Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1899-12-05

10 the Senate anu IlouSS VI ASOPi NSA
tatives:
At the threshold of your delibera-
tions you are called to mourn with
your countrymen the death Of Vice
President Hobart, who passed from
this life on the morning of Nov 2lsti
last. His great soul now rests In
eternal peace. His private life was
pure and elevated, while his public
career was ever distinguished by
large capacity, stainless integrity, and
exalted motives. He has been re
moved from the high office which he
honored and dignified, but his lofty
character, his devotion to duty, his
honesty of purpose, and noble virtues
remain with us, as a priceless legacy
and example.
The fifty-sixth congress convenes
in it's first regular session with the
country in condition of unusual
prosperity, of universal good will
among the people at home, and in re
lations of peace and friendship with
every government of the world.
FINANCIAL.
Our foreign commerce has shown
great increase in volume and value.
The combined imports and exports
for the year are the largest ever
shown by single year in all our his
tory. Our exports for 1899 alone ex
ceeded by more than a billion dollars
our imports and exports combined in
1870 The imports per capita are
twenty per cent. less than in 1870,
I. l,n aar rAit orr 70
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 $784,776,142. OF manufactured
products we exported in value 1888,
592,146, being larger than any prev
ious year. 1t is a noteworthy fac
that the only years in oil our histor!
when the products of our manufacto
ries sold abroad exceeded thos
bought abroad were 1898 and 1899.
Government receipts from al
sources for the. fiscal year ende,
June 30,1S99, including S11,79S,914.14
part payment of the Central Pacifi
railroad Indebtedness, aggregate
s610, ,9S2, ,004.95. Customs receipt
were $2O6, ,12S, S,481.75, and those fror
internal revenue $273,437 ,161.51.
For the fiscal year the expenditure
were $700O93, ,564:02, leaving defici
of $S9, 1,559.67.
The secretary of the treasury est
mates that the receipts for the cul
rent fiscal year will aggregate S64O
958,112, and upon the basis of presen
appropriations the expenditures wi
aggregate 5000, S,t12, leaving a SUI
plus of $4O,O0O,000.
For the fiscal year ended June 81
1899, the internal revenue receipt
were increased about 800, 100000.
The present gratifying strength {
the treasury is shown by the fact ths
on December /, 1899, ethe savailabl
cash balance was $27S,004,8S772, {
which $239, ,744 ,90536 was in gol
coin and bullion. The conditions {
confidence which prevail throughol
the country have brought gold int
more general use and customs r
ceipts are now almost entirely pal
in that coin.
The strong condition of the trea
ury with respect to cash on hand an
the favorable showing made by til
treasury to take action under the pr
visions of Section, 1904, Revise
Statutes, relating to the sinking fun
Receipts exceeded expenditures fl
the first five months, of the currel
fiscal year by $13,413, ,389.91, and, ;
mentioned above, the secretary of Il
treasury estimates that there will
a surplus of approximately $4,000
600 at the end of the year. Und
conditions it was deemed advisab
and proper to resume complains
with the provisione of the sinkiI
fund law, which for eight years h
not been done because OF deficienci
In the revenues. The treasury q
partment therefore offered to purcha
during November $25, 900 of Il
FIVE per cent loan of 1904, or the TO
per cent funded loan of 1907, at t
current market price. The amou
offered and purchased during Novel
ber was S1S,408,6 800. The premiu
paid by the government on such pl
cldSeS WAS 91,zOo,o1l anu the II
saving in interest was about $2,88
900. The success of this operate
was sufficient to induce the Cover
ment to continue the offer to pl
chase bonds 20 and including the 23
day of December, instant, unless t
remainder of the $25,0O0,O0O call
for should be presented in the mea
time for redemption.
THE BANKING LAWS.
Increased activity in industry wi
its welcome attendant-a larger e
pioyment for labor at higher wages
gives to the body of the people la
er power to absorb the circulate
medium. It is further true that yt
BY year, with larger areas of land l
der cultivation, the increasing v
ume OF agricultural products, cott
corn and wheat. calls for a lari
volume Of money supply. This is
peeially noticeable at the crop-h
vesting and crop-moving period.
In its earlier history the natiol
banking act seemed to prove O +
sonable avenue through which ne