Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1899-12-14
Presidents Recommends
tiOns to Congress.
The Necessity for Financial Leg
islatiOn is Pointed Out.
the Philippine Situation Is Discussed
at Length. Together with Affairs
in Cuba and Porto Rico-A
Lengthy State Paper.

HIS prlNAIG IITG WAS pUTG tItVuTVU, WHIIC
his pnblic career was ever distinguished by
large capacity, stainless integrity and exalted
motives.
The Fifty-sixth congress convenes in it's irst
regular session with the country in a condition
of unusual prosperity, of universal good VIII
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
the largest ever shown by a single year IN all
our history. our exports for 1873 alone ex-
ceeded by more than billion dollars our i'm
ports and exports combined IN ls'n Inc I'M
ports per capita are 20 per cent. less than in
1870, while the exports per capita are 5s per
cent. more than in 1870. showing the enlarged
capacity of the United States to satisfy the
wants OF its own increasing population, as
well as to contribute to those OF the people OF
other nations.
The Nations Finances.
Exports Of agricultural products were 1884,
776,li2 OF manufactured products we export
ed in value s33g, ,592 l46, being larger than any
previouS wear. 1t is Il noteworthy fact that the
only year 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 Sll-
79r.3l+l IA part payment of the Central Paclhc
Railroad Indebtedness, aggregated S6lOgS!.OJi
Customs receipts were s.O6 l2S, ,4Sl, and those
from internal revenue S213 49, l6l.
For the fiscal year the expenditures were
$500 O93 564 leaving a deficit of $50 lll.5p9.
The secretary OF the treasury estimates that
the receipts for the current fiscal year will
aggregate SGi0.g5~. ll2, and upon the basis OF
present appropriations the expenditures Will
aggregate a6JO,y5o, H. leaving Il surplus of
Si0O0O,0J0.
For the fiscal year ending June 30, 1899 the
internal revenue receipts were increased about
llO0,0OO, 600
The present gratifying strength OF the treas
ury is shown by the fact that on December !,
1899, the available cash balance war :2's ,OOi :
737 of which s23g, ,744 915 was in gold coin and
bullion. The conditions of confidence which
prevail throughout the country have brought
gold into more general use, ana customs re-
..fY.tg a linz 80 "a
coin.
The strong position of the treasury with re-
spect to cash on hand and the favorable show
ing made by the revenues have made 1t posi-
bic for the secretary Of the treasury to take
action under the provisions of Section "Di,
Revised Statutes, relating TO the sinking fund.
Receipts exceeded expenditures for Il " first
five months of the current fiscal year ai",il3-
:Is9 and, as mentioned above, the secretary of
the treasury estimates that there will be a sur
plus OF approximately IO,UOO,Ol0 at the end of
the wear Under such conditions il was deemed
advisable to resume compliance with the pro-
visions Of the sinking fund law, winch Tor
eight years has not been done because of def
ciencies in the revenues. The treasury de,
partment therefore offered to purchase during
November .25 .O0J, 600 of the D per cent loan of
1904 or the per cent. funded loan OF ls0" at
the current market price. The amount onered
and purchased during November was SIS ,iOS.-
600. The premium paid by the government on
such purchases was - 263,o2l and the net saw
ing in interest was about 2.ss5. 0J0 The sue
cess OF this operation was sufficient to induce
the government to continue the offer to pur-
chase bonds to and including the I'D day Of
December. unless the remainder of the 425, =
OOJ.OJ0 called for should be presented in the
meantime for redemption.
Increased activity in indu stry, with its wei
come attendant-a larger employment OF labHr
at higher wages gives to the body OF the peo'
pie larger power to absorb the clrculatlh-
medium. 1t is further true that year by year
with larger areas of land under cultivation
the increasing volume OF agricultural products
calls for n larger volume of money supply
This is especially noticeable at the crop har-
VeSting and crop moving period
In its earlier history the national bankinl
through which ncedIul additions TO the circu.
la aliOn could from time TO time be made
Changing conditions have apparently rendcre,
it now imperative to tnat end The high mar
from large premiums which government bon IS
command in the market, or the tax, appear I,
be the influences which impair It's public
utility.
The attention of. congress is respectively in
viled to this important matter with the view
OF ascertaining whether or not such REASONABLE
mod ItCationS can be made in the natiOna
banking act will render its service in tn
particulars here referred to more RESPONSIVE
to the peoples needs. / again urge that na
tiouul banks be authorized TO organize with
capital OF s25.O0l
The Gold Standard.
urgently recommend that to support th
existing gold standard and to maintain 'th
parity in value of the coins of the two metal
gold and silver and the equal power OF ever
dollar ut all times III the market and in tn
payment of debts" the secretary Of the treas
ury to be given additional power and CHARGE
with the duty to sell United States bonds an,
10 employ such other effective means as ma,
be necessary to these ends The authorit
should include the power to sell toadS on lon:
and snort time as conditions may require AM
should provide for rate Of interest lower THAI
that fixed by the act of January II. 1850
While there is now no commercial frlgh
which wi hdrawS gold from the government
but, on the contrary. such widespread conf
dCMCo that gold seeks the treasury, dcmandin
Paper money in exchange. yet the very situa
tiOn points to the present as the most httiu
time TO make adequate provision to insure tn
continuance OF the gold standard and of publ
confidence in the ability and purpose of tn
government to meet all its Obligations in In
money which the civilized word recognizes u
the best The financial transactions of tn
government are conducted upon gold baSi!
We receive gold when we sell United State
honGS and us" gold for their payment. w
sre maintaining the parity of all the none
issued or coined by authority OF the govern
mcnt. We are DONG tEeSe t1lnES with tn
nIoaIS at hand. Happily ut the present tim
We %rc not compelled 10 resort to loans |
supply gold. 1t has been done in the pas
however, and may have to be done in the fu
turc. 1t iehooyes us. therefore. to provide .
once the best means to meet the cmergenc
waCn it ar scS ard the best means are thos
which are the most certain ana Gee nomicaL
TncSe now authorized have the virtue neithe
of dlrcCtuCSS nor economy. We nave alread
eliminated one of the causes OF our hnanci;
plight and embarraSsmc Mt during the year
lsg3 1904. 1898 and 1s9i. Cur re cciptr now equa
our Expenditures: deficient levenueS no longe
create alarm. Let us remove the only remain
ing cause by comforting the full and neceSsar
power the secretary of the trca~ Jury an
impose upon him the duty to uphold the pres
ent gold standard ana preserve the coins
the two metals at II parity with each othe
which is the repeatedly declared policy of III
TUtcd States.
In this connection / repeat my former rec
lamentations that portion OF the gold hole
iugS shall be placed in Il trust fund from whc
grceubacks shall be redeemed upon prcsenti
Ito. but when once redeemed shall not there
after bc paid out except for gold.
Our Merchant Marine.
The value of an American merchant marin
10 the extension OF Jur mmercial trade an
the strengthening Of our power upon the Sc
invites the immediate action of congress On
national development will be Onc-sided an
unsatisfactory long as the renarKaO
growth of our inland industries remains una
conpanicd by progress on the seas. There
no lack of constitutional authority for leg Sli
tiou which shall give to the country martin
strength commensurate with ITS lnduStri
achievements and with its rank among u
nations Of the earth.
he past year has recorded eXceptlonal II
tiVity in our shipyardS. and the promises
continued prosperity in Shipbuilding are aDul
bant Advanced legislation for the protectl'