Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1899-12-05

Washington, December Sat the
opening of the senate to-day, after the
invocation OF the chaplain, in which ref
erence was made to the death of Sena-
tor Hayward of Nebraska, Major l..
Pruden, assistant secretary Of the pres
ident, presented the presidents mes
sage. AT i2:06 the clerks began read
ing it.
Inc opening paragraph refers to the
death Of Vice President Hobart, and
pays fitting tribute to his memory.
The next paragraph is as follows:
GENERAL TRADE AND TREASURY
CONDITION..
The fifty-sixth Congress convenes in
it's first regular session with the country
in @ condition of unusual prosperity, of
universal goodwill among the people at
friendship with every government of
the world. Our foreign commerce has
shown great increase in volume and
value. The combined imports and eX
shown by a single year in all our his
tory. Our exports for 1899 alone exceed
ed by more than $1,000, 100000 our i'm
ports and exports combined in 1870. The
imports per capita are 20 per cent less
than in 1870, while the exports per cap
ita are So per cent more than in 1870,
showing the enlarged capacity of the
United States to satisfy the wants of it's
own increasing population, as well as
TO contribute to those of the peoples of
other nations.
Exports of agricultural products were
$7S4, 776, ,142. or manufactured products
we exported in value $339, ,592, LAG, being
larger than any previous year. 1t is a
noteworthy fact that the only years in
all our history when the products Of our
manufactures sold abroad exceeded
those bought abroad were 1898 and 1899.
Government receipts from all sources
for the fiscal year ended June 80, 1899,
including $11, 79S314.14, part payment of
the Central Pacific railroad indebted
ness, aggregated 500, ,9S2,0O4.35. Gus
toms receipts were $2O6, 1928, 4S1.75, and
those from internal revenue $27S, S,437,-
1851.
For the fiscal year the expenditures
were $780, O93, 564O2, leaving a deficit of
$S9, Iii ,559.67.
The secretary of the treasury esti-
mates that the receipts for the current
fiscal year will aggregate $64O,96S ,112,
and upon the basis of present appro-
prations the expenditures will aggre-
SAC, 900, 900.
For the fiscal year ended June 30, 1899,
the internal revenue receipts were in
creased about $1O0.0O0,00O.
The present gratifying strength of the
treasury is shown by the fact that on
December l. 1899, the available cash bal
ance was $27S, ,OO4, ,s37.72, of which $685.
744, ,9O5.36 was in gold coin and bullion.
The conditions of confidence which pre-
vail throughout the country have
brought gold into more general use, and
custom receipts are now almost entirely
paid in that coin.
The strong condition of the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nues have made it possible for the Sec
retary of the treasury to take action
under the provisions of section 1894, Re-
vised Statutes, relating to the sinking
fund Receipts exceeded expenditures
for tho first five months of the current
fiscal year by $13, 413,3 ,3S9.91, and, as men
toned above, the secretary Of the treas
ury estimates that there will be a sur
plus, Of approximately s4O,OOOOOO at the
end of the year. This led to the refund
ing of bonds last month, effecting saw
ing of $2,S85, 900 interest on bonds al
ready purchased.
Increased activity in industry with its
welcome attendant-a larger employ
ment for labor at higher wages-gives
to the body Of the people larger power
to absorb the circulating medium. 1t is
further true that year by year. with
larger areas of land under cultivation,
the increasing volume of agricultural
products, cotton, corn and wheat, calls
for larger volume Of money supply.
This Is especially noticeable at the crop
harvesting and crop moving period
BANKING AND GOLD STANDARD
1t is suggested that the national bank
ing act needs changes to conform to
modern conditions, and that banks
should be allowed to organize with a
capital of $25,0OO. On the subject OF
finance the president says:
urgently recommend that to support
the existing gold standard and to main
tain 1.-The parity in value of the coins Of
the two metals gold and silver) and
the equal power of every dollar at al
times in the market and in the pay
ment of debts" the secretary of the
treasury be given additional power ant
charged with the duty to sell United
States bonds and to employ such othel
effectual means as may be necessary tt
these ends. The authority should in
clude the power to sell bonds on Ions
and short time, as conditions may re
Quire, and should provide for rate O.
interest lower than that fixed by the ac