The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1899-12-13
To the Senate and House OF R,preson.

lISoluSHJ llODdT', VINO peSSeu lrOT
this life on the morning OF Novembe
21st, last. His ereas soul now rests
eternal peace. III private life wa
pure and elevated, while his publ
career was ever distinguished by larg
capacity, stainless integrity and ex
alted motives. He has been removed
from the hign Office which he houoret
and dtgnitied, but his lofty character
his devotion to duty, his honesty o
purpose and noble virtues remain with
us as priceless legacy aud example
The fifty sixth Congress convenes ir
Its hrst regular session with the couu
try In g. condition Of unusual pros
perity, of universal good will among
the people at home, and in relations o
peace and friendship with every gov
ernment 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 in
all our history. Oar exports for 1899
alone exceed by more tnan billion
dollars our imports and exports COM
bined In 1870. The impor per capita
are 70 per cent. less THAI in 1870, while
the exports per capita are SO per cent.
more than in 1870, showing the en-
larged capacity Of the United States
to satisfy the wants Of it's own increas-
ing population rs we'll rs to contri.
butte to those OF the peoples of other
nations.
Exports of agricultural products
were $7S4,776,1 142 OF manufactured
products we exported in value $685.
592, 146, being larger than any previous
year. 1t Ia a noteworthy fact that the
only years In all our history when the
products OF our manufactures sold
abroad exceeded those bought abroad
were 1898 and 1899.
Government receipts from all sources
Tor the fiscal year, ending June 80,
1899, including $1I ,798 3i4 IA part paw
ment of the Central Poetic Railroad
Indebtedness aggregated $610. 982, 004.-
~. Customs receipts were $206 1885,
46l.75 and those from internal revenue
$273, 437 ,16l.61. For the fiscal year,
the expenditures were 800, O93, ,564 .O2,
leaving deficit OF $50, Ill, $40 81.
The secretary OF the treasury esti-
mates that tho receipts for the current
fiscal year will aggregate S640,958,1l2
and upon the basis Of present appro-
gate 5000 ,958, ll2, leaving surplus OF
$40, 100000, 00O
For the fscal year ended Juns 80,
1899, the internal revenue receipts
increased about $l0O,O0O,OOO.
The present gratifying strength OF
the treasury Is shown by the fact that
on December l., 1899, the available
cash balance was 1904 ,837.72, of
which $239, 744 ,905.36 was In gold coin
and bullion. The confidence which
prevails throughout the country has
brought gold into moro general use and
custom receipts ar now almost entire
ly paid in that coin.
The strong condition of the treasury
with respect to cash on hand and the
favorable showing made by the re-
venues have made 1t possible for the
secretary of the treasury to take action
under the provisions OF 1894, revised
statutes, relating to the sinking fund.
Receipts exceeded expenditures for
fiscal year by sl2,413, 38081 and, as
mentioned above, the secretary of the
treasury estimates that there will be
q surplus OF approximately $40, 200, 600
at the end OF the year. Under euch
conditions, 1t was deemed advisable
and proper to resume compliance with
the provisions OF the sinking fund law,
which for eighty years has not been
done because OF deficiencies In the re
venues. The treasury department,
therefore, otfe red to purchase during
Novem Der $25, ,00U, 900 OF the per cent,
loan of 1904 or the per cent. funded
loan OF 1907 at the current market
price. The amount offered and pur-
chased during November was $18, ,4O8,-
600. The premium paid by the govern
ment on such purch8 es was 81, ,263, ,52l
and the net saving IN interest, was
about 81. 1856, ,O00 The success Of shis
operation WAS sufficient to induce the
government to continue the offer to
purchase bonds to and including the
23rd day Of December instant, unless
the remainder of the $25, ZOO, 900 called
for should be presented in tho mean
time Tor redemption.
DEMANDS THE GOLD STANDARD.
The attention OF Congress ls respect.
fully invited to this important matter
with the view OF ascertaining whether
or not such reasonable notifications
can be made in the national bank act
as wiiI, I,render It's service In the parti.
cular here referred to more respon.
sive to the peoples needs. again
urge that national banks be authorized
to organize with capital Of $25, 900.
L urgently recommend that to sup
port the existing gold standard and to
maintain the parity in value OF the
coins OF the two metals (gold and
silver), and the equal power of every
dollar at all times In the market and
In the payment OF all debts," the score.
essJ ~ WV siSesouiy 10 BlN0u auul-
tional power ard charged with the
duty to sell United States bonds and tc
employ such other effective means az
may be necessary to these ends. The
authority should include the power
to sell bonds on long and short time, al
conditions may require, and should
provide for rate OF interest lower thar
that fixed by the act OF January IA
1876. While there ls no commercia
fright which withdraws gold from tn,
government, but on the contrary, sucl
widespread confidence that gold seek
the treasury demanding paper none,
In exchange, yet the very situation
points to the present as the mos
fitting time to make adequate provlslo
to insure the continuance of the gol
standard and OF public confidence 4
the ability and purpose of the gov err
ment to meet all OF Its obligations |
the money which the civilized wori
recognizes as the best. The flnancit
transations OF the government are col
Quoted upon gold babis. We receiy
gold when we sell United States bond
and use gold for their payment. w
are maintaining the parity OF al, I'll
money Issued or coined by the o.
thority OF the government. We al