The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-06
THE PRESIDENTS MESSAGE.
THE NATIONS PROSPERITY, NEEDS
AND NEW DUTIES SET FORTH

financial Question. and the Merchant Ma.
rino--LeRislation Regarding Trusts Rec.
Communications Foreign Relations Sat
Observation-Disclosures of tho Nicaragua
Canal Urged-Tbe samoan Convention
New Progress OF Cubn-Needs of Our
Export Trade-Philippine Question:. Re.
forred to ConGress-CiviI Rule Proposed
for Porto Rico-Our Neutrality in tn g
south African war-Important Cues
tons Before the Present Congress.
WARRINGTON. Dec 8 Tho message OF the
President OF the United States 10 the Fifty six til
Gong ress was ran smitted 10 both Houses al noon
to-day ana read therein. 1t is as follows:
To the Senate and House Of Representatives.
At the threshold Of your deliberations you are
rallied 10 mourn with your oountrymcn tho death
Of vice-Prcsidcnt Hobart who passed from this
hfe on the morning Of November 2ist last His
great soul now rests in eternal peace His private
life was pure and elevated, while his public career
vas ever distinguished by large capacity, stain
1ess integrity and exalted motives lie has
been removed from the high Office " hch he hon
ored and digniHed. but his lofty character his
devotion TO duty his honesty Of purpose. and
noble virtues remain with as a priceless legacy
and example
The Fifty-sixth Congress convenes in it nrst
regular session with the country in q condition
Of unusual prosperity Of universal good will
among the people at home, and in relations Of
pcace and friendship with every government Of
the world Our foreign commerce has shown
great increase in volume and value The COM
bined imports and exports for the year are the
largest ever shown by single year in oil our
history. Our exports for 1900 alone exceeded by
more than billion dollars, imports and cN.
Torts combined in 1870 The imports per CAPITA
arc 20 per cent less than In 1870 while the ex-
ports per capita ore rs per cent more than in
1870 showing the enlarged capacity Of the
United States 10 satisfy he wants Of its own
increasing population, ~ we'll rs 10 contribut
10 thoso Of the peoples ~ other nations
Exports Of agricultural products were s7s4,.
T8l42 or manufactured products ". exported
In value $3.50 1902 l48 being larger than any
previous year II is noteworthy fact tha, the
only years in all our history when the products Of
our manufacturers sold abroad exceeded those
fought abroad were 1895 and 1890
Government receipts from all sources for the
fiscal year ended June 10 1890 including sill
7ss3lA14, part payment of the Central Pacific
Railroad Indebtedness, aggregated seiO $50
oo4S Customs receipts were ScO6 l2s 4sl 75
end those from internal revenue s2T3 az. 1871
For the fiscal year the expenditures yer. 500
ta3 664 OF, leaving deficit 81 $50 III 6596T
The Secretary Of the Treasury estimates th,,
the receipts for the current fiscal year will ny
Epgate S640 95S, liz, and upor the basis Of mrs.
snt appropriations the expenditures will argr,
gate 5000 e6s ii2 leaving q surplus o, $40.
100000
For the fiscal year ended juno so 1890 IN,
internalrcvenue receipts were increased about
slOOOOoOoo
The present gratifying strength Of the Treas
ury is shown by the fact tina, on December l. 1899
the available cash balance was S27s OOI s37 ~
al which $3.50 IA COS 10 was in gold coin and
bullion. The Conditions Of confidence which pre-
vail throughout the country have brought gold
,eni4 more general and customs receipts are
,ept for ct entirely paid in that coin.
definitely tEAsuRy's STRONG POSITION
% mod strong position Of the Treasury with re-
tiop.' 70 cash on hand and the favorable showing
,,-made by the revenues have made II possible Cor
the Secretary Of the Treasury take action under
the provisions Il section 1924 Revised Statutes,
relating 70 the sinking fund. Receipts exceeded
expend lures for the first five months Of the cur
rent fiscal year by SIS ala $50 OIL and. AZ men.
TONED above the Secretary Of The Treasury rsti-
mates that there will be surplus Of approx.
maiely $40, 900, 900 at the end Of the year Under
such conditions 1t deemed advisable and
proper TO resume compliance with the provisions
81 the sinking fund law. which for eight years
mas not Deen done because OF deficiencies in the
revenues The Treasury Department therefore
offered TO purchase during November S25 600 coo
81 the B 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 Sovcm-
Der was sl6,4OS,6Or The premium raid By the
Government on such purchases was So o63 Sci
and the net saving IN interest was about 50 8S5 600
The success Of this operation was sufficient TO in
duee the Government TO continue the otter To
IL,
DccombHr, instant unless the remainder Of the
S2oOOOOoO called for should be presented in
the meantime for redemption.
Increased activity in industry with It's welcome
httendAnt-a larger employment for labor at
higher wagcs-Rives To the body Of the people
larger power 10 absorb the circulating medium
il IL further trrir that year by year with larger
hreas OF land under cultivation, the increasing
volume NJ agricultural products cotton. corn,
and wheat calls Tor larger volume Of money
supply. This is especially noticeable at the
cropharvesting and cropmoving period
In its earlier history the National banking Act
seemed 10 prove reasonable avenue through
which necdful additions TO the circulation could
from time to time he made. Changing conditions
have apparently rendered II now imperative ia,
that end. The high margin in bond securities
required, resulting from large premiums which
Government bonds command in tho market, or
"' 'nA VII NJ" isSnu'S, OF DONl hIcraInS together
appear to be the influences which impair it's public
utility.
The attention Of Congress Is respectfully invited
TO this important matter with the view Of ascertain.
Ing whether or not such reasonable notifications
can be made in the National Banking Act as will
render its service in the particulars here referred
10 more responsive To the peoples needs again
urge that national banks be authorized to organ.
Ire with capital Of SOS 600
PowER,r SELL BONDS.
urgently recommend that to support the ex.
istng gold standard, and 10 maintain THE parity
In value OF the coins Of the two metals gold and
silver and the equal power Of every dollar at oil
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 md 10 employ such other effective
means as may be necessary 10 these ends. Tho
authority should include the power to sell bonds
ON long and short time as conditions may require
md should provide for n rate II interest lower