Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1899-12-06


THE ARGUS Yesterday contained a
complete outline of President Nc
Kinley'> message delivered to con-
gress in the afternoon. The import
ant features are given today in more
extended detail At the outset. and
following his reference to the death OF
Vice President Hobart, and the gen
orally prosperous condition of the
country, President McKidley takes up
the subject of national finances, and
says:
Receipts and Expenditures.
Government receipts from all sources
Tor the fiscal year ended June 30 1893
including 81, 19s BAH. part payment of
the Central Pacific railroad Indebted
ness. aggregated s61o. sS2. o04, 30. Gus
161.5I
For the fiscal year the expenditures
SS9.111, $685..
The secretary of the treasury esti-
mates that the receipts for the current
fiscal year will aggregate 500. 1856, 112.
eno upon the basis of present appropri-
ations the expenditures, will aggregate
5000 S5s,1l2, leaving a surplus of s40,
600 600.
1883. the internal revenue receipts were
increased about 100000. 600
The present gratifying strength of the
treasury is shown by the fact that on
Dec. 1. 1899. the available cash balance
was $27S.004, S31.72. of which $239. IA
sO5-36 was in gold coin and bullion The
conditions Of confidence which pre-
vail throughout the country have
brought gold into more general use and
customs receipts are now almost en-
Iirely paid in that coin
IL NJ he re-
with respect to cash on hand and the
favorable showing made by the teve-
uues have made n possible for the sec
rotary OF the treasury TO take action
under the provisions Of section 1894 IRE
Vised statutesI relating TO the sinking
fund Receipts exceeded expenditures
for the first five months of the current
fiscal year by 3.412. 1891. and. as mem
toned above. the secretary OF the treas
ury estimates that there viii be a sur
plus of. approximately, 10000. 600 at the
end of the year. Under such conditions
it was deemed advisable and proper
TO resume compliance with the proVi-
sious of the sinking fund law, which for
eight years has not been done because
of the deficiency in the revenue The
treasury department. therefore offered
TO purchase during November S25 .000.-
Geo Of the 3 per cent. loans of 1904. OF.
the per cent. funded loan Of 1907 at
the current market price. The amount
offered and purchased during November
was S1s,40S.60 500 The premium paid by
"
81 $685. and the net saving in inter
est was about 81. $50 900. 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 re-
mainder OF the So 800 goo called for
should be presented in the meantime
by redemption. Increased activity in
Industry with its welcome attendant
a large employment of labor at higher
s.dges-gives TO the body Of people
I-ar he Two
medium 1t is further true that year
by year with larger areas of land under
cultivation the increasing volume of
agricultural products. corn. wheat,
calls for larger volume of money
supply. This is especially noticeable at
the crop harvests ard crop-moving Pc
riod."
Modification of Banking Act.
The president recommends the modi-
fication OF the national banking act TO
render its service more responsive to
the peoples needs. He also urges that
the secretary of the treasury be given
more power to sell bonds and repeats
his former recommendations that a
portion of the gold holdings shall he
placed in a trust fund from which
greenbacks shall be redeemed upon
presentation, but when once redeemed
shall not thereafter be paid out except
for gold The president points TO the
value of an American merchant ma
rine, and tells Of the activity in our
shipyards.
Combinations of capital organized
into trusts to control the conditions OF
trade among our citizens, to stifie COM
petition. limit production and determine
the prices Of products used and con-
stunned by the people. are justly pro-
voking public discussion. and should
early claim the attention of the con-
gress. The industrial commission. Gre
ated by the act of the congress of June
Is. 1898. has been engaged m extended
hearings upon the disputed questions
e
in restraint OF trade and competition
They have not yet completed their in
vestigation OF this subject. and the con-
illusions and recommends tions at
which they may arrive are undeter-
mined. The subject is one giving rise
TO many divergent views as TO the ma
ture and variety or cause and extent
OF the injuries to the public which may
result from large combinations concen-
Irating more or less numerous ente--
prises and establishments. which previ-
ously to the formation OF the combina-
ton We're carried on separately. II
the present law can be extended more
certainly to control or check these
monopoies or trusts. Il should be done
without delay. Whatever power the
congress possesses over. this most i'm
1Dortant subject should be promptly as
certained and asserted
The Nicaragua Canal.
President Mckinley devotes consider
able space to the Nicaragua canal. and
concludes:
THE great Importance Of this work
cannot be too often or too strongly
pressed upon the attention OF the con-
Sress. In my message OF year ago
I expressed my views Of the necessity
of a canal which would link the two
great oceans. to which / gain invite
your consideration. The reasons then
presented for early action are even
stronger now.
In my message TO congress of Dec.
5. 1855, 1 urged that the recommended
tion which had been made to the speak
er Of the house Of representatives by
the secretary Of the treasury the
18th of June. 1895. for an appropriation
for a commission to study the CONNER
cial and industrial conditions in the
Chinese empire and report as 10 the Op-
portunitieS for. and obstacles TO. the
enlargement Of markets in China for
the raw products and manufactures OF
the United States. should receive at