The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1899-12-15
THE PRESIDENTS MESSAGE.
Our Islands and Their Good Gov
eminent.
GOLD AND THE BANK LAWS.
The Political Freedom of Cuba -The
Philippine War - Trusts aud Other
Important Matters Receive Earnest
Consideration.

your couhtrymen the death of Vice-Presi-
dent HOBART, VINO passed from tins life on
the moiAing of November 2i last. His
great soul now rests in eternal peace.
His private life was pure and elevated,
while his public career was ever distin-
gu!sned by large capacity, stainless in
tegrity and exalted motives. He has been
removed from the high office which he
honUred and dignihed, but his lofty char
acter. his devotion to duty his honesty
of purpose and noble virtues remain with
US as priceless legacy and example.
The Fifty-slXth Congress convenes in its
hrst regular session with the country in
condition OF unusual prosperity, Of uni
Sersal good Will among the people at
home, and in relations of peace and
friendship with. every government Of the
world. Our foreign commerce has shown
great increase in volume and value. The
combined imports and exports for the
year are the largest ever shown by a
single year in all our history. Our ex-
ports for 1899 alone exceeded by more
than billion dollars our imports and eX-
ports combined in 1870. The imports per
cSp,to are 20 per cent less than in 1870.
showing the enlarged capacity of the Uni
tea states TO satisfy the wants of its own
increasing population. as well as to con-
lions
Imports of agricultural products were
w. ~ ~. OF manufactured products we
s"nortcd in value $3.50 92 1iG, being larger
than any previous year 1t Is a note
history when thesproducts OF our manu-
factories sold abroad exceeded those
Dou5nt abroad vcie 1893 and 1899
Our Finances.
Government receipts from all sources
Tor the fiscal year ended June 80 1899.
mci icing $il, FS3l4.l4 part payment Of the
central Pacific railroad Indebtedness, ag-
gregated S6l0,9s2, 00iS5. Customs receipts
were $2O6, l2S,4s1.75 and those from internal
revenue 1913. iS7 l61.51.
For the fiscal year the expenditures
S sSe re, GS199Ot99j'56iO2 leaving a deficit of
The secretary OF the treasurer estimates
that the. receipts for the current fiscal
Kear VIII aggregate $64O95S,ll2, and upon
expenditures will aggregate $500 ,95S, 112,
eaVinS surplus of $l0,000.00O.
D., For the fiscal year ended June so. 1899,
the internal revenue receipts were in
creased about $l00OOO.OC0.
The present gratifying strength of the
treasury is shown by the fact that on
was .SHSOoisS 70, Of which $229,74l, 9O5. SO
was in gold coin and bullion. The condi-
lions OF confidence which prevail through
but the country have brought gold into
more general use and customs receipts
ire now almost entirely paid in that coin.
The strong position of the treasury with
respect to cash on hand and the favorable
showing made by the revenues have made
i possible for the secretary of the treas
airy to take action under the provisions or
section 1884, revised statutes, relating to
the sinking fund. Receipts exceeded ex-
penditufes for the first five months of the
current fiscal year by 3d. ALB, 3S99l and, as
mentioned above, the secretary of the
treasury estimates that there will be
surplus Of approximately $i0,00O.0o0 at the
md of the year Under such conditions II
was deemed advisable and proper to re-
the sinking fund law. which for eight
years has not been done because of de-
hciencies in the revenues. The treasury
department., therefore, offered to pur-
shase during November, $25, 100000 of the
J. per cent loan Of 1904. or the per cent
funded loan of 1857. at the current market
price. The amount offered and purchased
curing November was S,4OS6JO. The
premium paid by the government on such
purchases was $2,263.52l and the net saving
n interest was about $685. COO. The sue
TESS Of this operation was sufficient to in
Auce theigovernment TO continue the OF
Ter TO purchase bonds to and including the
temainder Of the 100000 called for
thould be presented in the meantime LOT
Increased activity in industry, with it's
welcome attendant-a larger employment
tor labor OF higher wages-gives TO the
body of the, people larger power to abb
torb the circulating medium IL is further
true that year by year, with larger areas
Of land under cultivation, the increasing
Folume Of agricultural products, cotton,
torn and wheat; calls Tor a larger X NO. me
dceable at the crop harvesting ana crop
moving period.
E.nISs and Banking.
In its earlier history the national act
i sSTt " which needfui additions to the
circulation could from time to time be
made. Changing conditions have appar.
emily rendered IL now imperative to that
end The high margin in bond secuIi-
ties required, resulting from large preml,
ums which government bonds command
In the market, or the tax on note issues
or both operating together, appear to be
Influences which impair its public utllty.
The attention of congress is respect
fully invited to this important matter
with the view of ascertaining whether or
not such reasonable notifications can De
made i'm the national banking act as VIII
render It's service In the particulars mere
referred to more responsive to the peo-
Piles needs i again urge that national
banks be authorized to organize with a
capital of S25.OO0.
The Gold Standard.
urgently recommend that TO support the
existing gold standard, and to maintain
"the parity I'm value of the coins OF the
two metals (goid and silver) and the
equal power OF every dollar at all tunes
in the market and in the payment OF
debts" the secretary of the treasury be
given additional power and charged with
the duty to sell United States bonds and
20 employ such other effective means as
may be necessary TO these ends. The
authority should include the power to sell
bonds on long and short time, as condi-
tions may require, and should provide for
a rate or interest lower than that fixed
by the act of January IA; 1875; While
there Is now no commercial fright which
withdraws gold from the government,
but, on the contrary. such widespread
confidence that gold seeks the treasury
demanding paper money in exchange yet
the very situation points to the present
as the rnost fitting time 10 make adequate
provision to ;insure the continuance of
the gold standard and OF pu5lc confidence
IN the ability and purpose OF the govern
nlent TO meet all its obligations in the
money which the civilized world recog-
niZes rs The best.
Our receipts now equal our expenditures;
deficient revenues no longer create alarm.
Let us Vemovc the only remaining cause
by confeying the full and necessary
power on, the secretary of the treasury
and imfoSe- upon him the duty to uphold
the present gold standard and preserve
the cons of the two metals on parity
with each other, which is the repeatedly
declared policy OF the United States.
In this CONNECTION I repeat my former
recommendations that portion of the
gold hdidings bhall be placed I'm a trust
tund, from which greenbacks shall be re-
deemed upon presentation. but when once
redeemed shall not thereafter be paid out
except for golG,
Merchant Marine.
The value Of an American merchant
marine 70 the extension of our commercial
trade and the Strengthening OF our power
upon the sea finyites the Immediate ac-
tion OF congress, Our national develop
meat will be one-sided and unsatisfactory
- l,int- 40 the roma rk able growth of our