The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1899-12-21
PRESIDENTS MESSAGE.

To the Senate and House of Repre-
sentatiVes
The Fifty-siXth congress cOnyenes in
it's first regular session with the coun-
try in a condition Of unusual pros
perity. of universal good will among
the people at home, and in relatIons<of
peace and friendship with every gov
eminent of the world. Our foreign
commerce has shown great increase IN
volume and value. The combined I'M
ports and exports for the year are
the largest ever shown by single
year in all our history. Our exports
for 1899 alone exceeded by more than
a billion dollars our imports and eX-
ports combined in 1870. The imports
per capita are 20 per cent less than in
| 1870, while the exports per capita are
So per cent more than in 1870, show
ing the enlarged capacity Of the Uni
ted 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 $7S4,776,142. Of manufactured
products we exported in value S339,-
| 592 JAG, being larger than any pre-
| vious year It is a noteworthy fact
| that the only years in all our history
| when the products Of our manufac-
| tories sold abroad exceeded those
bought abroad were 1898 and 1899.
| Government receipts from all sources
| for the fiscal year ended June 80, 1899,
including s11 ,798. 314.14, part payment
Of the Central Pacific railroad fndebt-
| edness, aggregated s610.982 0o4-35. Gus
| toms receipts were $206, 1913, 4S1.75, and
| those from internal revenue S273,437,-
| 1871.
For the fiscal year the expenditures
were 800 ,093 56402, leaving a deficit
Of s89,111, 55967.
The secretary Of the treasury estt-
mates that the receipts for the cur
| rent fiscal year will aggregate S64o.-
| 959,112, and upon the basis Of present
| appropriations the expenditures will
| aggregate $500 ,95S, 112, leaving a sur
plus OF s40.000.O0O.
For the fiscal year ended June 30,
| 1899, the internal revenue receipts
! were increased about 800, 600, 900.
The present gratifying strength OF
| the treasury Is shown by the fact that
| on Dec. ], 1899 the available cash bal
| ance was s278, OO4 S3772, OF which
| 800, "A ,3Do 30 was III Soli tDlli dhu
| bullion. The conditions Of confidence
| which prevail throughout the cOun-
| try have brought gold into more gen.
| eral use and customs receipts are now
| almost entirely paid in that coin.
The strong position Of the treasury
| with respect to cash on hand and the
| favorable showing made by the reve-
| nues have made 1t possible for the
| - = 1D To tn1y o1tin m
| under the provisions of Section 1854,
| Revised Statues relating to the sink
| ing fund Receipts exceeded expendi-
| lures for the first five months Of the
| current fiscal year by s13,413, $3.50. 81
| and as mentioned above, the secretary
! Of the treasury estimates that there
| will be surplus Of approximately $40
| 900 900 at the end of the year. Under
| such conditions 1t was deemed advis-
| able and proper to resume compliance
| with the provisions of the sinking
| fund law, which for eight years has
| not been done because of deficiencies
| I'm the revenues. The treasury depart
| ment, therefore, offered to purchase
| during November s25 100000 Of the 5
| per cent loan OF 1904. or the 4 per cent
| funded loan OF 1907 at the current
| market price The amount offered and
| purchased during November was S18,-
| 100000. The premium paid by the gov
| eminent on such purchases was 81
| 263 521 and the net saving in interest
| was about $2,SS5, 900. 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. unless
the remainder OF the S25,000,000 called
| for should be presented in the mean
| time for redemption.
| In it's earlier history the national
| banking act seemed to prove JASON
| able avenue through which edful
| additions to the circulation could from
| time to time be made. Changing con-
| ditions have apparently rendered 1t
| now imperative to that end. The high
| margin In bond securities required. re-
| sulting from large premiums which
| government bonds command In the
| market, or the tax on note issues, or
| both operating together. appear to be
| the influences which impair its public
! utility
The attention of congress is respect
| fully invited to this important matter,
with the view Of ascertaining whether
or not such reasonable modification can
| be made in the national banking act
as will render its service in the particu-
lars here referred to more responsive
to the peoples needs. l again urge
| that the national banks be authorized
to organize with capital Of $4,000
l urgently recommend that to sup
port the existing gold standard and to
maintain "the parity in value of the
coins Of the two metals (gold and sill
ver) and the equal power of every
dollar at all times in the market and
in the payment Of debts" the secre-
tary Of the treasury be given addition
al power and charged with the duty
to sell United States bonds and to en-
| ploy 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
conditions may require, and should
| provide for rate of interest lower
! than that fixed by the act of Jan. IA
! 1875. While there is now no COM
mercial fright which withdraws gold
| from the government, but, on the con-
trary, such widespread confidence that
| gold seeks the treasury demanding
| paper money in exchange, yet the very
| situation polnts to the present as the
| iLoSt htlluS llllle 10 aQGQuate
| provision to insure the continuance of
the gold standard and of public conf
| dence in the ability and purpose OF
the government to meet all it's obliga-
lions in the money which the civilized
world recognizes as the best
The financial transactions of the
! government are conducted upon a gold
basis. We receive gold when we sell
United States bonds and use gold fol
their payment. We are maintaining
the parity OF all the money issued OF
| coined by authority Of the governm ent
We are doing these things with the
means at hand. Happily at the pres.
ent time we are not compelled to re
| sort to loans to supply gold. 1t has
been done in the past, however, anl
may have to be done in the future. l,
behooves us. therefore. to provide at
| once the best means to meet the
| emergency when it arises, and the lest
means are those which are the most
| certain and economical Those now
| authorized have the virtue neither OF
| dlrectneSs nor economy. We have al
| ready eiinin of h., ~