Daily camera., 1899-12-05
The President 5
Message
PRESIDENTS MESSAGE.
Mr.. Mckinley Sends His Lengthy EpistIe
to the 56th Congress.

Mr.. Mckinley Sends His Lengthy EpistIe
to the 56th Congress.
Washington, Dec. 5-The presidents
message was delivered to both branches
Of Congress simultaneously shortly after
noon today.
1t opens by paying a tribute to the
memory of the dead vice president
1t says:
The 56th Congress convenes in its
first regular session with the country in
a condition OF unusual prosperity, with
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 Of
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
exports combined in 1870. The imports
per capita are 20 per cen, less than in
1870. while the exports per capita are
the enlarged Capacity of the United
States to satisfy the wants Of its own in.
creasing population as well as to contrib
ute to those of the peoples of other ma
tions.
Exports Of agricultural products were
S7S.776,I42 OF manufactured products
we exported in value s33o,5o2 I47. being
lager than any previous year. 1t is
noteworthy fact tha, the only years in all
our history when the products OF our
manufactures sold abroad exceeded
those bought abroad were 1895 and 1899
Government receipts from all sources
for the fiscal year ended June 80, 1899
aggregated s6roo8z .So4.3s. Customs re
ceiP,s were $500, o,t7S.48I and from
internal revenue s277.4I,I7Lsr.
For the fiscal year the expenditures
were $500. .5o3,564 OF. leaving deficit OF
tSoIIIssoo7.
A SURPLUS PROMISED.
For the fiscal year ended June 80. |
1899. the internal revenue receipts were
increased about sIoo 100000
The present gratifying strength of the
treasury is shown by the fact that
December 10. 1899. the available cash |
balance was s77S.ool S37.72, of which
s23o74Aoos. .36 was in gold coin and bul.
lion. The conditions Of confidence |
which prevail throughout the country
have brought gold into more general
use and customs receipts are now almost
entirely paid in that coin.
The president states that the secretary
OF the treasury estimates a surplus of |
100000 at the end OF the present
fiscal year.
CURRENCY LEGISLATION.
He then devotes space to the bond
purchase offer Of the secretary and saws
the premium paid for these bonds was
s., a,ao35aI and the government made A
net saving Of interest OF s2I. .SSS 900.
The message urges that larger vol.
ume Of money be secured and points ou,
that the national banking system is in
adequate for this purpose. 1t recon
mends that national banks be authorized
to organize with a capital Of $4,000.
THE GOLD STANDARD.
Upon finance it says:
The financial transactions OF the gov
ernment arc conducted upon 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 dong these things with the means at
hand. Happily at the present time we
are not compelled to resort to loans to
supply gold. 1t has been done in the
past. however, and may have to be done
in the future. 1t behooves US, therefore.
to provide at once the best means to
meet the emergency when it arises, and |