Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1899-12-13
PRESIDENTIAL VIEWS
Executive informs Congress Of
Subjects Of National
importance.
BEGINS WITH NATIONAL FINANCES
Announces That There Will Be a Sur
plus of $40, 900, 900.

What He Has to Say About Trusts, the
Boer War and Other Matters of General
Iuterest-Big End of the Document
Given to Consideration of the Cuban,
Philippine ana Porto Rican Questions
and Policies To BE Adopted Therein
The Civil Service Order Of May 80 Last.
President McKinley's message to
congress begins with a tribute to the
memory of Vice President Hobart and
then tells of the general prosperity Of
the country. He then says:
Government receipts from all sources
for the fiscal year ended June 30. 1892.
including S11, 79S, BAH, part payment of
the Central Pacific railroad indebted
ness, aggregated $610, .004.35. Gus
toms receipts were SOS. l28. 4S1.75. and
those from internal revenue $273.4Sf.-
161.h1.
For the fiscal year the expenditures
were 500. 564.02, leaving a deficit of
$50, ,559.67.
1.-The secretary of the treasury esu-
mates that the receipts for the current
fiscal year will aggregate $640.95S. H.
and upon the basis of present appropri-
atoms the expenditures viii aggregate
$500, S5S, 112, leaving a surplus of $4e.-
000,000
For the fiscal year ended June 20.
1899, the internal revenue receipts were
increased about $100,000.e0o.
The present gratifying strength of the
treasury is shown by the fact that on
Dec 1, 1885, the available cash balance
was $27S.oO4.SS7.72, OF which $2Ss. a.
905.36 was in gold coin and bullion. The
conditions of confidence which pre-
vail throughout the country have
brought gold into more general use and
customs receipts are now almost en-
tirely paid in that coin.
surplus of $4O,OOO,0O0-
"The stron gcondition 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
rotary of the treasury to take action
under the provisions If section 1904 ire
yised statutes) relating to the sinking
fund. Receipts exceeded expenditures
for the first five months of the current
fiscal year by $13. 3,SS991. and. as men
toned above, the secretary of the treas
ury estimates that there will be sur
plus of, approximately, sac. Coo 600 at the
end Of the year. Under such conditions
II was deemed advisable and proper
to resume compliance with the proyi-
sions of the sinking fund law. which for
eight years has not been done because
Of the deficiency in the revenue. The
treasury department therefore offered
to purchase during November SIS ,0O0,-
600 of the per cent. loans of 1904, or.
the per cent funded loan of 1907 at
the current market price. The amount
offered ard purchased during November
was s18. 40S,6o0. The premium paid by
the government on such purchases was
$2263521 and the net saving in inter-
est was about $2,ss3 0e0. The success of
this operation was sufficient to induce
Ithe government to continue the offer to
purchase bonds TO and Including the
73d day of December. unless the re-
mainder Of the SIS, 100000 called for
should be presented in the meantime
by redemption. Increased activity In
industry with its welcome attendant
d large employment Of labor at higher
wages-gives to the body of people a
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. corn wheat.
calls for a larger volume of money
supply. This Is especially noticeable at
the crop harvests and cr0p-moving pc
Rod"
Modification of Banking Act.
The president recommends the modi-
hcation of the national banking act to
render its service more responsive to
the peoples needs. He also urges that
the secretary of the treasury be given
more power to sell bonds. and repeats
his former recommendations that a
portion of the gold holdings shall be
placed in a trust fund from which
greenbacks shall be redeemed upon
presentation, but when once redeemed
shall not thereafter be paid out except
for gold. The president points to the
value of an American merchant ma
rine, and tells Of the activity in our
shipyards.
On the subject of trusts he says:
Combinations of capital organized
into trusts to control the conditions of
trade among our citizens. to stifie COM
petition. limit production and determine
the prices of products used and con-
sumed by the people, are justly pro-
voking public discussion. and should
early claim the attention of the con-
gress. The Industrial tommission, Gre
ated by the act OF the congress OF June
Is. 1898. has been engaged In extended
hearings upon the disputed questions
involved in the subject OF combinations
in restraint of trade and competition.
They have not yet completed their in
vestigation OF this subject. and the con-
illusions and recommendations at
which they may arrive are undeter-
mined. The subject Is one giving rise
to many divergent views as to the ma
ture and variety or cause and extent
Of the injuries to the public which may
result from large combinations concen-
trating more or less numerous enter
prises and establishments. which previ-
ously to the formation of the combine
ton were carried on separately. II
the present law can be extended more
certainly to control or check these
monopolies or trusts. II should be done
without delay. Whatever power the
congress possesses over this most I'm
portant subject should be promptly as
certained and asserted"
The Nicar.gas Canal.
President Mckinley deyotes consider
able space to the Nicaragua canal. and
concludes:
"The great Importance OF this work
cannot be too often or too strongly
pressed upon the attention OF the con-
gress. In my message OF q year age
/ expressed my views OF the necessity
of a canal which would link the two
great oceans, to which I again invite
your consideration. The reasons then
presented for early action are even
stronger now.
"In my message to congress of Dec
5, 1898, urged that the recommends
ton which had been made to the speak
err of the house of representatives by
the secretary of the treasury on the
18th Of June. 1898, for an appropriation
for a commission to study the CONNER
cial and industrial conditions In the
Chiaese empire and report ~ to the op-
portunities for, and obstAcles to. the
enlargement OF manl1e<Ss In China for
the raw products and manufactures OF
the United states. should receive at
your hands the considerauon which tts
Importance and timeliness merited. but
the congress failed to take action. I
now renew this recommendation. as the
Importance of the subject has steadily
urnwn clnce II was first submitted to