The Caucasian. (Clinton, N.C.) 188?-1913, 1899-12-14
FOR GOLD STANDARD.
Speaks of the Healthy Growth of Our
Foreign Commerce, the Status
Of Our Foreign Posses.
siOns, Etc.

The following Is a synopsis Of Presi-
dent hrE!uley's message read I'm Con-
grrsa
To the Senate and House Of Represent
dttvcs:
Vt the threshold of your delibera-
'ous you are called to mourn with Your
'ountrymen the death Of Vice Presi-
dent Hobart, who passed from this life
on thc morning OF November 2lst last.
HIS great soul now rests in eternal
peace. His private life was pure and
elevated, while his public career was
eyer distinguished by large capacity.
stainless integrity and exalted motives.
lie has been removed from the high
"NIce which he honored and dignined,
but his lofty character, his devotion to
duly his honesty OF purpose and his
noble virtues remain wish US as a price
less Legacy and example.
y HLNERAL REVIEW OF CONDI-
TIONS.
IhC Flfty-sixth Congress conyenes In
ITS first regular session with the coun-
NY in "a condition of unusual prosper
liN oi universal good will among the
people at home, and with relations of
peace and friendship with every gov
'IhWent OF the world. Our foreign
commerce has shown great increase in
Volume and value, The combined i'm
potj3 ana exports for the year
are the largest ever shown by
single year In all our history.
our exports for 1899 alone exceed
by more than 81 .00O, ,O00. 600 our imports
and exports combined in 1870. The i'm
potts per capita were 20 per cent. less
ihan In 1870, while the exports per cap
wa are 81 per cent. more than in 1870,
showing the enlarged capacity of the
United states to satisfy the wants of
their own increasing population, as well
as To contribute to those of the peoples
ct other nations. Exports of agricul-
tural products were S7Si,776,1i2 OF
manufactured products we exported in
value $3S9.592,l46 being larger than any
previous year. 1t Is a noteworthy fact
mat the only years in all our history
when the products of our manufa cto-
iies sold abroad exceeded those bought
abroad were 1898 and 1899.
THE COUNTRY'S FINANCES.
Government receipts from all sources
Tor the fiscal year ended June 80, 1899
including 1,19S, ,314.l4 part Of payment
of the Central Pacific Railroad indebt-
edness aggregated S610,9 ,004 435 Gus
tom receipts were $206, 12S, ,4S1.7o, and
those from internal revenue $273,437,-
16l.51. For the fiscal year the expendi-
lures were IO0,O93 6ei, leaving a deficit
~ v,ill, ,bSJ'Vt ne secretary Oh the
treasury estimates that the receipts
for the current fiscal year will aggre-
gate s6to, ,95S,112, and upon the basis of
present appropriations the expendi-
lures viii aggregate $500, ,95S,l12. leaving
a surplus of 100000 For the fiscal
year ended June 80, 1899. the internal
revenue receipts were increased about
SlG0 0000CO
The present gratifying strength OF
The Treasury iS shown hv tho fart n
on December l. 1899. the available cash
balance was $27S S,004, ,S37.12, of which
S239 744 905.36 was in gold coin and bull
ion. The conditions of confidence which
prevail throughout the country have
brought gold into more general use and
customs receipts are now almost en-
tIrely paid in that coin.
INDUSTRIAL ACTIVITY.
Increased activity in industry, with
its welcome attendant-large employ
ment for labor at higher wages-gives
to the body of the people larger
power to absorb the circulating me-
dium. 1t is further true that year by
year, with larger areas of land under
cultivation, the increasing volume of
agricultural products-cotton, corn and
Wheat-calls for larger volume of
money supply. This is especially no.
t'ceabe at the crop harvesting and
crop moving period.
-hoDlf OF
BANKING ACT.
The President refers TO the national
banking act, and urges that national
banks be authorized to organize with q
capital of $4,000. He says that in its
earlier history the national banking
act seemed to prove reasonable ave
nue. through which needful additions
to the circulation could from time tc
tlme be made. Changing conditions
have apparently rendered it now mop
erative to that end. The high margin
in bond securities required. resulting
from large premiums which govern
ment bonds commanded in the market
or the tax on note issues. or both op
Grating together, appear to be the influ
TO INSURE CONTINUANCE OF THE
GOLD STANDARD.
Concerning the gold standard tht
President says: Il urgently recon-
mend that to support the existing goit
standard and to maintain the part!
in value OF the coins of the two metals
tgold and silver) and the equal pewe
uf every dollar at all times in the mar
ket and in the payment of debts, TIL
Secretary of the Treasury be given ad
ditonal power and charged with th
duty to sell United States bonds ant
10 employ such other effective mean
as may be necessary to these ends
ne authority SnOulu the pOWe
10 sell bonds on long and short time a
conditions may require. and shoult
provide for rate OF interest lowe
than that fixed by the act of Januar,
II. 1875. While there is now no com
mercial fright which draws gold from
the government-on the contrary, sucl
widespread confidence that gold seek
the Treasury demanding paper none.
In exehange-yet the very situation
points TO the present ag the most fit
ting time to make adequate provision
to insure the continuance of the gol
standard and OF public confidence il
the ability and purpose OF the govern
ment to meet all it's obligations in tn
money which the civilized world recog
nizes as the best. The financial trans
actions OF the government are con
Quoted upon a gold basis. We receiv
gold when we issue bonds and us
gold for their payment. We are main
talning the parity Of all money issue
or coined by authority Of the govern
ment. We are doing these things wit
the means at hand. Happily at tn
present time, we are not compelled t
resort to loans to supply gold. 1t ha
been done in the past, however. an
may have to be done in the future.
behooves us. therefore, to provide a
once the bes: means to meet the emer
gency when it arises. and the bes
means are those which are the mos
i. certain and economical. Those nov
authorized have the virtue neither G
directness nor economy.
THE TRUSTS.
The President next discusses III
question of trusts on which ne says
Combinations OF capital organize
into trusts to control the conditions c
tsaAs among our citizens. to stifie com