Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1899-12-08
Condensed Report Of His Third Annual
Address to Congress.

submitted to the senate and house OF
representatives of the United States.
The death OF Vice-President Hobart,
who passed from this life on the morn
| Ing of Nov. 81 last, is mentioned as
an event congress is called to mourn at
the threshold of its deliberations. The
president pronounces high enconaum
upon a private life which was pure and
e.svated and a public career distln-
guished ny large capacity, stainless In
tegrity and exalted motives.
In beginning his review OF national
and international relations and ques-
lions the president calls attention to
the present conditions Of unusual pros
perity, Of universal good will among
the people at home and the relations
of peace and friendship that exist with
every government OF the world. AS an
element of this unusual prosperity our
foreign commerce, it is stated, mas
shown great increase in volume ana
value. the combined imports and ex-
ports for the twelvemonth being the
greatest ever recorded in single year
OF our history. 1t is mentioned as
noteworthy fact that the only years IN
all our history when the products our
manufactures sold abroad exceeded
those bought abroad were 1898 ana
1899.
Government receipts from all sources
for the fiscal wear ended June 80, 1899,
aggregated S61O,9S2, 004.S5; expendi-
lures were S7OO,O93, 564.02. leaving de-
Gcit OF $S9,111, 559.67. The estimated
receipts for the current year aggregat-
ed $4O,95S,112; estimated expendi-
lures, 5000, 95S, liz, leaving surplus OF
Si0,000.O00.
The strength Of the treasury is graft
flying. On Dec. l, 1899, the available
cash balance was s278,004,S3 OF
which 39,744,905.36 was in gold coin
and bullion. Customs receipts are now
almost entirely paid in gold. Owing
to this favorable condition of the
treasury with respect to the cash on
hand compliance with the provisions
of the sinking fund, disregarded for
eight years on account of deficiencies
In the revenues, was resumed. the
treasury department purchasing dur
ing November S1S,40S,500 of the per
cent loan of 1904, thus making a net
saving OF about s2,SS5,000 in interest.
The government will continue to pur-
chase bonds to the extent OF SIS, 100000
in ali provided these are offered and
purchased up to and including Dec. 70.
Increased activity in industry and
agriculture and consequent larger en-
ployment OF labnr~ at higher wages
adds to the capacity Of the people to
absorb the circulating medium. These
changed and changing conditions have
impaired the national banking act as
to making the needful addition to the
circulation. The attention OF congress
Is therefore invited to this subject with
view .non1n5 CH1o wv h1~A ~
sponsive to the peoples needs. The
presidel.s again urges, therefore, that
national banks be authorized to organ
lie with a capital Of $4,000. He also
recommends that 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 De
necessary to maintain the parity in
value OF the two metals. gold and Sill
yer, and the equal power Of every dol
nvI {~ ho rly of
the payment of debts. Gold now seeks
the treasury, but adequate provision
should be made to insure the continu-
ance Of the gold standard and OF pub
lie confidence in the ability OF the gov
eminent to meet all its obligations in
the money which the civilized world
recognizes as the best. In this con"
nection the president repeats his form
er recommendation that portion OF
the gold holdings shall be placed In
a trust fund from which greenbacks
shall be redeemed upon presentation
but when once redeemed shall not
thereafter be paid out except in gold
Relating to American merchant ma
rine 1t is recommended that legisla-
ton should be enacted which will give
to the country maritime strength COM
mensurate with it's industrial achieve
ments and its rank among the nations
of the earth. Only in this way can we
secure our share in the valuable car
rying trade of the world. The present
IL ~
says, is regarded with humiliation at
home and with surprise abroad.
On the subject Of trusts the presi-
dent declares they are justly provoking
public discussion and should claim
the attention of congress. The indus
trial com mission, created by act OF
congress June IS. 1898, has not yet
completed its Investigations Of this
subject Whatever power congress
has in the way of controlling or check
Ing these monopolies should be
promptly ascertained and asserted. At
| lenIlon is called TO the recommended
tons of President Harrison in his an
nual message Of Dec. 3, 1889. and to
that of President Cleveland in his an
nual message Of Dec. 7, 1896, as we'll
as to the act of July, 1890. bearing
upon this subject. 1t is noted that the
state legislation to which President
Cleveland looked for relief from the
evil Of trusts has failed fully to accom-
plish that object, owing principally to
| the fact that different states take diff
ferent views as to the proper way to
discriminate between evil and injuri-
GUS combinations and those associa-
lions which are beneficial and neces-
sary to the business prosperity Of the
country. The president adds that uni
formity in state legislation on this
auhiact IL 1,al1ch To ha dasired md az