Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1899-12-09
PRESIDENTS MESSAGE

To the Senate and House OF Repre-
sentatives:
The Fifty-sixth congress convenes in 1
its first regular session with the coun- |
try I'm condition OF unusual pros |
perity. of universal good will among |
the people at hoTne. and in relations of |
peace and friendship with every gov
eminent of the world. Our foreign
commerce has shown great increase In
volume and value. The combined i'm
ports and exports for the year are
the largest ever shown BY single
year iu all our history. Our exports
for 1899 alone exceeded by more than
n billion dollars our imports and ex-
ports combined in 1870. The imports
per capita are 30 per cent less than in
1870. while the exports per capita SIRE
IS per cent more than in 1870. show
ing the enlarged capacity of the Uni
ted 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 $764, 776,142 or manufactured
products we exported In value $685.
592. 146, being larger than any pre-
Fious year. II is II noteworthy fact
that the only years Tn all our history
tories sold abroad exceeded those
bought abroad were 1898 and 1889
Government receipts from all sources
for the fiscal year ended June 80. 1899.
including 81 .7eS. 314.14. part payment
of the Central Pacific railroad indebt-
edness. aggregated $50. SS2. OO4.3 Gus
toms receipts were $206. rs, 4S1.75. and
those from internal revenue $273, 49,
1851.
For the fiscal year the expenditures
were $70O. 093. 554.02, leaving deficit
of SIS, III. $50 81.
The secretary of the treasury esti-
mates that the receipts for the cur
rent fiscal year viii aggregate $780,
s5S. 112. and upon the basis OF present
appropriations the expenditures will
aggregate $500. S5S III. leaving sur
plus OF $4,000. 900.
For the fiscal year ended June 80.
1899. the internal revenue receipts
were increased about 800, 100000.
The present gratifying strength OF
the treasury is shown by the fact that
on Dec. 1. 1899. the available cash bal
ance was $27S. 0O4 .S37.72, of which
S239. IA ,9O5.36 was in gold coin and
bullion. The conditions of confidence
which prevail throughout the coun-
try have brought gold into more gen
eral use and customs receipts are now
almost entirely paid in that coin.
The strong position or the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nues have made It possible for the
secretary Of the treasury 20 take actor
under the provisions of Section 1894
Revised Statues. relating to the Sink
ing fund Receipts exceeded expendi
lures for the first FIVE months OF tbs
current fiscal year by $13.4l3. 3S9.9 81
and, as mentioned above. the secretary
of the treasury estimates that there
will be q surplus of approximately $40,
00O, 900 at the end Of the year. Unde
such conditions it was deemed advis
able and proper. TO resume compliance
with the provisions or the sinkini
~SSund law which for eight years ma
not been done. because Of dehciencie
in the revenues. The treasury depart
ment. therefore, offered TO purchas
during November SOS. 600 900 Of the
per cent loan of 1904. or the per cen
funded loan OF 1907 at the curren
market price. The amount offered an
purchased during November was SIS
40S, COO. The premium paid by the GOV
eminent on such purchases was 81
26s .521 and the net saving in intere:
was about 50 1856, 900. The success {
this operation was sufficient to Undue
the government to continue the Ole
to purchase bonds TO and including II
Esd day of December. instant. unle:
the remainder Of the $25, 100000 Gale
for should be presented In the meal
time for redemption.
In it's earlier history the nation
banking act seemed to prove reason
able avenue through which needf
additions to the circulation could fro
~1vrc~ ~.
ditions have apparently rendered
now imperative to that end. The hil
margin in bond securities required. r
sulting from large premiums viii
government bonds command in {
market, or the tax on note issues,
both operating together. appear 10
The influences which impair its pub
utility.
The attention of congress is respe'
fully invited to this important matt
with the view Of ascertaining whett
or not such reasonable modification c
be made In the national banking ;
as will render it's service in the parti'
lars here referred to more responsi
TO the peoples needs. / again III
that the national banks be authors
10 organize with a capital Of $25, 900
/ urgently recommend that to 81
port the existing gold standard and
maintain "the parity in value of
coins of the two metals (gold and
9Ter) and the equal power of ev
dollar at all times in the market {
in the payment of debts" the seC
tary of the treasury be given additi
al power and charged with the d
to sell United States bonds and to
ploy such other effective means
may be necessary to these ends.
authority should include the power
sell bonds ON long and short time
conditions may require, and she
provide for a rate of interest 10
than that fixed by the act of Jan.
1875 While there is now no c
mercial fright which withdraws
from the government, but, on the
trary, such widespread confidence
gold seeks the treasury demand
naner money in exchange vet the