The Wellington enterprise. [volume] (Wellington, Ohio) 1899-1900, 1899-12-06
THE MESSAGE.
Presidents Recommends
tons to Congress.
The Necessity for Financial Leg
islatiOn is Pointed Out.
The Philippine Situation IL Discussed
at Length, Together with Affairs
In Cuba and Porto RIeO-A
Lengthy State Paper.

To the Senate and House OF Representatives:
At the threshold Of your deliberations you
are called 20 mourn with your eountrymen toe
death q Vice President Hobart, who passed
from this life on the morning OF November q
last His great soul now rests In eternal peace
HIS private life was pure and elevated. while
his pnblic career was ever distinguished by
large capacity. stainless integrity and exalted
motives
The Fifty-sixth congress conyenes in its nrst
regular session with the country In a condition
Of unusual prosperity. Of universal good will
among the people a. 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 a single year in all
our history. Our exports for ltog alone ex-
ceeded by more than billion dollars our i'm
ports and exports combined in ls7a The i'm
ports per capita are 20 per cent less than in
1s7o while the exports per capita are 81 per
cent more than in leso showing the enlarged
capacity Of the United States 70 satisfy the
wants Of its oEn increasing population. IS
well as 20 contribute 20 those Of the people Of
other nations
The NafIon,s Finances.
Exports Of agricultural products were s7sI.-
776.lgz OF manufactured products we export
ed in value s1sg 592 lsg being larger than any
previous year. Il Is q noteworthy fact that the
only year In all our history when the products
Of our manufactures sold abroad exceeded
those bought abroad were 1925 and lsp9
Government receipts from all sources for the
nseal year ended June 30. 1893. including sll-
7pf5lL4 part payment OF the Central Pacific
Railroad Indebtedness. aggregated t6I0,gSs .0N
Customs receipts were sz16 rs ,lsi. and those
from internal revenue e273, "a. l6l.
For the fiscal year the expenditures were
gsO0. .0es. .ss4. leaving . deficit Of ts3. Iii.SI2
The secretary Of the treasury estimates that
aggregate s6i0s5s,Il2. and upon the basis Of
present appropriations the expenditures will
aggregste t6Olsss,II2, leaving surplus of
ts9.000O0o-
For the fiscal year ending June 80. 1929. the
internal revenue receipts were increased about
tloQ001 900
The present gratifying strength OF the treas
ury Ia shown By the fact that on December l.
1873. the available cash balance was s21e 00l-
III. Of which sSsB.15I9D was in gold coin and
bullion The conditions Of confidence which
prevail throughout the country have brought
gold into more general use. and customs re-
ceipis are now almost entirely paid In that
coin
The strong position Of the treasury with re-
speet 20 cash on hand aud the favorable show
fnZ made by the revenues have made IL possi-
be for the secretary Of the treasury 10 take
action under the provisions OF Section o6sI
Revised Statutes. relating 70 the sinking fund
Receipts exceeded expenditures for the first
I'VE months q the current fiscal year si3,4l3,-
3eg- and. as mentioned above, the secretary Of
the treasury estimates that there will be a sur
Plus q approximately 100000 at the end OF
advisable 10 resume compliance with the pro-
visions Of the sinking fund law. which for
eight years has not been done because Of deh-
eie1eies in the revenues The treasury de-
partmenf therefore offered TO purchase during
November .SB0J,000 Of the per cent loan Of
1854 or the a per cent funded loan Of 1907. at
the current market price The amount offered
and purchased during November was tis. .i0s.- :
such purchases Ess Z. e6s 81. and the net saw
ing in interest gas about q. 6B0 0Do The sue
cess of this operation was suf1cient 70 induce
NE government 70 continue the orer 70 pur,
December. unless the remainder OF the s25.-
0ool9Do called for should be presented In the
meantime for redemption
Increased activity IN indu stry. with Its well
come Atiendant-a larger employment OF labor
Al higher Eages-giFes 70 the body Of the peo-
PIE larger power TO absorb the circulating
medium II Is further true that year by year
with larger areas Of land under cultivation,
the Increasing volume Of agricultural products
calls for . larger volume Of money supply
This Is especially noticeable al the crop har-
Vesiing and crop moving period
In It's earlier history the national banking
act seemed 20 provide \ reasonable avenue
thrgugh which needfui additions 10 the circu-
lation could from time TO time be made
ChanEing conditions have apparently rendered
II now cooperative 10 that end The high mar
EIn in bond purchases referred 70. resulting
from large premiums which government bonds
command in the market. or the tax. appear 70
be the Influences which impair its public
utility.
