The state herald., 1899-12-08

sentatiVes: AT the threshold OF your de-
liberations you are called to mourn with
your countrymen the death of Vice Pres
ident Hobart who passed from this life
s hs srea OF now rests in
elevated. While his public &c career e was
stainless integrity. and exalted motives.
lie has been removed from the high of
iice which he honored and dignified by his
lofty character, his devotion to duty. his
honesty OF purpose, and noble virtues re-
main with us as priceless legacy and
example.
THE REVENUES.
'The Fifty-sixth Congress convenes in
Its first regular session with the country
In u condition OF usual prosperity. OF
universal Sniy good will among the people at
friendship with every government Of the the
world. Our foreign commerce has shown
great Increase In volume and value. The
combined imports and exports of the
year are the largest ever shown by sin
gle year in all our history. Our exports
for 1899 alone exceeded by more than a
billion dollars our imports and exports
combined In 1870. The imports per capita
are 20 per cent. less than In 1870, while
more than in 1870, showing the enlarged
capacity OF the United States to satisfy
,he TIE wants Of its own Increasing ,S popula,,
the peoples of other nations.
Exports of agricultural products were
s5si776lia OF manufa@etnred @ products
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 1888 and 1893. Gov
ernment receipts from al sources for the
sllIS,3lili, part payment of the Central
Pacific indebtedness. aggregated s6l0,9s2-
0OiS5. Customs receipts We're 500. l2S. ISL
20, and those from internal revenue
s213, iSI, l6i.5l. For the fiscal year the ex-
pendltures Were 500, 5aS l6i02, leaving a
Il F.f q Il... %
the treasury intlmates that the receipts
for the current fiscal year Will nggre-
gate s6iOs5S. ~. and upon the basis OF
will aggregnte sGOo.953 ii2, leaving a sur
plus OF 100000. For the fiscal year
10000. The present gratifying strength
OF the treasury is shown by the fact that
ance was s27S. cSi. SB7 r. OF which S2Ss, IA
s05.3G was In gold CON and bullion. The
conditions OF confidence which prevail
throughout the country have brought
gold into more general use and customs
receipts are now almost entirely paid In
that coin.
CURRENCY QUESTIONS.
Increased activity In industry. with Its
welcome attendance OF larger employ
ment for labor at higher wages. gives
10 ne body n, of the PS9ple ] lnrger p9wfr
further true that year by year, with larg-
er areas of land under cultivation. the
duets. cotton, corn and wheat, calls for
n larger volume OF money supply. This
is especially true at the crop harvesting
and crop moving period; In It's earlier
history the national banking act seemed
10 prove reasonable avenue through
which needfnl addi.2ns to the elrcn,a,ion
ing conditions have apparently rendered
u nav imperative to that end, The
high margin In bond securities required.
resulting from large premiums which
government bonds command In the mar
ket or the tax ca note issues, or both op-
ences which impair It's public utility
The attention OF Congress Is respectfully
isw ,1sy,ed 1e ss bnen bsahr e Or msh MY sss @
reasonable notifications can be made In
the national banking act ns Will render
ed TO more responsive to the peoples
needs. ] again urge that national banks
be authorized to organize with q capital
support the existing gold standard. and
TO maintain the parity In value Of the
coin Of the two metals tgold and silver
and the equal power OF every dollar at
all times In the market and In the pay
ment OF debts, the secretary Of the treas
ury be given additional power and charg-
ed with the duty. TO sell United States
bonds and to employ such other effective
means ms may be necessary TO these ends.
10 sell bonds on long and short time. ns
conditions may require. and should pro-
vide. for a. rate Of Interest lower than thnt
there Is now no commercial fright which
withdraws gold from the government but
Snrt on the SsSnra , ssgn Thlaespresd h sog
mandlng paper money In exchange, yet
the very fact points the present as the
most ntting time 20 mnke adequate pro-
gold standard and Of public confidence In
the nbillty and purpose OF the goNcrn-
money which the civilized world recog-
nizos as the best The financial tranHnc:
iions Of the g9ycrnment are CONDUCTED
We sell United States bonds and use gold
for their payment. We are maintaining
the parity Of all the, money issued or
means at hand Happily a the present
ionns to supply gold II has been done
m the past however. and may have 20
he done In the future. II behooves US
means 10 meet The emergency when II
arises aud the best means are those
which atc the most certain aud ceonom-
virtue Of neither dlr-cincHH nor econ.
omy. We have already inlimAtcd one of
the causes of our financial position nnd
embarrassment during the years lsd
ikHl 1885. and iNI our receipts now
equal our expenditure; deficient fevc-
nncH no longer create nlnrm, Lot IN re-.
move the only remaining cause hy con-
frrtinT the full nnh ncceSrhry power on
the reetrtnty of the treasury ana Impose
sold standard ana preserve the coins of
the two metals e. parity WIN ,..ci ,.aeh
95h,.y 9o,cyy " gfn,hhsn tnltss statss thls enn.
norilnn ! repeat my former rerommenda-
tinn that n portion Of the sold holdings
wRi@h gresnbsch- shall be re fcdoemcd upon s,i,
presentation but when once redeemed
fhail not thereafter be paid out except
for sold.
AMERICAN MARINE
e f.uu 10
fktUnd Of commerce and 10 strengthen
our power upun the yea Invites thp I'm.
mediate action u Congress, our national
development viii be- one.slhed and un-
r1tisfaet1Ty 40 long nH the remarkable
Hfpwth ~ our Inland Industries remains
linncromranird by pfnffsss on ih1
authority Tor Legislation which shall give
10 the country maritime strength tuins
mouaufnto with iiH Industrial achieve
mcntu and with is rank among IN" hn-
i'rhr pasi YEAR hnn recorded exceptional
activity In our ship yards, and tho prom
saiidihr 'hS are IHS sSun1Snt ' 'XGlancSd orranl. @
ration Tor the ptUtrrtion uf our sthmrn
has been enacted. our coast trade, M
der regulations wisely framed az the he'
! ginning Of our government, and since
| rhuss results fnt the past Mccall year uns
tgunllcd In our tscgfds, et those Of any
| opportunity. however II We rumpincgnily
| ftHhui only matters az homo bni blind
ourselves lg the nrgrsalY nf securing our
! the world Last year American vessels
| transported smaller SHARE uf our rhs
potts aud Imports lhih dntlng aht fot.
| ufp ~ ouf dependence upon foreign
| shipping whH painfully mpnlffrtrd tu nuf
! people Without any shnl,r oi ont own
! ihp government rhnrHrd With military
ard nHNni operations 20 ihr EHHi and
1 West tndlus had ~ obtain frnm forriHn
. NHlHH merchant NHHrHln fnHfWHINN INHHt