Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-05
THE MESSACE
Review Of National A.
fairs BY the President
PROSPERITY EVERY HERE
Recommendations in Regard
to the Currency and Trusts.
OPERATIONS In The PHILIPPINES
hIa.t<t~ .S d.. .l C.,,.x~...I
OPERATIONS In The PHILIPPINES
Working Of Plan Of Government
in Island Of Negros.
OTHER SUBJECTS TREATED

The President today transmitted his an
rual message 10 Congress. 1t is as follows
To the Senate and House of Representa-
tives.
At the threshold Of your deliberations you
are called to mourn with your countrynlen
the death OF Vice-President Hobart. who
passed from this life on the morning of
November 21st 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 removed from the high office
which he ho1ored and dignifed, but his
lofty character his devotion to duty his
honesty OF purpose. AMI noble virtues re-
main with as "A priceless legacy and
example.
The FIfty-sixth Congress convenes in its
first regular session with the country in
condition OF unusual prosperity, of uni
versaI good Will auous the people at home,
and in relations Of peace and friendship
with every government Of the world. our
foreign commerce has shown great increase
IL volume and value. the combined i'm
ports and exports FOR he year are the
largest ever shown 10y a single year in all
our history on exports for 1889 alone
GNfcGGrO tN more lH3I = bIllDI ttl4dFS our
imports and exports combined in 1910 The
imports pei capita are ~ per cent less than
IN 1870. while the Exports per capita are IS
Per cent moFv tLan in 1870, showing the
enlarged capacity Of the United States to
satisfy the wants of its own increasing
population. as well as to contribute 10 those
of the peoples of other nations.
Exports Of agricultural produces were
<7s4 10 I42 OF manufactured products we
exported in value $685. J92, 14G, being larger
than any previous year. 1t il a noteworthy
fact that the only years in all our history
when the products Of our manufactures
sold abroad exceeded those bought abroad
were 1s0s and 1899
Receipts and Expenditures.
Government receipts from all sources for
the fiscal year ended June 80. 1899 includ-
Ing s11. T9s. A. part payment of the Cen
tral Pacific Railroad Indebtedness, aggre-
gated SOLO 9>200I55. Customs receipts
were S2O6. 12s .4s1. 10. and those from inter
nal revenue S273.437 ,161 81.
For the fiscal year the expenditures were
S7OU ms, So. ~ leaving a deficit of $50, ILL.,,
65g 81.
The Secretary Of the Treasury estimates
that the receipts for the current fiscal year
Will aggregate $50, 9js 1l2, and upon the
OASIS u ~ GSSi4b tlpp4 TIC
ditures will aggregate 5000 95s, 112. leaving
& surplus OF 100000
For the fiscal year ended June 80 1899,
the internal-revenue receipts were increas-
ed about S1O0,0OO,O00
The present gratifying strength Of the
Treasury IS shown by the fact that on
December 1, 1893. the available cash bal
Rnce was s27s 0O4. S37.72. OF which $3.50. IT,
so5.36 was IN gold coin and bullion. The
conditions or confidence which prevail
throughout the country have brought gold
into 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 favorable
showing made by the revenues have made
IT possible for the Secretary of the Treas
Ury TO take action under the provisions OF
section 1894 Revised Statutes, relating to
the sinking fund. Receipts exceeded ex-
penditures for the first FIVE months of the
current fiscal year by S13,413 $50 81, and,
as mentioned above, the Secretary Of the
Treasury estimates that there will be a
surplus Of approximately $4,000, 900 at the
end Of the year. Under such conditions ii
was deemed advisable and proper to resume
compliance with the provisions Of the sink
inS-fund law which for eight years has not
been done because Of deficiencies in the
revenues. The Treasury Department there
fore offered 10 purchase during November
S25 10000 Of the 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 S1s,-
40S,6ao The premium paid by the Gov
eminent such purchases was So, 263, j21
and the net saving in interest was about
81 $4,000 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 s25
100000 called for should be presented in
the meantime for redemption
To Uphold the Gold Standard.
Increased activity in industry. with its
welcome attendant-a larger employment
for labor at higher wages-gives TO the
body of the people a larger power to alb
sorb the circulating medium. 1t is fur
ther true that year by year. with larger
areas of land under cultivation the in
rreasing volume of agricultural products
cotton, corn. and wheat, calls for a larger
volume of money supply. This is espe-
siaIly noticeable at the crop-harvesting and
erop-movtng period.
In its earlier history the National Bank