The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1899-12-09
THE PRESIDENTS MESSAGE
4 SYNOPSIS rs HERE GIVEN.
Maintain the Gold Standard-Crush
AguinaIdo's RcbeIIion-GIve Cuba
Liberty-Develop Trade in China
Encourage Puerto Rico-Aid the
Merchant Marine.
To sae Senate and House of Representa-

ecountrymen the death of Vice President
Hobart, who passed from this life on
the morning of November 81, last His
great soul now rests in eternal peace.
His private life was pure and elevated,
while his public career was ever dis
tinguished by large capacity, 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, his
honesty of purpose and noble virtues
remain with us as priceless legacy
and example.
The Fifty-sixth congress convenes in
its first regular session with the coun-
try in a condition of unusual prosper
ity, of universal good will among the
people at home and 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 ex-
ports for the year are the largest ever
shown by single year in all our his
tory. Our exports for 1899 alone ex-
coed 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 So per cent more than in
1870, showing the enlarged capacity of
the United States to satisfy the wants
of its own increasing population, as
well as to contribute to those of the
peoples of other nations.
Exports of agricultural products were
S784,776,142. OF manufactured pro-
ducts we exported in value 1898, 592, LAG,
being larger than any previous year.
1t is noteworthy fact that the only
Sears in all our history when the pro-
ducts of our manufactures sold abroad
exceeded those bought abroad were
1898 and 1899.
Bank Account.
Government receipts from all sources
for the fiscal year ended June 80, 1899,
including $11,798,314.14, part payment
of the Central Pacific indebtedness, ag-
gregated S610,982 ,004.35; customs re-
rceipts were S2O6, ,4S1.75, and those
from internal revenues $273, 437, 161 81
The present gratifying strength OF
the treasury is shown by the fact that
ION December l, 1898, the available cash
balance was $278, ,S37.27, of which
$239, 744 ,90536 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 al
most entirely paid in that coin.
Need of Money.
Increased activity in industry with
its welcome attendant-a larger EN-
'ployment for labor at higher wages
gives to the body of the people larger
power to absorb the circulating medi
UNI. 1t is further true that year by
year, with larger areas of lands under
10 q. 81
agricultural products, cotton, corn ant
wheat, calls for a larger volume OF
money supply. This is especially no
-ticeable at the crop harvesting anC
crop moving period.
In it's earlier history the nationa
banking act seemed to prove a reason
able avenue through which needful ad
ditions to the circulation could from
time to time be made. Changing con
.ditions have apparently rendered i
now imperative to that end. The higl
margin in bond securities required, re
esulting from large premiums which
government bonds command in thu
market or the tax on note issues, o.
both operating together, appear to b.
the influences which impair its .publi
utility.
The attention of congress is respect
fully invited to this important matter
with the view of ascertaining whethe
Nor not such reasonable modification
can be made in the national bankin;
act as will render it's service in the par
ticulars here referred to more respon
,sive to the peoples needs. l again
urge that national banks be authorize,
TO organize with a capital of $4,000.
The Gold Standard.
l urgently recommend that to sup
port the existing gold standard and t
maintain the parity in value of tn
coins of the two metals (gold and sil
ver) and the equal power of every do
lar at all times in the market and in tn
payment of debts the secretary of tn
treasury be given additional power AM
charged with the duty to sell Unite
States bonds and to employ such othe
effective means as may be necessary t
these ends. The authority should in
clude the power to sell bonds on lon
and short time, as conditions may re
quire, and should provide for a rate O
interest lower than that fixed by tn
act of January IA, 1875. While Their
is now no commercial rights whic
withdraws gold from the government
but on the contrary such widespread
confidence that gold seeks the treasury
demanding paper money in exchange
yet the very situation points to tn
present as the most fitting time t
make adequate provision to insure tn
continuance of the gold standard an
of public confidence in the ability an
purpose of the government to meet a.
its obligations in the money which tn