The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1899-12-15
M'KINLEY'S MESSAGE.
Synopsis of His Annual Commune
cation to Congress.
Treats Exhaustively of the Subjects of
Financial Legislation, the Trusts
and the Affairs of the Diff
ferent Colonies.

The following is a comprehensive synop-
sis of the presidents annual message to
congress, which makes, in full, about 3d.
900 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
it is shown that we have exported dur
ing the year more than 81. 600. 600. 900 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
S7S4,776,142 OF manufactured products we
exported in value $3.50. 592, 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
were 1898 and 1899
Government Receipts and Expenses.
He calls attention to the report of the
secretary of the treasury and his estimate
of the receipts and expenditures for the
$40O0O,OO0 He points to the present graf
flying strength of the treasury. and says
that on December | the cash balance on
905.SG was in gold and bullion. OF the show
ing OF the treasury he says: 49, Er
Government receipts from all sources for
ing, s11,7sS, Sl414, part payment of the Cen
trail Pacific railroad Indebtedness. aggre-
gated s610, 49,. 004 IS. Customs receipts were
enue $27S. 4S7. 1851.
For the fiscal year the expenditures were
500. 0sS, 56402, leaving deficit of $S9.1l1.-
55967.
The secretary of the treasury estimates
that the receipts for the current fiscal year
will aggregate s64O .9sS.ll2. and upon the
Ing G a surplus Of sf6ooS.oSo '''''''''---' 20
For the fiscal year ended June 30. 1893. the
rpcaintS increased
$100,0O0,OO0.
Changes in Banking Act Needed.
He notes the resumption of bond pur
chases, and recommends important
changes in the banking laws to allow ma
tionaI banks to organize with capital Of
$25, 900, and says: .f- 94H- .A
In it's earlier history the national banking
act to ~ p
circulation could from time to time be
made. Changing conditions have appar--
entity rendered it now imperative to that
end The high margin in bond securities
required, resulting from large premiums
which government bonds command in the
market, 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
the national banking act as will render its
more responsive to the peoples needs. L
again urge that national banks be author
/ urgently recommend that to support the
existing gold standard, and to maintain
''the parity in value of the coins of the two
power power Of every dollar at 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
to these ends The e, a hn1Ss
long and short time, as conditions may re-
quire, and should provide for rate of in
terest lower than that liked by the act OF
January a. 1875.
Time for Gold Standard.
He strongly recommends the adoption of
the gold standard. and on this subject says:
While there is now no commercial fright
which withdraws gold from the govern
spread confidence that gold seeks the
treasury demanding paper money in ex-
change, yet the very situation points to the
present as the most fitting time to make
adequate provision to insure the continu-
ance of the gold standard and of public
confidence in the ability and purpose of the
government to meet all it's obligations in
the money which the civilized world recog-
nizes as the best. The financial transac-
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 to resort to loans to supply gold.
1t has been done in the past, however, and
may have to be done in the future. 1t be-
hooyes us, therefore, to provide at once
it arises, and the best means are those
which are the most certain and economical.
Those now. authorized have the virtue
neither of directneSS nor economy We have
already eliminated one of the causes of our
financial plight and embarrassment during
the years 1893, 1894, 1895 and 1896. Our re-
cepts now equal our expenditures; de-
ficient revenues no longer create alarm.
Let remove the only remaining cause by
comforting the full and 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
the United States.
In this connection repeat my FORMER
recommendation that portion of the
gold holdings shall be placed in trust
fund from which greenbacks shall be re-
upon no ep be ~ pad ou
except for gold. ti .l -
He recommends such legislation as will
increase our merchant marine, and points
out the fact that our increased trade de-
mands increased carrying facilities. r. ~
Asks for Trust Legislation
The subject of trusts is treated exhaust
ively, and several Recommendations are
made for their control, including a reitera
this subject he says in part:
1t is universally conceded that COM
binatio 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 remedy for the
evils involved in such organizations. If
the present law can be extended more GER
tainly to control or check these monopoieS
or trusts 1T 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 to 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 fully
that object. This is probably due to a
great extent to the fact that different
States take different views a to the prop
er way to discriminate between evil and
Injurious combinations and those associa-
tions which are beneficial and necessary to
the business prosperity of the country
The great diversity of treatment in differ
ent states arising from this cause and the
Intimate relations of all parts of the cOun-