Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-12-06

TO the Senate and House of Repre-
sentatives:
At the threshold of your deliberations
you are called to mourn with your
countrymen the death of Vice Presi-
dent Hobart.
The fifty-sixth Congress convenes in
its first regular session with the coun-
try in a condition of unusual prosper
ity, OF universal good will among the
people at home. and in relations of
peace and friendship with every gov
eminent of the world.
Government receipts from all sources
for the fiscal year ended June 80, 1899,
including s11.79S,31414, part payment
of the Central Pacific railroad indebted
ness, aggregated 500, 9S20o4.35. Gus
toms receipts were $2O6,125, 4S1.75, and
those from internal revenue $273,437,-
1851.
For the fiscal year the expenditures
were $700, 093, 564.02, leaving a deficit of
$50, Ill ,559.67.
The present gratifying strength of
the treasury is shown by the fact that
on December 1, 1899, the available cash
balance was 278,004, 637.72, of which
1914 ,905.36 was in gold coin and
bullion Increased activity in indus
try with it's welcome attendant-a
large employment of labor at higher
rriu 70 I,o of rAOnln 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, calls for larger
volume of money supply.
The attention of Congress is re-
spectfuly invited to ascertaining
whether reasonable notifications can
be made in the national banking act
as will render its service more re-
sponsive to the peoples needs. | again
urge that national banks be authoriz-
ed to organize with a capital of $685.,
900.
URGENTLY RECOMMEND
that to support the existing gold stand
ard, and to maintain "the parity in
value of the coins of the two metals
{gold and silver and the equal power
of every dollar at all times in the mar
ket and in the payment of debts" the
secretary of the treasury be given adj
ditional power and charged with the
duty to sell United States bonds and
to employ such other effective means
BIS may be necessary to these ends. The
authority should include the power to
Sell bonds on long and short time, as
conditions may require, and should
provide for a rate of interest lower
than that fixed blythe act of January
IA, 1875. While there is now no COM
mercial fright which withdraws gold
from the government, but, on the con-
trary, such widespread confidence that
gold seeks the treasury, demanding
paper money in exchange, yet the very
situation points to the present as the
most fitting time to make adequate
provision to insure the continuance OF
the gold standard and of public con-
fidence in the ability and purpose of
the government to meet all its obl-
cations in the money which the civil
ized world recognizes as the best. The
financial transactions OF the govern
ment are conducted upon gold basis.
We receive gold when we sell United
States bonds and use gold for their
payment We are maintaining the
parity of all the money issued or coin
ed by authority of the government.
We are doing these things with the
means at hand. Happily at the pre-
Gent time we are not compelled to re-
sort to
LOANS TO SUPPLY GOLD.
Il has been done in the past, however,
and may have to be done in the fu-
ture. 1t behooves us, therefore, to pro-
vide at once the best means to meet
Che emergency when it arises, and the
best means are those which are the
most certain and economical. Those
now authorized have the virtue neither
of directness or economy.
In this connection | repeat my for
mer recommendation that portion
of the gold holdings shall be placed
In trust fund from which greenbacks
ehall be redeemed upon presentation,
but when once redeemed shall not
thereafter be paid out except for gold.
The value of an American merchant
marine to the extension of our COM
mercial trade and the strengthening
of our power upon the sea invites the
Immediate action of Congress.
Other great nations have not hest
tated to adopt the required means to
develop their shipping as factor in
national defense, and as one of the
surest and speediest means of obtain
ing for their producers share in for
eign markets. Like vigilance and eff
.ort on our part cannot fail to improve
our situation.
THE TRUSTS.