Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1899-12-07
PRESIDENTS MESSAGE.
70 the Senate and House of Repre-
cenfafivar.

70 the Senate and House of Repre-
sentatiYes:
The Fifty-sixth congress conyeAes in
its first regular session with the coun-
try in condition of unusual pros
perity, of universal good will among
the people at home. and in relations OF
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 a single
year in all our history. Our exports
for 1899 alone exceeded by more than
a billion dollars our imports and ex-
ports 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, show
ing the enlarged capacity of the Uni
ted States to satisfy the wants of it's
own increasing population. as well as
to contribute to those of the peoples
of other nations.
Exports of agricultural products
were $7S4,776,142 OF manufactured
products we exported in value $780,
592, ,146, being larger than any pre-
vious year 1t is a noteworthy fact
that the only years in all our history
when the products of our manufac-
tories sold abroad exceeded those
bought abroad were 1898 and 1899.
Government receipts from all sources
for the fiscal year ended June 80, 1899,
including $11,798, ,31414, part payment
of the Central Pacific railroad indebt-
edness, aggregated $610,9S2 .004.35. Gus
toms receipts were $206, 1913, ,481.75, and
those from internal revenue $273, 49,
1G1.51.
For the fiscal year the expenditures
were $500 ,093. .56402, leaving deficit
of $50, iii, ,55967.
The secretary of the treasury esti-
mates that the receipts for the cur
rent fiscal year will aggregate $780,
95S.112, and upon the basis of present
appropriations the expenditures viii
aggregate $500, 8.112, leaving sur
plus of s40.000,0o0.
For the fiscal year ended June 30,
1899, the internal revenue receipts
were increased about 100000, 900.
The present gratifying strength OF
the treasury is shown by the fact that
on Dec. l, 1899, the available cash bal
ance was $27S, ,004, ,837T2, of which
$239. .744, ,905.36 was in gold coin and
bullion. The conditions of confidence
which prevail throughout the coun-
try have brought gold into more gem
era1 use and customs receipts are now
almost entirely paid in that coin.
The strong position of 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 to take action
under the provisions of Section 1854.
Revised Statues. relating to the sink
ing fund. Receipts exceeded expendi-
lures for the first FIVE months of the
current fiscal year by S13, ALB, ,3S9. 81,
and, as mentioned above, the secretary
of the treasury estimates that there
will be surplus of approximately S4O,-
10000 at the end of the year. Under
such conditions it was deemed advis-
able and proper to resume compliance
with the provisions of the sinking
fund law, which for eight years has
not been done, because of deficiencies
In the revenues The treasury depart
ment, therefore, offered to purchase
during November $4,000. 900 of the 5
per cent loan of 1904, or the per cent
funded loan of 1907 at the current
market price The amount offered and
purchased during November was $18,-
408, 800 The premium paid by the gov
ernment on such purchases was ST.
263, ,521 and the net saving in interest
was about $2,SS5, 900. 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, instant, unless
the remainder of the $25,000 900 called
for should be presented in the mean
time for redemption.
In it's earlier history the national
banking act seemed to prove reason
able avenue through which needful
additions to the circulation could from
time to time be made. Changing con-
ditions have apparently rendered it
now imperative to that end The high
margin in bond securities required, re-
su1ting from large premiums which
government bonds command in the
market, or the tax on note issues, or
both operating together, appear to be
the influences which impair it's public
utility.
The attention of congress is respect
fully invited to this important matter,
with the view Of ascertaining whether
or not such reasonable modification can
be made in the national banking act
as will render its service in the partlcu-
lars here referred to more responsive
to the peoples needs, | again urge
that the national banks be authorized
to organize with capital of $25, 900.
I urgently recommend that to sup
port the existing gold standard and to
maintain "the parity in value of the
coins of the two metals fgold and sill
ver) and the equal power of every
dollar at all times in the market and
in the payment of debts,'' the secre-
taFy of the treasury be given addition
al power and charged with the duty
to sell United States bonds and to em-
ploy such other effective means as
may be necessary to these ends. The
authority should include the power to
sell bonds on long and short time, as
conditions may require, and should
provide for rate of interest lower
than that fixed by the act of Jan IA,
mercial fright which withdraws gold
from the government, but, on the con-
trary, such widespread confidence that
gold seeks the treasury demanding
paper money in exchange, yet the very
situation points to the present as the
most fitting time to make adequate
provision to insure the continuance of
the gold standard and of public conf
dence in the ability and purpose of
the government to meet all its obIiga-
tions in the money which the civilized
world recognizes as the best.
The financial transactions of the
government are conducted upon a gold
basis. We receive gold when we sell
United States bonds and use gold for
their payment. We are maintaining
the parity of all the money issued or
coined by authority of the government.
We are doing these things with the
means at hand. Happily at the pres
ent time we are not compelled to re-
sort to loans to supply gold. 1t has
been done in the past, however, and
may have to be done in the future. 1t