The attention Of congress is respectively In
T1ied 10 this important matter with the view
of ascertaining whether or not such reasonable
notifications can be made in the national
banking act a. viii render its service in the
Particulars here referred 10 more responsive
70 the peoples needs again urge that ma
tiOnal hanks be authorized TO organize with /
capital Of tEs.O01
The Gold standard.
/ urgently recommend that to support tn,
existing gold standard and 10 maintain ''ih'
parity in Talae Of the coins Of the two metali
sEolo and salFer) and the equal power OF ever
dollar AZ al tines in the market and In the
payment Of debts. the secretary Of the treas
ugT 70 be given additional power and charged
with the duty 70 sell United States bonds ant
10 employ such other effective means as MAJ
be necessary 10 these ends The authority
should include the power TO sell bonds on lonl
and shorf time. as conditions may require. ana
should provide for q rate Of interest lower thai
thAi fixed By the act Of January IL. 1879
While there is DOW no commercial frigh
which vi hdraHs gold from the government
but on the contrary. such Widespread conn
denoe that gold seeks the treasury. demandini
paper money in exchange. yet the very sitna
tlon points 10 the present as the most ntttnl
tine 10 make adequate provision 10 insure th
continuance of The gold standard and Of publ
confidence IN the ability and purpose OF III
government 10 meet all its obligations in tn
znoney which the civilized word recognizes a
the best The financial transaetions OF IN
government are conducted upon gold basis
We receive guld when we sell United State
bonds and use gold for their payment W
are maintaining the parity Of all the none
fssDsd or coined by authority Of the govern
Dent We are dolng these taings with IN
means a hand Happily NJ the present tim
ne are not compelled 10 resort 70 loans {
supply gold II has been done In the pasi
however. and may have 70 be done 10 the fu
ture II bebo0ves us. therefore, 70 provide a
once the best means 20 meet the emergenc
when Il arises. and the best means are thos
which ART the most certain and ecc cnomical
Tnuae now authorized have the virtue neithe
of dlrectness nor economy. We have alread
eltnin1ted one Of the causes OF our hnnncia
EliEht ard embarrassment during the year
iAl 49, 1875 ana l6qe Our receipts now eQua
onr expenditnres. deficient revenues no longe
create alarm Let Us remove the only remain
tnE cause By conferrinE The full and necessar
power On the secretary Of the treasury an
Impose upon him the duty 10 uphold the pres
enf Foh standard and preserve the coins
ibe two metals = parity with eaen othel &
which is the repeatedly declared policy OF IN
UuiIed STATES
In fhis connection repeat my former reS
cmneDelfions that portion Of the gold hold
ErcenbBcks shall be redeemed upon presents
f5on but when once redeemed shall not thert
after be paid out except for gold
Our Merchant Marine.
TNe value OF an American merchant marin
% the extension Of our commercial trade m
he strengthening Of our power upon the Sc
tuFifes fhe Immediate action Of congress- o.
National derelopment will be one-sided an
uns1fitdhctury 90 long as the reinarknb
growth q our i1iHnd industries remains una
uumpanied By progress on the seas There
no lack a constitutional authority for les ISL
1tnn which shall give 70 the country martin
efrr nrfh r0mrnenxurnte with ITS indnstri
nrhieremenfs and with IT'S rank among n
nn1iuns ff The earth.
The uaSt rear has rerorded exceptional n
risity IN our khipTardS and 10, promises
,ruurinned prosperity In shipbuiiding arc abui
hnna- Advanced Legislation for thu protectie
a cur aenmen has been enacted Our con