Delaware gazette and state journal., 1899-12-07

teSI OF sne paper
To the Senate and House Of Repre-
sentatiyes, At the threshold of your
deliberations ycu are called to mourn
with your countrymen tho death Of
Vice President Hobart, who passed
from this life on the morr ing of
November 2lst, last. Ills gicat soul
now tests in eternal peace. His pfi-
vate life was pure and elevated, while
his public career was ever distn.
gnished by large capacity, stainless
integrity, and exalted motives. He
has been removed from the high Office
which he honored and dignitied, but
his lofty character, his devotion to
duty, his honesty Of purpose and noble
virtues remain with US As a priceless
legacy and example.
The 56th Congress convenes in first
regular session with the country in q
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 OK.
ports foi the year are tho largest ever
shown by single year in all our his
tory. Our exports for 1899 alone ex-
t6bltl ny IllDtb Llhb " Diiliuu
our imports and exports &C mbined in
1870. The imports per capita are %
per cent less than in 1870, while the
exports per capita are 5s Fer cent more
than in 1870, showing the enlarged
capacity of the United States 10 satisfy
the wants Of its own increasing popu-
lation, MS we'll az to contribute to those
of the people of other nations.
Exports of agricultural products were
S7Si, ZIG, l42. OF manufactured pro-
duets we exported in value 1883, 592, :
146, being larger than any previous
year. 1t is noteworthy fact that the
only years 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 Both,
1899, including sl1, T9S, ,3l4. Ia, part
payment of the Central Pacific railroad
Indebtedness, aggregated s6l0, 9s2, :
004.35. Customs receipts were S206,
12S, IS, and those from internal
revenues S273, 437, 16l. 81.
For the fiscal year the expenditures
We're s7o0, 095, 564.0 02, leaving deficit
of $50, Ill, 559.67.
The Secretary of the Treasury esti.
N mates that the receipts for the current
fiscal year will aggregate s64O, 95s, ll2,
aud upon the basis of present appIo-
pIiations the expenditures will as gre
gate 5000, 95S, l12, leaving surplus Of
$40, 600. 600.
For the fiscal year ended June Both,
1899, the internal revenue receipts were
increased aobut s100, 600, 600.
The present gratifying strength o.
the treasury is shown by the fact thai
on December 1st, 1899. the available
cash balance was s2IS,O0i, S37. 70, o
which s239, 744, ,905. 36 was in gold coir
and bullion. The conditions OF con
tidence which prevail throughout the
country have brought gold into mori
general use. and customs receipts arr
now almost entirely paid In that coin.
The strong position of the treasur,
with respect TO cash on hand and tn
favorable showing made by the revenue
have made it possible for the Secretar,
of the Treasury to take action unde
the provisions OF section 3e94, revised
statutes, relating to the sinking fund
Receipts exceeded expenditures for th
first five months of the current fisca
year by s13, 4l3, 399.9l, and, as men
toned above, the Secretary of the Treas
ury estimates that there will he a sur
Ilus of approximately $40, 600, 600 at tn
end of the year Under such con
ditions it was deemed advisable an
proper to resume compliance with th
provisions of the sinking fund la
which for eight years has not bee
done because of deficiencies in th
revenues. The Treasury Derartmon
therefore, offered TO purchase durin
November 1000, 600 of the per Ger
loan of 1904, or the 4 per cent funde
loan OF 1907, at the current markt
price. The amount offered and pu
chased during November was S1S, 4OS
GOO The premium paid by the goyeti
ment on such purchases was 81, 263, 5:
and the net saving In interest WI
about So, 1856, 600. The success Of tn
operation was sufficient to induce ii
government to continue the otter
purchase bonds 10 and including IL
23d day of December, instant, unle
the remainder of the $50, 600, 600 callC
for should be presented in the meal
time for redemption.
Increased activity in industry, wit
its welcome attendant--a larger eli
ployment for lahor at higher wages
gives to tho body Of the people
larger power to absorb the crculatir
medium. 1t is further true that yei
by year, with larger areas OF lar
under cultivation, the incrsasr
volume of agricultural products, co
ton, corn and wheat, calls for larg
volume OF money supply. This
especially noticeable at the Gro
harvesting and crop.moving period.
In its earlier history the Nation
Banking act seemed TO prove reaso
able avenue through which needf
additions TO the circulation could flo
time to time be made. Changing co
ditions have apparently rendered
now imperative to that end. The his
margin In bend securities required, r
sulting from large premiums whic
government bonds command in ii
market, or the tax on note issues,
both operating together, appear to
the influences which impair its publ
utility.
The attention of Congress is respec
ully invited to this important matt
with the view of ascertaining wheth
or not such reasonable modification
can be made in the National Bankil
act rs will render its service in Il
particulars here referred to more !
sponsiVe to the peoples needs. aga
urge that national banks be authoriz
to organize with capital of So, 900
TO SUPP 1T TIE GOLD STANDARDS
! urgently recommend that to su
port the existing gold standard, and
maintain the parity in value OF L
Coins OF the two metals, tgold al
silver, and the equal power of eve
dollar at all times 10 the market and
the pay ment of depts,' the Secreta
L.. IA s..