Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1899-12-16
MESSAGE READ
IN CONGRESS
Fify-Sixth House and Senate Lis
ten to the Presidents Rec
concentrations.
OUR PHILIPPINES DUTY PLAIN
Must Crush Insurrection and Es-
tabIsh 0rder--Future Rule
Rests With Congress.
TRUSTS AND MONETARY REFORM
National aud State Legislatures
Should Cooperate To Regu-
late Combines--l'or the
Gold Standard.

Washington, Dec. 5.-President Nc
Kinley's message was read in congress
this afternoon:
To the Senate and House of Repre-
| sentatives: At the threshold of your
deliberations you are called to mourn
with your countrymcn the death Of
| Vice President Hobart, who passed
| from this life on the morning Of No
vember 2l last. His great soul now
rests in eternal peace. His private life
was pure and elevated, while his pub
lie career was ever distinguished by
large capacity, stainless integrity, and
exalted motives. He has been removed
from the high Office which he honored
and dignifcd, but his lofty character,
his devotion to duty, his honesty of
purpose and noble virtues remain with
us as priceless legacy and example.
The Fifty-siXth congress convenes in
its first regular session with the coun-
try in condition of unusual prosper
ity, Of universal good will among the
people at home. and i'm relations OF
peace and friendship with every gov
ernmcnt of the world. Our foreign
commerce has shown great increase I'm
ports and exports for the year are the
largest ever shown by single year In
all our history. Our exports for 1899
alone exceeded our imports and ex-
ports combined In 1870 The imports
per capita are 20 per cent less than in
while the exports per capita are SO per
1870, while the exports per capita are
SO per cent more than in 1870, showing
.ln, nas1 - 1n f,,.t tAI
States to satisfy the wants Of its own
increasing population, as well as to
contribute TO those Of the peoples Of
other nations.
Exports of agricultural products
were $7S4,776,1i2. OF manufactured
products we exported in value $780,
592, LAG, being larger than any previous
year. 1t is 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
30, 1899, including S11, s,3li.l4, part
payment OF the Central Pacific rail
road indebtedness, aggregated $780,
Ds2, ,00i.35. Customs receipts were
f2O6, 12S, ,4SI.75. and those from internal
revenue $273,437, ,l6l.5l
For the fiscal year the expenditures
we're $700,093, ,564.O2, leaving a deficit
If $50, III ,550.67.
The secretary of the treasury esti-
mates that the receipts for the cur
rent fiscal year will aggregate $780,
55S, ,1l2, and upon the basis of present
the expenditures will
aggregate 5000, 0,05S,ll2, leaving a SUR
plus Of S40,000,000.
For the fiscal year ended June 30,
1899, the internal revenue receipts
we're increased about $l00,00o,00o.
Strength OF the Treasury.
The present gratifying strength Of
the treasury is shown by the fact that
on December /, 1899 the available cash
balance was $27S ,00i, ,S37.72, of which
$230, ,744, ,905.36 was in gold coin annd
bullion. The conditions Of confidence
which prevail throughout the country
nave brought gold into more general
use and customs receipts are now al
most 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 1904,
revised statutes, relating to the sink
ing fund. Receipts exceeded eXpendi-
lures for the first five months of the
current fiscal year by $l3,413, ,3S9.91,
and, as mentioned above, the secretary
of the treasury estimates that there
will be surplus of approximately
$40 900, 900 at the end OF the year. I'm
der such conditions il was deemed adj
yisable and proper to resume compli-
ance with the provisions of the sink
ing fund law, which for eight years
has not been done because of the de-
fciency in the revenue. The treasury
department therefore offered TO pur-
chase during November $25,000,000 of !
the per cent loans OF 1904, or, the 4 /
per cent funded loan of 1907, at the |
current market price. The amount Of
fered and purchased during November
was $1S,40S,60 The premium paid by |
the government on such purchases |
was S., ,263, ,521 and the net saving i'm in
terest was about $2,SS5,000. The sue
,ess of this operation was sufficient to
induce the government TO continue !
he offer to purchase bonds to and in
the 23d day of December, |
nst, unless the remainder of the $685.
100000 called for should be presented |
n the meantime by redemption.
Increased activity in industry with |
is welcome attendants--a large en-
,loyment of labor at higher wages
yives to the body of people larger
power to absorb the circulating me-
lium. 1t is further true that year by !
,ear with larger areas of land under !
the increasing volume of f.
agricultural products, corn and .
wheat, calls for larger volume of
money supply. This is especially no
iceable at the crop harvests and
,rop moving period.
In its earlier history the national
,anking act seemed to prove reason
Ible avenue through which needful
editions to the circulation could
rom time 10 time be made Chang
ng conditions have apparently rem
Iered It now imperative to that end.
The high margin in bond securities ,
equired, resulting from large prem
ums which government bonds COM,
nand i'm the market, or the tax on
tote issues, or both operating togeth-
II, appear to be the influences which
IMPAIR its pubic utility.
The attention of congress is respect !
ully invited TO this important MAJ
er with the view of ascertaining
whether or not such reasonable modi- |
ications can be made i'm the national i