The Owosso times. (Owosso, Mich.) 1897-1926, 1899-12-08
PRESIDENTIAL VIEWS
Executive Informs Congress OF
Subjects of National
Importance.
BEGINS WITH NATIONAL FINANCES
Announces That There Will Be Sur
plus Of $40, 600, 900.


Boer War and other Matters of General
Given to Consideration OF the Cuban
Philippine and Porto Rican Questions
and Policies To He Adopted Therein
The Civil Service Order OF May 30 Last.
President McKinley's message to
congress begins with a tribute to the
memory Of Vice President Hobart and
then tells of the general prosperity of
the country. He then says:
government receipts from all sources
Tor the fiscal year ended June 30. 1899,
including $11, 79S:314A4. part payment of
the Central Pacific railroad Indebted
ness, aggregated S610.9S2. 004.35. Gus
toms receipts were $2O6. 1z8. 4S1.75. and
those from internal revenue $273, 49,
-' For the fiscal year the expenditures
We're 500, O93. 564.o2. leaving deficit Of
$50, III, 559.67.
"The secretary Of the treasury esti-
mates that the receipts for the current
fiscal year will aggregate $640. 958, liz,
and upon the basis Of present appropri-
.ations the expenditures will aggregate
$600,95S, III, leaving surplus Of $40.-
OO0, 900.
For the fiscal year ended June 30,
1899, the internal revenue receipts were
increased about $1o0.000,000.
1.-THE present gratifying strength of the
treasury is shown by the fact that on
Dec. l. 1899, the available cash balance
was $27S, ,SS7.72, of which 1928. 744,-
905.36 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-
tirely paid in that coin.
Surplus of @4O.OOO,OOO.
'"The strong condition of the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nues have made il possible for the Sec
rotary, of the treasury to take action
under the provisions Of section 1864 Gre
vised statutes) relating to the sinking
fund. Receipts exceeded expenditures
for the first five months Of the current
fiscal year by $13. 49, 1891, and. as men,
toned above, the secretary of the treas
.ury estimates that there will be sur
plus of, approximately. $40, 000,0 900 at the
end Of the year. Under such conditions
1t was deemed advisable and proper
to resume compliance with the provi-
sions of the sinking fund law, which for
eight years has not been done because
of the deficiency I'm the revenue. The
treasury department therefore offered
TO purchase during November $25,000,-
600 Of the per cent. loans of 1904, or,
the per cent. funded loan of 1907 at
the current market price. The amount
offered and purchased during November
was $1S,40S,600. The premium paid by
the government on such purchases was
1881 and the net saving in inter-
est was about $2.S83.0C0 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 SIS, 1000 called for
should be presented in the meantime
hui rndn
industry with its welcome attendant
a large employment of labor at higher
wages-gives to the body of people a
larger power to absorb the circulating
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 and crop-moving pc
Rod"
Modification of Banking Act
The president recommends the modi-
fcation 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 be
placed in trust fund from which
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
On the subject Of trusts he says:
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- |
sumed 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 |
IL, 1898, has been engaged in extended |
hearings upon the disputed questions |
involved In the subject of combinations |
IN restraint of trade and competition. |
they have not yet completed their in |
gestigation of this subject, and the con-
illusions and recommendations at |
which they may arrive are undeter- |
mined. The subject Is one giving rise |
10 many divergent views as to the ma
lure and variety or cause and extent |
IF the injuries to the public which may |
result from large combinations concen- |
rating more or less numerous enter |
,rises and establishments, which previ- |
)uSly to the formation of the combina- |
ion were carried on separately. II |
he present law Gamble extended more |
certainly to control or check these |
nonopolies or trusts. 1t should be done |
without delay. Whatever power the ,
congress possesses over this most i'm
,0rtant subject should be promptly as /
ertained and asserted"
The Nicaragua Canal.
President Mckinley devotes consider !
bile space to the Nicaragua canal, and |
concludes:
THE great Importance of this work |
,annot be too often or too strongly |
,ressed upon the attention of the con-
,ress In my message of a year ago |
expressed my views of the necessity |
II a canal which would link the two |
treat oceans, TO which 1 again invite |
Tour consideration. The reasons then |
PRESENTED for early action are even |
tronger now.
"In my message TO congress OF Dec. /
!, 1898, ] urged that the recommends
ion which had been made to the speak |
II Of the house of representatives by |
he secretary OF the treasury on the |
4th Of June, 1898, for an appropriation |
or a commission to study the CONNER |
.ial and industrial conditions In the |
chinese empire and report as to the OPP |
,ortunities for. and obstacles to, the |
Enlargement OF markets in China for |
he raw products and manufactures Of |
he United states. should receive at |
n - a. = A.