Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1899-12-08
Presidents Recommends
tiOns to Congress.
The Necessity for Financial Leg
islatiOn is Pointed Out.
The Philippine Situation is Discussed
at Length, Together with Affairs
I'm Cuba and Porto RIco-A
Lengthy State Paper.

are called to mourn with your countrymen the
death of Vice President Hobart, who passed
from this life on the morning of November 2l
last His great soul now rests in eternal peace.
HIS private life was pure and elevated, while
his pnbltc career was ever distinguished by
large capacity, stainless integrity and exalted
motives.
The Fifty-sixth congress convenes In it's 1rst
regular session with the country in u condition
of unusual prosperity, OF universal good will
among the people ut home, and in relations of
peace and friendship with every government
of the world. 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 u single year in all
our history Our exports for 1893 alone ex-
ceeded by more than billion dollars our inn
ports and exports combined in 1870 The inn
ports per capita are 20 per cent. less than in
1870, while the exports per capita are 5S per
capacity Of the United States to satisfy the
wants of its own increasing population, rs
well as to contribute to those OF the people of
other nations
The Nations Finances.
Exports of agricultural products were 1884,
776l42. OF manufactured products we export
ed in value 1889, ,592 i46, being larger than any
previous year 1t is noteworthy fact that the
only year In all our history when the products
those bought abroad were 1903 and 1899.
Government receipts from nll sources for the
fscal year ended June 80, 1899, including Sll,-
79s, ,3lil4 part payment OF the Central Pacific
Railroad Indebtedness, aggregated !,0Oi.
Customs receipts were S206 l2s, ,4Si, and those
from internal revenue S27S 49,, ,lbl.
For the fiscal year the expenditures were
s7000o3,564, leaving deficit of Ssa,lli.5,9.
The secretary OF the treasury estimates that
the receipts for the current fiscal year Will
aggregate S6iO,y5S,ll2 and upon the basis of
present appropriations the expenditures will
siO.OO0,OIO.
For the fiscal year ending June 30, 1899. the
internal revenue receipts were increased about
l100OOO,OO0.
The present gratifying strength OF the treas
ury is shown by the fact that on December /,
1879, the available cash balance was s2iS,OO4-
737. OF which S23g 7Ii gJ5 was in gold coin and
bullion. The conditions OF confidence which
prevail throughout the country have brought
gold into more general use. and customs
ceipts are now almost entirely paid in that
coin
The strong position of the treasury with re-
spect to cash on hand and the favorable show
Ing made by the revenues have made II posst-
bic for the secretary of the treasury to take
action under the provisions OF Section 369i,
Revised Statutes, relating TO the sinking fund.
Receipts exceeded expenditures for the first
tive months of the current fiscal year fl3,4l3,-
3S9, and, Us mentioned above, the secretary of
the treasury estimates that there will be sur
plus OF approximately I0.O000 90 ut the end OF
the year Under such conditions it was deemed
advisable to resume compliance with the pro-
visions OF the sinking fund law, which for
eight years has not been done because of detl-
ciencics in the revenues. The treasury de-
partment therefore offered to purchase during
November %. .OOJ, 100 of the 5 per cent loan Of
1901 or the 4 per cent funded loan of 1907 at
the current market price. The amount offered
and purchased during November was SlS,iOS,-
COO. The premium paid by the government on
such purchases was =, s63,oal. and the net saw
cess OF this operation was sufficient to induce
the government to continue the of1er to pur-
chase bonds TO and including the I'D day of
December, unless the remainder OF the s25-
100000 called for should be presented in the
meantime for redemption.
Increased activity in indu stry with its well
come attendant-a larger employment OF labor
at higher wages gives TO the body Of the peo-
pie larger power to absorb the circulatinI,
medium. 1t is further true that year by year,
with larger areas OF land under cultivation,
the increasing volume of agricultural products
n
This is especially noticeable at the crop har-
yesting and crop moving period.
In its earlier history the national banking
act seemed to provide Il reasonable avenut
through which necdful additions to the circu-
lation could from time to time be made
Changing conditions have apparently rendered
II now imperative TO that end. The high mar
gin in bond purchases referred to, respltine
command in the market, or the tax, appear 4
be the influences which impair its public
utility.
The attention of congress is respectively in
vited to this important matter with the view
of ascertaining whether or not such reaSonabl,
notifications can be made in the nationa
banking act as will render its service in thu
particulars here referred to more responsive
TO the peoples needs. again urge that ma
tional banks be authorized 10 organize with
capital of $751; .O0l
The Gold Standard.
] urgently recommend that to support th
existing gold standard and to maintain "th
parity in value of the coins of the two metal
gold and silyer) and the equal power of ever.
dollar at all times in the market and in th'
payment OF debts" the secre tary of the treas
with the duty to se States Sonds an
to employ such other effective means as ma,
be necessary to these ends The authorit
should include the power to sell bonds on lonl
and short time, as conditions may require. ant
should provide for rate of interest lower thai
that fixed by the act of January II, 1879.
While there is commercial frigh
which wilhdraws gold from the government
but. on the contrary such widespread conn ,
paper money in exchange yet the very stun
tion points to the present as the most httin
time TO make adequate provision TO insure tn
continuance of the gold standard and of publ
confidence in the ability and purpose of tn
money which the civilized wor d recognizes a
the best. The financial transactions of III
government are conducted upon gold basis
We receive gold when we sell United State
bonds and use gold for their payment w
are maintaining the parity of all the none
issued or coined by authority OF the govern
ment We are doing these taings with th
means at hand Happily at the present tim
supply gold 1t has been done In the pas
however, and may have to be done in the II
ture. II behooves us, therefore, to provide
once the best means to meet the emergenc
when 1t arises, and the b0st means are thos
which are the most certain and economical
Those now authorized have the virtue neithe
of directness nor economy. We have nlread
eliminated one OF the causes of our fnancii
plight and embarrassment during the year
1893, 1884, 1895 and sos Our receipts now equi
our expenditures; deficient revenues no longt
create alarm Let us remove the only remain
ing cause Dy conierrluR the iull ana necessal
power the secretary of the treasury M
Impose upon him lhe duty TO uphold the pre-
ent gold standard and preserve the coins
the two metals ut parity with each othe
which is the repeatedly declared policy OF u
Uuited States.
In this connection / repeat my former re-
concentrations that u portion OF the gold holt
ings shall be placed in u trust fund from whi(
greenbacks shall be redeemed upon presents
ton, but when once redcencd shall not ther
after be paid out except for gold.
Our Merchant Marine.
The value Of nn American merchant mnriI
20 the extension of our commercial trade Al
the strengthening OF our power uEon the 81
invites the Immediate action OF congress. q
national development win be onc-sded al
unsatisfactory so long as the remnrkab
growth OF our inland industries remains una
companied by progress on the seas. There
no lack of constitutional authority for et Isl
ton which shall give 10 the country martin
strength commensurate with its induslri
achievements and with it's rank among D
nations OF the earth.
lhe past year has recorded exceptional a
tiyity in our shipSnrds. and tlgi promises