Mexico weekly ledger., 1899-12-14
MEINLEY'S MESSAGE.
Features of the Annual State
Paper of the President.
FUTURE OF TEE PHILIPPINES.

i
President Places tho Matter In Hands Of
conEres-sugscstion as to Government
Of Porto Rico--FIrst steps Toward Free
cuba-Financiai Legislation.
wAsHrNGrox, Dec. B.-The presidents
message was read in congress today. In
part It IS as follows:
To the senate and House Of Representatives.
At the threshold Of your deliberations
you are called to mourn with your coun-
trymen the death Of Vice President Ho-
bart who passed. from this life on tho
morning Of Nov. 81. His great soul now
rests In eternal peace. BIS private life
was pure and elevated, while his public
career wns ever distinguished BY large ca
pacity, stainless integrity and exalted mo-
tives. He has been removed from the
high Office which he honored and digni-
fed. but his lofty character, his devotion
. duty, his honesty Of purpose and noble
virtues Inneia with US as a priceless leg
acy and example.
The Fifty-sixth congress convenes in its
first regular session with tho country In a
condition Of unusual prosperity, Of uni
versal good will among the people Of
home and in relations Of peace and friend
ship with every government Of the world.
Our foreign commerce has shown great
increase in volume and value. The COM
biLed imports and exports for 3he year
are the largest ever shown by a single
year IN all u history. Our exports for
1899 alone exceeded by more than a billion
dollars our imports and exports combined
In 1870. The imports per capita ara 20 per
cent less than In 1870, while the exports
per capita are IS 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
f7S4, &c, il2. OF manufactured products,
we exported in value $ss9,69s ,146, being
larger than any previous year. It Isl
noteworthy fact that the only years in all
our history when the products Of our
manufactures sold abroad exceeded those
bought abroad were 1895 and 1892.
Governments receipts from al sources
for the fiscal year ended June 30, 1893, in
Guiding 81, o ,9i4.14. part payment of the
Central Pacific railroad indebtedness, ag-
gregated S6l0,9S2 ,0O4.S5. Customs receipts
were Sa06, 12s. 4s1.75 and those from in
ternal revenue s27s, 49,, 1871.
For the fiscal year the expenditures
were 500 9S, 564@, leaving a deficit Of
eS9, 11,55o.67.
The secretary of the treasury estimates
that the receipts fort the current fiscal year
will aggregate Ss40, 95s, III, and upon tho
basis of present appropriations tho OK
penditures will aggregate 5000, 95s,11s,
leaving a surplus Of go, 0o0.0oo.
For the fiscal year ended June so, 1909,
| the internal revenue receipts Were in
creased about 800, 0O0, 900.
The present gratifying strength Of the
treasury Is shown by the fact that on Dec.
], 1899, the available cash balance was
&27s,0O4,SS7.N ~, Of which seas, IA, e05.3 SO 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
almost entirely paid in that coin.
T~reasuryis Good Showing.
The strong condition Of the treasury
with respect 10 cash on hand and the
favorable showing mAdo by the revenues
have made II possible forthe secretary Of
the treasury to take action under the pro
visions Of section 1904, revised statutes,
rolatingto the sinking fund. Receipts
exceeded expenditures for the first five
months Of the current fiscal year by ei3,-
tla,s5o.ol, and, as mentioned above, tho
secretary Of the treasury estimates that
there viii be n surplus Of approximately
100000 Atthe end OF the year. Under
such conditions it was deemed advisable
and proper 20 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 department therefore offered
70 purchase during November s~e5,oOo,oOo
Of the . per 9 u loan OF 1901 or the a per
cent funded loan Of 1907, at the current
market price. The amount offered and
purchased during November was els, 409,-
600. The premium paid by the govern
ment on such purchases was t2.o63,52 l
and the net saving in interest was about
ea,sS5,000.
Increased activity In industry, with its
welcome attendants larger employment
for labor at higher wages-gives 10 the
body Of the people a larger power to abb
sorb the circulating medium. It is fur
ther true that year by year, with larger
areas Of land under cultivation, the in
creasing volume Of agricultural products,
cotton, corn and wheat, calls for a larger
volume Of money supply. This is espeo
tally noticeable at the crop-haryesting
and cr0p-moving period.
In its earlier history the national bank
ing act seemed 70 prove reasonable ave
nue. through which nsedful additions to
the circulation could from time to time
- -,s1a Char-u. rorHfklo-- 49, 4
parently rendered It now imperative 70
that end. The high margin in bond Sc
eurfties required. resulting from large
premiums which government bonds com
mand in the market, or the tax on note H.
sues, or both operating together, appear
10 be the influences which irapair its pub
lie utility.
The attention Of congress IS respectfully
invited to this important matter with the
view Of ascertaining whether or not such
reasonable notifications can be made in
the national banking act as will render
its service in the particulars here referred
10 more responsive to the peoples needs.
thorized 10 organize with a capital Of
$4,000.
Wants Gold STANDARD Protected.
Iurgently recommend that { support
the existing gold standard and to main
tain 'the parity in value Of the coins Of
the two metals (gold and silverl and the
equal power Of every dollar at all times In
the market and In the payment Of debts"
the secretary Of the treasury be given ad-
dItionai power and charged with the duty
to sell Uniied States bonds and to employ
sueh other effective means as may be nee
essary to these ends. This authority
should include the power to sell bonds on
long and short time, as conditions may
require, and should provide for a rate Of
interest lower than that fixed by the act
Of Jan. IA, 1875. While there is now such
widespread confidence that gold seeks tha
treasury demanding paper money in ex.
-