The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-06
PRESIDENTS MESSAGE READ.
FUTURE OF THE PHILIPPINES 10
WITH CONGRESS.

Trusts Are Condemned-Must He q
Remedy for Thcm-Our Grave Re-
sponsibiIity in Cuba-ImpOrtanc
Foreign Relations.
Washington, Dec. 5.--The Presidents
message was read in both houses OF Con-
gress To-day. II Is. in part, as follows;
ITO the Senate and House OF Represeu-
tatives; At the threshold Of your dellber-
atlons you are called to mourn with your
countrymen the death of Vice President
Hobert, who passed from this life on the
morning oil Nov p, last. His great soul
now rests in eternal peace. His private
life was pure and elevated, while his pub
lie career was ever distinguished by large
capacity, stainless integrity, and exalted
motives. He has been removed from the
high office which he honored and digni-
| fed, but his lofty character. his devotion
70 duty. his honesty OF purpose, and no
BILE virtues remain with us as "A priceless
legacy and example.
THE Fifty-Sixth Congress couvenes in
It's FIRST regular session with the country
in a condition of unusual prosperity. Of
universal good viii among the people at
home, and In relations OF peace and friend
ship with every government of the world
Our foreign commerce has shown great In
crease In volume and value. The COM
binel imports and exports for the year ara
In all our history. Our exports for 1899
alone, exceeded by more than a billion dol
lars our imports and exports combined In
1870. The imports per capita, are 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 their
| own increasing populG ton, well as to-
contribute 10 those of the people Of other
nations.
Exports OF agricultural products were
| S7Si 76, 142. or manufactured products, wa
exported In value, $3.50. .592 i46 being larger
than in any previous year. II ia a note
worthy fact that the only years in all our
history. when the products of our manu-
factories sold abroad. exceeded those
bought abroad. were 1898 and 1890.
How the Treasury Stands.
Government receipts from all sources
| for the fiscal year. ended June 30. 1899. In
cludlng s11.79S, ,314.A. part payment OF tho
| Central Pacific Railroad Indebtedness, ag~
were S2O6 12S, ,4S1.75, and those from internal
revenue 1913 437. .i61.51
For the fiscal year tho expenditures
We're 500, ,093 5et02 leaving deflcit OF sSs,-
1l1.559.67
mates that the receipts for the current is-
| cal year will aggregate s6i095s.li2 ana
upon the basis OF present appropriations,
| the expenditures will aggregate 5000. 958, ,f12,
leaving a surplus OF $40, ,00OO0o.
For the fiscal year ended June 30. 1899,
| the internal revenue receipts were increas-
| ed about S100000,000
1.-THE present gratifying strength Of the
| treasury is shown by the fact that on
! Dec l. 1899. the available cash balance
was 278 O04, S3772, of which $2s9,744, ,905.S8
was I'm gold coin and bullion. The condi-
tions of confidence, which prevail through
| mt haVa brought aroiA
more general 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 fav-
orable showing made by the revenues.
have made II possible for the Secretary
| OF the Treasury to take action under the
provisions OF Section 1894. Revised Statutes,
| relating TO the sinking fund. Receipts ex-,
| ceeded expenditures for the first fve
months Of the current fiscal year, by Sl3,-
| 413. .3S99i, and as mentioned above, tho
| Secretary of the Treasury estimates that
| there will be n surplus of approximately
$40. 900, COO at the end OF the year. Under
| such conditions II was deemed advisable
! 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. Tho treas
| ury department, therefore offered TO pur-
chase during November. $250o0,0O0 Of the
| s 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 $1S, 600. The
| premium paid by the government on such
purchases, was s2 1858, 521. and the net saw
| ing In interest, was about $2,Ss5000. The
success Of this operation was sufficient to
| induce the government to continue the Of
| fer to purchase bonds to, and, including
the 23rd day Of December, instant, unless
| the remainder OF the S25 100000 called for
| ahnnld he pracqpfad In the Mime f0E
redemption.
Increased activity IN industry, with its
welcome attendant--a larger employment
| for labor at higher wages-gives TO the
body OF the people larger power to abb
sorb the circulating medium. 1t is fur
ther true that. year by year. with larger
| areas Of land under cultivation, the in-
creaslng volume Of agricultural products.
cotton, corn and wheat, calls for a larger
volume Of money supply. This is epecIally
noticeable at the crop harvesting and crop
moving period"
The President refers TO the national
banking act. and urges that national banks
be authorized to organize with a capital
| of $4,000. He says that In Its earlier his-
| tory the national banking act seemed TO
prove a reasonable avenue through which
needful additions to the circulation could,
| from time to time, be made Cffangins
conditions have apparently rendered II
now imperative to that end The high
margin In bond securities required, result
ing from large premiums which govern-
ment bonds command I'm market, or the
tax on note issues. or both, operating to-
gether. appear to be the influences which
impair its public utility. The attention OF
Congress Is invited TO this important mat
ter. with the view Of ascertaining wheth-
er or not such reasonable notifications
can be made In the national banking act.
as will render It's service In the particu-
lars here referred to more responsive to
the peoples needs.
As to the Gold Standard.
Concerning the gold standard. the Press
dent says:
II urgently recommend that to support
the existing gold standard, and to main
tain The parity in value OF the coins Of
the two rnetals( gold and silver). 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 additional power and charged with