ,263, ,521. and the net
saving in interest was about S2.8S5.000.
The success of this operation was
sufficient to induce the government to
continue the offer to purchase bonds
to and including the 2Sd day of De-
cember. inst, unless the remainder of
the S25. 600. coo called for should be pre-
sented in the meantime for redemp-
tion-
Activity in Industry.
Increased activity in industry with
its welcome attendant-a larger en-
ployment for labor at higher wages
gives to the body of the people a lar
ger power to absorb the circulating
medium. 1t is further true that year
by year, with larger areas of land un-