The Black Hills union. [volume] (Rapid City, Pennington County, Dakota [S.D.]) 1889-1904, 1899-12-08
II kINLEY'S MESSAGE.
Features of the Annual State
Paper of the President.
FUTURE OF THE PHILIPPINES.

Iesiuent races the Matter In Hands OF
Consress-suggestions AS to Government
Of Porto Rico-First Steps Toward Free
Cnba-Financial Legislation.
asLs WASHINGTON, Dec. 5.-The presidents
message was read in congress today. In
part it is as follows:
Tothe Senate and House of Representatives
Attic threshold of your deliberations
you are called to mourn with your coun-
trymen the death of Vice President Ho-
bart, who passed from this life on the
morning OF Nov. 81. His great soul now
restsin eternal peace. His private life
& was pure and elevated, while his public
8 career was ever distinguished by large CO.
\ pac1ty, stainless integrity and exalted mo-
lives He has been removed from the
high office which he honored and digni
4 He'd, but his lofty character, his devotion
4 20 duty, his honesty of purpose and noble
virtues remain with us as priceless leg
acy and example.
The Fifty-sixrh congress convenes in it's
nrst regular session with the country in q
condition of unusual prosperity, of uni
yersal good will among the people at
nome and in relations of peace and friend
ship with every government of the world.
I increase in volume and value. The com
sbtned imports and exports for the year
h are the. largest ever shown by single
year in all our history. Our exports for
1899 alone exceeded by more than billion
dollars our imports and exports combined
IN 1870. The imports per capita are 20 per
GENT less than in 1870, while the exports
per capita are 5S per cont more than in
1870, showing the enlarge! capacity of the
United 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
1854, 1914 OF manufactured products.
we exported in value $3.50, 592 JAG, being
larger than any previous year. 1t is a
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 30, 1899, in
GLIDING ST., 79s, 314.l4 part payment of the
Central Pacific railroad indebtedness, ag-
gregated $8lO, 1882, ON.35. Customs receipts
were $2O6, 12S, 4S1.75 and those from in
ternal revenue $273, 49,, 1851.
For the fiscal year the expenditures
were 500 O93, 564.02, leaving a deficit Of
$50, III ,559.b7.
The secretary of the treasury estimates
that the receipts for the current fiscal year
will aggregate S640,95s, 112, and upon the
basis of present appropriations the ex-
penditures will aggregate 5000, 95s, 112,
leaving a surplus OF S4O,O0O.OOO.
For the fiscal year ended June 80, 1899,
the internal revenue receipts were in
creased about x1000O0,O0
The present gratifying strength of the
Treasury is shown by the fact that on Dec
!, 1899, the available cash balance was
f27s, 004 .s57.72, of which $239, IA aO5 .36 was
in 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.
Treasury's Good Showing.
The strong condition of the treasury
with respect to cash on hand and the
favorable showing made by the revenues
have made it possible for the secretary of
the treasury to take action under the pro.
visions Of section 1884, revised statutes,
relating to the sinking fund. Receipts
exceeded expendi ures for the first five
months of the current fiscal year by 3d.
4l3, $3.50. 81 and, as mentioned above, the
secretary of the treasury estimates that
there will be a surplus of approximately
$40 00O, eco at the end Of the year. Under
such conditions it was deemed advisable
and proper to resEme compliance with
the provisions of the sinking fund law,
which, for eight years has not been done
because of deficiencies in the revenues.
The treasury department therefore offered
to purchase during November S25, 900
Of the per cent loan of 1904 or the per
cent funded loan of 1897 at the current
market price The amount offered and
purchased during November was SIS, 4OS,-
eco. The premium paid by the govern
n,ent on such purchases was s2,26s,5sl,
and the net saving in interest was about
s., 900.
Increased activity in industry, with its
welcome nttendant-a larger employment
for labor at higher wages-gives to the
body of the neople larger power to alb
sorb the circulating medium. 1t is fur
Their true that year by year, with larger
areas of land under cultivation, the in
creasing volume of agricultural products,
cotton, corn and wheat, calls for larger
volume of money supply. This is espec-
tally noticeable at the crop harvesting
and crop-moving period.
In its earlier history the national bank.
ing act seemed to prove Q reasonable ave
nue. through which needful additions to
the circulation could from time to time
be made. Changing conditions have ap-
parently rendered it now imperative to
that end. The high margin in bond Sc
curities required, resulting from large
premiums which government bonds COM
mand in the market, or the tax on note is
Sues or both operating together, appear
to be the influences which IL pair its pub
lie utility.
The attention of congress is respectfully
invited to this important matter with the
view Of ascertaining whether or ot5such
reasonable notifications can be made in
the national banking act as will render
Its service In the particulars here referred
TO more responsive to the peoples needs.
1agatn urge that national banks be au-
thorized to organize with capital of
e25,0OO
Wants Gold Standard Protected.
] urgently recommend that to support
the existing gold standard and to main
tain the parity in value of the coins Of
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 ad-
ditionat power and charged nth the duty
to sell Uni, ed States bonds and to employ
such other effective mems as may be nee
essary to these ends. This 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. II, 1876 While there is now such
widespread confidence that gold seeks the
Treasury demanding paper money in OK.
: