Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1899-12-13

annual message was not delivered
q to Congress until the second day
OF the session The message is OF un-
usual length. comprising nearly 5000
words, ard is regarded as one of he most
important ever etnanating from the White
House. The leading features Of she mes
sage relate 70 the new dependencies aud
TO the financial question. Sovereignty is
70 be established throughout all the Phil
ippine Islands and 10 be permanently
maintained Civil government is to be
extended throughout the islands as rap
idly as possible. Attention is invited 10
the report Of the Philippines commission
as TO why 1t is impossible for the United
States to part with the islands and as to
the great commercial advantages in hold
ing them. Civil government IN Cuba un-
der military control is recommended un-
til some substantial progress has been
made through the medium of suffrage
toward the establishment of an indepen-
dent form of government For Porto Rico
he asks the appointment of a civil gov
ernor and the election by the people of a
council or legislature, property and edu-
eational qualifications to be prescribed for
voters. Immediate legislation is suggest
ed for Hawaii.
On the financial question the President
recommends that the gold standard be
provided for by law, and the interest
bearing obligations of the United States
be specifically made payable in gold. The
regulation of trusts end great CONNER
eial combinations so as TO prevent the
stitiing of competition. but without in
any way hampcring the development of
American manufactures and commerce.
is urged.
The President, in the opening para
graph, refers feefingly to the recent death
of Nice-President Hobart and then pro-
ceeds in subsistence as follows:
The Fifty-sixth Congress eohvenes in
us hfst regular session with the country
In a condition of unusual prosperity, of
universal good will among the people at
nome, 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 sim
gle year in all our history. Our exports
for 1879 alone exceeded by more than a
billion dollars our imports and exports
combined in 1870. The imports per cap
ita are. 20 per cent less than in 1870.
cent more than in 1870, showing the en-
larged capacity of the United States to
satisfy the wants of its own increasing
population, as well as 10 contribute to
those of the peoples of other nations.
Exports Of agricultural products wer
S1S4.1I6,l42. OF manufactured products
we exported in value $3.50 592, las. Cow
eminent receipts from all sources for the
hscal year ended June 30, 1899. including
Sl1,19S,31414, part payment of the Cen
trail Pacific Railroad indebtedness, aggre-
gated $610,9S2, ,00435. Customs receipts
were $206, ,12S, ,4S1.75, and those from in
ternal revenue $273, ,437. 1851. For the
dsc fiscal year the expenditures were $780,
093, ,564.02. leaving fehcit of eS4.111,-
65967. For the fiscal year ended June
30, 1892 the internal revenue receipts
were increased about 100000. 900.
Condition of the Treasury.
The present gratifying strength of the
treasury is shown by the fact that Dec.
/, 1899, the available cash balance was
S2IS, ,004 ,S3I.12. of which S239, 744 .903.3ti
was in gold coin and bullion. The condi-
tions of confidence which prevail through
out 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 revenues have made
it possible for the Secretary of the Treas
ury to take action under the provisions of
section 3691, Revised Statutes, relating
to the sinking fund. The Treasury De-
partment therefore offered to purchase
during November $25 100000 of the 5 per
cent loan of 1904 or the A per cent fund
ed loan of 1907, at the current market
price. TIE 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.
instant
Increased activity in industry, with its
welcome attendant-a larger employment
for labor at higher wages-gives to the
body of the people a larger power to alb
sorb the circulating medium. 1t is further
true that year by year, with larger areas
of land under cultivation, the increasing
voldme of agricultural products. cotton,
corn Snd wheat calls for a larger volume
of money supply.
In its earlier history the national bank
ing act seemed to prove reasonable ave-
nue. through which needful additions to
the circulation could from time to time
be made. Changing conditions have appar-
emily rendered it now imperative to that
end. The attention Of Congress is re-
spectfully invited to this important mat
ter with the view of ascertaining whether
or not such reasonable notifications can
be made in the national banking act as
will render its service more responsive TO
the peoples needs.
TO Maintain Gold Standard.
| urgently recommend that to support
the existing gold standard and to main
tain 1.-The parity in value of the coins of
the two metals (gold and silverl and the
equal power of every dollar at 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 10 employ such other effective means
as may be necessary to these ends. The
authority should include the power TO
sell bonds OH long and short time. as CON
ditions may require, and should provide
for a rate of interest lower than that
fixed by the act of Jan. IA. 1873. The
financial transactions of the Government
are conducted upon gold basis. We
are maintaining the parity of all the
smoney issued or coined by authority OF
the Government. We are doing 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, how
ever, and NAV have to be done in the
future. 1t behooves us, therefore, to
provide at once the best means to meet
the emergency when it arises, and the
best means are those which are the most
certain and economical. our receipts now
equal our expenditures; deficient revenues
no longer create alarm. Let us remove
the only remaining cause by comforting
the full and necessary power on the Sc :
rotary 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.
American Merchant Marine.
The value of an American merchant
marine to the extension of our CONNER
cial trade and the strengthening of our
power upon the sea invites the immedI-
ate action of Congress. Our national de
yelopment will be ane-sided and unsafls-
factory so long rs the remarkable CROWN
OF our inland industries remains unaecom-
panied by progress on the seas, There
is no lack OF constitutional authority for
legislation which shall give to the country
maritime strength commensurate with Its
industrial achievements and with its rank
among the nations of the earth. The
other great nations have not hesitated to
adopt the required means to develop Their
shipping as a factor in national defense.
and as one of the surest and speediest
means of obtaining for their producers q
share in foreign markets. Like vigilance
and effort on our part cannot fail &c I'M
prove our situation The expense is as
nothing compared 20 the advantage to be
achieved.
Calls Attention TO Trusts.
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