Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1899-12-08
M'KlNLEY'S MESSAGE.
Synopsis of His Annual Commune
cation to Congress.
Treats Exhnustively of the Subjects of
Financial Legislation, the Trusts
and the Affairs of the Diff
ferent Colonies.

ana the AnntrS OIL the DIX.
ferent Colonies.
The. following is a comprehensive synop-
sis of the presidents annual message to
congress, which makes, in full, about 3d.
600 words:
The message begins with an announce
ment of the death of Vice President Hobart
and tribute to his worth. Following
that is a statement of the prosperity which
the country is enjoying and statistics of oul
exports and imports for the year. in which
it Is shown that we have o exported 5pS rte dur.
exports and imports in 1870. or the exports
for the past year he says:
q 81 pTGapeI
exported in value 1899 592, 146, being large
than any previous year. 1t is a noteworth!
when the products of our manufacture:
sold abroad exceeded those bought abroad
We're 1898 and 1899
Government Receipts and Expenses
He calls attention to the report Of the
secretary of the treasury and his estimate
present fiscal year. showing surplus Of
$4,000. 100000. He points to the present graf
flying strength of the treasury, and says
hand was, SITS ,OO4, sS772 of which $3.50
O5.36 was in gold and bullion. OF the show
ing of the treasury he says:
the fiscal year ended June 80, 1899, includ
ing s11.79S. 314.14. part payment of the Cen
trail PACIFIC G.. railroad Indebtedness, aggre
tbosa toms fesep5s
enue s273, 437 .l6l.5l.
For the fiscal year the expenditures were
5 s5sS7. '''s0s 'eaS'ns a oenc'' 0i S'''ii'
The secretary of the treasury estimates
that the receipts for the current fiscal yeal
penditures will aggregate oo,95S1l2, leav-
ing surplus of s4O,0oo000 ,eoo
For the fiscal year ended June 81, 1892 the
internal receipts were increased about
Sl00,000,000.
Changes in Banking Act Needed.
He notes the resumption Of bond pur-
chases. and recommends important
tional banks to organize with capital of
$4,000, and says;
In its earlier history the national banking
act seemed to prove aV ~ be
circulation could from time to time be
made Changing conditions have uppar-
emily rendered it now imperative to that
end The high margin in bond securities
required. resulting from large premiums
Which government bonds command in the
market. or the tax on note issues, or both
operating together, appear to be the inf1u-
ences which impair Its public utility
The attention Of congress is respe,e PEE, y,
invited to this important matter with the
view of ascertaining whether or not such
reasonable notifications can be made in
the national banking act as Will render IT'S
more responsive to the peoples needs. l
again urge that national banks be author
ized to organize with a capita of $4,000
! urgently recommend that to support the
existing gold standard, 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
market ana in the payment of debts the
secretary of the treasury be, given, addir
tional power and charged with the duty to
sell United States bonds and to employ
such other effective means as may be
necessary to these ends. The. authority
should nel bd the power TO fe o9na E
quire. and should provide for rate OF in.
terest lower than that fixed by the act of
January A. 1875.
Time for Gold Standard.
He strongly recommends the adoption of
the gold standard, and on this subject says:
While there is now no commercial fright
which withdraws gold from the govern
ment,, but, on the contrary, such wide
spread CONFIDENCE that gold seeks the
change. yet the very situation points to the
present as the most fitting time TO make
adequate provision to insure the continu-
ance of the gold standard and of public
confidence in the ability and purpose of the
government to meet all its obligations in
nizes as the best. The financial transac;;
tions of the government are conducted
upon a 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 coined by
authority of the government. We are do
ing these things with the means at hand
Happily at the present time we are not
compelled to resort to loans to supply gold:
it has been done IN the past. however, and
hooves US. therefore. to provide at once
the best means to meet the emergency when
it arises. and the best means are these
1T ot h.aFt q N ly1
Those now authorized have the virtue
neither Of directness nor economy. We have
already eliminated one of the causes of our
financial plight and embarra ssment during
the years 1893. 1884, 1885 and 1896 Our re-
ceipts now equal Our expenditures; de-
fcient revenues, no longer create alarm.
Let us remove the only remaining cause by
comforting the full and necessary power on
the secretary of the treasury and impose
gold standard and preserve the coins Of the
two metals on parity with each other,
which is the repeatedly declared policy of
che United States.
In this connection / repeat my former
accommodation that portion of the
gold holdings shall be placed In q trust
fund from which greenbacks shall be re-
deemed upon presentation. but, when once
redeemed shall pot thereafter be paid out
except for COLA.
He recommends sueh legislation as will
out the fact that our increased trade de-
mands increased carrying facilities.
Asks for Trust Legislation
The subject of trusts is treated exhaust
lively, and several recommendations are
made for tteif control. including rcitera.
ton Of those made by his predecessors. OF
;this subject he says 70 part:
1t is universally concedell that com
binations which engross or contgql the
market OF any particular kind OF amer
chand!se or commodity necessary 10 tbs
general community. by suppressing nat
,ural and ordinary competition; whereby
consumer, are. obnoxious not only to Tho
common law but also to the pa,,lc wei
evils involved in such organizatiohs il
the present law can be extended more Ger
aairly to control or check these monopolies
or trusts. it should be done without de
.sesses over this most important subjec
serted.
State Legislation Has Failed.
and Rs and sTu sxo ssas s9
DENTON to the legislation enacted by the
various states in the following words: ~
The, state legislation to which Fresiden
of trusts has failed TO accomplish fun,
that object. This is probably due. to
great extent, to the FACT that differen'
states take different views as to the prop
,er way TO discriminate between evil ant
Injurious combinations and those associa
lions which are beneficial and necessary t
the business prosperity of the country
The great diversity OF treatment in differ
ent states arising from this cause and the
intimate relations of all parts OF the coun
try to each other without regarding state
lines in the conduct of business have mad,
the enforcement of state laws difficult
It is apparent that uniformity of legisla
ton upon this subject in the several states
is much to be desired. 1t is to be hoped tina
such uniformity, founded in wise and JUS
discrimination between what is injuriou.
and what Is useful and necessary in bust
ness operations. may be obtained and thai
means may be found for the congress