Peninsula enterprise. [volume] (Accomac, Va.) 1881-1965, 1899-12-09
PRESIDENTS liGSSAGE.
To the Senate and House OF Representa-

TO the Senate and House Of Representa-
tives:
The Fifty-sixth congress convenes in Its
first regular session with the country in
6 condition of unusual prosperity. OF uni
versal good will among the people al
home and in relations of peace anu
friendship with every government OF the
world. Orr foreign commerce has shown
great increase in volume and value. The
combined imports and exports for the
year are the largest ever shown by
single year in all our history.
Government receipts from all sources
for the fiscal year ended June 81. l%9. IN
GLIDING Sl1. i9SSli.1l. part payment oil the
Central Pacific railroad Indebtedness, az
gregated SCl0gS2 0u4.S5. Customs receipts
were S206 l2S Isl. s5 and those from IN
ternal revenue $2,,$$. 4SI ,l6l.5l.
For the fiscal year the expenditures
were 500, 09S. JGi o., leaving Il Gehclt OIL 49,
Ill 55s.61.
The present gratifying strength of the
treasury shown by the fact that on Dec.
l, 1879. the available cash balance was
SETS. OO4. S37772 of which S29. al. H'S6 was III
gold coin and bullion. 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 strong position OF the treasury
with respect to cash on hand ana the IA
vorable showing made by the revenues
have made it possible for the secretary OF
the treasury to take action under the
provisions of section 1854. revised stat
utes. relating to the sinking fund he
ceipts exceeded expenditures Tor the Hrst
five months of the current fiscal year oy
SlS4l3 1891. and the secretary oil the
treasury estimates that there will be
surplus of approximately $4,000 ut the
end of Sthe year. The treasury depart
ment, therefore, offered TO purchase dur
ing November S25. 900 eco OF the per cent
loan of 1901 or the 4 per cent funded loan
of 1907 at the current market price. Inc
amount offered and purchased during NO
vember was SIS. 4OS, 600 The premium paid
by the government on such purchases
was So 263 52l and the net saving i'll In
terest was about $2SS5.c00. The success
of this operation was sufficient TO induce
the government to continue the oiier 10
purchase bonds 10 and including the zou
day of December, unless the remainder
OF the S25QO00O0 called for should be pre-
scented in the meantime for redemption.
In it's earlier history the national bank
Ing act seemed to prove a reasonable ave-
nue. through which needful additions TO
the circulation could from time to time
be made. Changing conditions have APP
parently rendered it now imperative to
that end.
The attention of congress is respectfully
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 more responsive to the
pople's needs. 1 again urge that the ma
tional banks be authorized To organize
with q capital of $4,000.
I urgently recommend that 10 support
the existing gold standard and to main
tain 1.-The parity in value of the coins OIL
the two metals gold and silver and the
equal power OF every dollar at all 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 and
10 employ 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 pro-
vide for rate Of interest lower than that
fixed by the act OF Jan. II. 1873.
repeat my former recommendations
that portion Of the gold holdings shall
greenbacks shall be redeemed upon pre-
sentation. but when once redeemed shall
not thereafter be paid out except for
gold.
The value of an American merchant
marine to the extension of our COM
mercial trade and the strengthening of
our power upon the sea invites the i'm
mediate action of the congress. Our ma
tiopal development will be one sided and
unsatisfactory so long as the remarkable
growth of our island industries remains
unaccompanied by progress on the seas.
Combinations of capital organized into
trusts to control the conditions of trade
among our citizens. TO stifie competition.
limit production and determine the prices
of products used and consumed by the
people are justly provoking public dis
cuss!on, and should early claim the at
tention of the congress.
1t Is universally conceded that COM
binations which engross or control the
market of any particular kind of mer-
chandise or commodity necessary to the
general community by suppressing nat
ural and ordinary competition. whereby
prices are .unduly enhanced to the gen.
eral consumer are obnoxious. not only to
the common law, but also to the public
welfare. There must be remedy for the
evils evolved in such organizations. If
the present law can be extended more
certainly to control or check these mon
opolies or trusts it should be done with
out delay.
A review OF our relations with foreign
states Is presented with such recommen-
dations as are deemed appropriate.
The long pending boundary dispute be-
tween the Argentine Republic and Chile
was settled in March last by the award
of an arbitral commission. on which the
United States minister at Buenos Ayres
served as umpire.
Progress has been made toward the con-
clusion OF 4 convention of eXtradition
with the Argentine Republic. Having
been advised and consented to by the
United States senate and ratified by Ar
gentina 1t only awaits the adjustment of
some slight changes in the text
Ii is gratifying ~ be able to announce
that the Belgian government has miti-
gated the restrictions on the importation
OF cattle from the United States.
Having been invited by Belgium to par
ticipate in q congress held at Brussels
to revise the provisions of the general act
of July ., 1890. for the repression of the
African slave trade to which the Uni
ted States was signatory party. this
government preferred not to be repre-
scented by plenipotentiary. but reserved
the right of accession to the result. No
table changes were made. those especially
concerning this country being in the line
of the increased restriction of the dele
terious trade in spirituous liquors with
the native tribes. which this government
has from the outset urgently advocated.
The amended general act will belaid be-
fore the senate. with q view to its advice
and consent.
Then follows references to our relations
with the governments Of South and Cen
trail America. the work of the Isthmian
canal commission under Rear Admiral
Walker is commended. and then the
president discusses our interests in China,
as follows:
In view Of the disturbances in the popu-
lous provinces of northern China. where
are many Of our citizens. and of the i'm
minence of disorder near the capital and
toward the seaboard. a guard of marines
was landed from the Boston and stationed
during last winter in the legation COM
pound of Picking. With the restoration
of order this protection was withdrawn.
Adequate protection has been secured for
our missionaries and some injuries 10