Crawford avalanche. (Grayling, Mich.) 1879-19??, 1899-12-14


usual length comprising nearly 25,OO1
words, and is regarded as one of the most
important ever emanating from the White
House. The leading features Of the mes
sage relate to the new dependencies and
10 the financial question. Sovereignty is
TO be established throughout all the Phil
ippine Islands and to be permanently
maintained. Civil government is TO be
extended throughout the islands as rap
idly as possible Attention is invited 10
the report of the Philippines commission
as to why it is impossible for the United
States to part with the islands and as TO
the great commercial advantages in hold
ing them. Civil government in Cuba un-
der military control is recommended un-
til some substantial progress has been
made through the medium of suffrage
toward the establishment Of an indepen-
dent form of government. For Porto Rico
he asks the appointment of civil gov
ernor and the election by the people of a
council or Legislature, property and 'edu-
'cational qualifications to be prescribed for
voters. Immediate legislation is suggest
ed for Hawaii.
On the financial question the President
recommends that the gold standard be
bearing obligations of the United States
be specifically made payable in gold. The
regulation of trusts and great CONNER
cial combinations so as to prevent the
sitting of competition, but without in
any way hampering the development of
American manufactures and commerce,
is urged.
The President. in the opening para
. a n
of Vice-President Hobart and then pro-
ceeds in substance as follows:
The Fiftysixth Congress convcnes in
It's first regular session with the country
In 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. 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 sin
gle year in all our history. Our exports
for 1899 alone exceeded by more than II
billion dollars our imports and exports
combined in 1870. The imports per cap
ita are 20 per cent less than in 1870
while the exports per capita are % per
cent more than in 1870, showing the en-
larged capacity of the United States to
satisfy the wants of its own increasing
population, as well as to contribute to
those of the peoples of other nations.
Exports of agricultural products were
$1S4, 716,1 ,142. OF manufactured products
we exported in value $3.50, ,Jg2,14 Gov
ernment receipts from all sources for the
fiscal year ended June 80, 1899, including
$11, 1,19S,3l414, part payment of the Cen
tral Pacific Railroad indebtedness, aggre
gated S610. .9S2 ,004.3 80. Customs receipts
were $206, 1913, ,4S1. .75, and those from in
ternal revenue 1918, 437, 161.51. For the
AaI h ,N.KV.n
093,564.02. leaving a deficit of $50, l.
659.61. For the fiscal year ended June
30, 1899, the internal revenue receipts
were increased about S1O0,OOO,00O.
Condition of the Treasury.
The present gratifying strength of the
treasury is shown by the fact that Dec.
!, 1899, the available cash balance was
'$27S, S,004, ,S3I.72. of which S239. 744, ,905.36
was in gold coin and bullion. The condi-
tions Of confidence which prevail through
out the country have brought gold into
more general use and customs receipts
are now almost entirely paid in that coin.
The strong condition of the treasury with
respect to cash on hand and the favorable
showing made by the revenues have made
II possible for the Secretary of the Treas
ury to take action under the provisions of
section 3691. Revised Statutes, relating
to the sinking fund. The Treasury De
.partmcnt therefore offered To purchase
during November S25.0O0,0O0 of the ; per
cent loan of 1904. or the 4 per cent fund
ed loan of 1907. at the current market
price. The success of this operation was
sufficient to induce the Government TO
continue the offer to purchase bonds TO
and including the 23d day of December,
instant.
Increased activity in industry, with its
welcome attendant-a larger employment
for labor at higher wages-gives to the
hnAv Of lap fn N h
sorb the circulating medium. 1t is further
true that year by year. with larger areas
of land under cultivation, the increasing
volume OF agricultural products, cotton,
corn Snd wheat. calls for n larger volume
of money supply.
In it's earlier history the national bank
fng act seeued TO prove reasonable ave-
nue. through which needful additions to
the circulation could from time 10 time
be made. Changing conditions have appar-
emily rendered il now imperative TO that
end. The attention Of Congress is re-
epectfuliy invited to this important mat
ter with the view of ascertaining whether
or not such reasonable notifications can
he made in the national banking act as
will render it's service more responsive TO
the peoples needs.
To Maintain Gold Standard.
/ urgently recommend that to support
the existing gold standard and to main
tain ''the parity i'm value Of the coins of
the two metals {gold and silver) and the
equal power of every dollar at all times
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 to 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 con-
ditions may require, and should provide
for rate OF interest lower than that
fixed by the act Of Jan. IA, 1875. The
financial transactions Of the Government
nre conducted upon gold basis. We
are maintaining the parity of all the
money issued or coined by authority of
the Government. We are doing these
things with the means at hand.
Happily ut the present time we are not
compelled TO resort TO loans to supply
gold. 1t has been done IN the past. how
ever. and may have to be done in the
future. Ii behooyes us. therefore, to
provide at once the best means to meet
the emergency when IL arises, and the
best means are those which are the most
certain and economical. Our receipts now
equal our expenditures; deficient revenues
no longer create alarm. Let us remove
the only remaining cause by comforting
the full and necessary power on the Sec
retary OF the Treasury and impose upon
him the duty TO uphold the present gold
standard and preserve the coins OF the
two metals on parity with each other,
which is the repeatedly declared policy
Of the United States.
American Merchant Marine.
The value OF an American merchant
Il he. Ton az pf ntr apt1 1,tx,nr