St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1899-12-06
THE PRESIDENTS MESSAGE
A Notable State Document.

To the Senate and House Of Representa-
tives
At the threshold Of your deliberations
you are called to mourn with your coun-
trymen the death Of Vice President Ho-
bart, who passed from this life on the
morning Of Nov. q last. His great
soul now rests In eternal peace. His
private life was pure and elevated, while
his public career was ever distinguished
by large capacity, stainless integrity
and exalted motives. He has been re-
moved from the high Office which he
honored and dignified, but his lofty
character, his devotion to duty, his
honesty Of purpose, and noble virtues
remain with us a priceless legacy and
example.
The Fifty-sixth congress convenes in
its first regular session with the coun-
try in a condition of unusual prosperity,
of universal good will among the people
at home and in relations Of peace and
friendship with every government Of the
world. Cur foreign commerce has
shown great increase in volume and
value. The combined imports and ex-
ports for the year are the largest ever
shown by single year in all our his
tory. Our exports for 1899 alone ex-
ceeded by more than $1,000, 100000 our
imports and exports combined in 1870.
| The imports per capita are 20 percent
less than in 1870, while the exports per
capita are So percent 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. OF manufactured products
we exported in value 1899, 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, ending June 30, $780,
including $11,79S,S14.14, part payment
of the Central Pacific railroad indebted
ness, aggregated $685. ,004.35. Gus
toms receipts were $2O6, LIS. 4S1.75, and
those from internal revenue $273,437,-
1871.
For the fiscal year the expenditures
were S7OO, O93, 564.O2, leaving deficit of
SS9, Iii, 559.67
The secretary of the treasury esti-
mates that the receipts for the current
fiscal year will aggregate $64O95S, 1l2,
and upon the basis of present appro-
priations the expenditures will aggre-
gate 5000, 95S, 112, leaving surplus of
, $40, 100000
6 For the fiscal year ended June 30, 1899,
the internal revenue receipts were in
creased about 500, 100000
r The present gratifying strength OF
r the treasury is shown by the fact that
4 on Dec. 1, 1899, the available cash bal.
S ance was s27S ,O04. S37.72. of which $685..
:. 744, 90536 was in gold coin and bullion
S The conditions of confidence which pre-.
II vail throughout the country have
e brought gold into more general use, ant
n customs receipts are now almost entirel!
u paid in that coin.
i AS TO FINANCE.
The strong position of the treasur!
! with respect to cash on hand and thu
|. favorable showing made by the reve
Il nues have made it possible for the sec
It rotary of the treasury to take action un
" der the provisions of section 1894, re
I vised statutes, relating to the sinking
n fund. Receipts exceeded expenditure
d for the first five months of the curren
IT fiscal year by 13,413, SS9.91, and, as men
ot toned above, the secretary of tn
y. treasury estimates that there will be
n surplus of approximately $40,OO0,00O a
is the end of the year. Under such condi
m tons, it was deemed advisable and prop
y er to resume compliance with the pro
r visions of the sinking fund law, whic
III for eight years has not been done, be
,e cause of deficiencies in the revenues
y The treasury department, therefore, OF
!, fered to purchase during November $25
=, 600, 900 of the percent loan of 1904, g
~ the percent funded loan of 1907, at til
Ia current market price. The amount Of
lv fered and purchased during Novembt
~ was SIS, 40S, 600. The premium paid
I'd the government on such purchases we
s: 49, 63, 521, and the net saving in intere'
at was about $2,SS5,O0O.
in The success of this operation we
mt sufficient to induce the government
d, continue the offer to purchase bono
it to and including Dec 20, instant, unle
he the remainder Of the $25,O00,OOO callt
he for should be presented in the meantin
for redemption.
in Increased activity in industry, vii
he it's welcSme attendant-a larger en-
ployment for labor at higher wages
gives to the body of the people a larg
ed power to absorb the circulating mediul
1t is further true that year by year, wi
SO large areas of land under cultivation, Il
increasing volume Of agricultural pro
as ucts, cotton, corn and wheat, call for
larger volume of money supply. Th
is especially noticeable at the crop-ha
lot vesting and crop-moving period.
ar In its earlier history, the nation
90 banking act seemed to prove a reaso
Co. able avenue through which needful a
III ditions to the circulation could fro
~, time to time be made. Changing conc
, lions have apparently rendered it nj
ed imperative to that end. The high ma
-, gin in bond securities required, resu
his ing from large premiums which COVER
nm ment bonds command in the market
inc the tax on note issues, or both operati
rh. together, appear to be influences viii
ldi. impair its public utility.
The attention of congress is respe'
for fully invited to this important matt
rh) with the view of ascertaining whether
rrh 1 - .,,aL ,aoeapah la notifications q