The Topeka state journal., 1899-12-05
FOREIGN RELATIONS
Take Up a Large Portion of the
Document.
Recommends Gold Standard and
Holding Philippines.
Territorial Government Urged
For Porto Rico.

To the Senate and House Of Represen-
tatives:
At the threshold Of your delibera-
tions YOU are called to mourn with your
countrymen the death of Vice Pres1-
dent Hobart, who passed from this life
on the morning Of November 21st last
His great soul now rests in eternal
peace. His private life was pure and
elevated, while his public career. was
ever distinguished by large capacity,
stainless integrity, and exalted mo-
tives He has been removed from the
high office which he honOred and digni-
fed but his lofty character. his devo-
ton to duty. his honesty Of purpose and
noble virtues remain with US as a
priceless legacy and example.
The F'ifty-sixth congress convenes in
its first regular session with the cOun-
try in a condition of unusual prosper
ity of universal good will among the
people at home. and in relations OF
peace and friendship with every gov
ernment of the world. our foreign COM
merce has shown great increase in vol
ume and value. The combined imports
and exports for the year are the larg-
est ever shown by a single year in all
our history Our exports for 1899 alone
exceeded by more than billion dollars
our imports and exports combined in
per cent less than in 1870. while the eX-
ports per capita are 5S per cert more
than in 1870 showing the enlarged ca
pacity of the United States to satisfy
the wants of its own increasing popu-
iatiOn, as well as to contribute to those
Of the peoples of other nations
Exports of agricultural products We're
Sl84, 1912. OF manufactured products,
we exported in value S339, ,592, ,146, being
larger than any previous year. 1t is a
noteworthy fact that the only years in
-rraF- of
our manufactures sold abroad exceeded
those bought abroad were 1898 and 1899
GOVERNMENT FINANCES.
Government receipts from all sources
for the fiscal year ended June 80, 1899,
including S11,79S, ,31414, part payment
of the Central Pacific railroad indebt-
edness. aggregated $50 $50, ,004-35. Gus
toms receipts We're $206,12S, ,4S1-I5, and
those from internal revenue $213, 49,,
161.5L
For the fiscal year the expenditures
were 500, ,O93, ,564.O2. leaving a deficit of
$50. iii, 1896 The secretary of the
treasury estimates that the receipts for
the current fiscal year will aggregate
$640, ,112, and upon the basis of pres
ent appropriations the expenditures
viii aggregate $500, ,958, ,112, leaving a
surplus of $40, 900. 900.
For the fiscal year ended June 30,
1893, the internal revenue receipts were
increased about 500, 000, 900.
The present gratifying strength of
the treasury is shown by the fact that
balance was $27S. .004 S3772, of which
S2S9, IA, ,SO5-36 was in gold coin and bull
lion The conditions of confidence
Whch prevailed 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 condition of the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nues have made it possible for the
secretary of the treasury to take ac-
nf
tlon 1894. revised statutes
relating to the sinking fund. Receipts
exceeded expenditures for the first five
months of the current fiscal year by
$l3, Alb 3SS-9l, and as mentioned above,
the secretary of the treasury estimates
that there win be a surplus of apprOXi-
mately 40,000 900 at the end of the year.
Under such conditions it was deemed
advisable and proper to resume COM
pliance with the provisions of the sink
ing fund law, which for eight years has
not been done because of deficiencies in
the revenues The treasury department
therefore offered to purchase during No
vember $4,000 600 of the per cent
loan of 1904, or the 4 per cent funded
loan Of 1907, at the current market
price. The amount offered and pur-
chased during November was $1S.408,-
800. The premium paid by the govern
ment on such purchases was s., 263. .521
and the net saving in interest was
about S2,SS5,0O0. The success of this Op-
Grafton was sufficient to induce the gov
ernment to- continue the offer to pur-
chase bonds to and including the 23rd
day OF December, instant, unless the
remainder of the S25. 600. 900 called for
should be presented in the meantime
for redemption
INDUSTRIAL. ACTIVITY.
Increased activity in industry with
tts welcome attendant-a larger en-
plOyment for labor at higher wages
gives to the body Of the people a larger
power to absorb the circulating medium
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 noticeable at the
harvesting and crOp-moving period
In its earlier history the national
banking act seemed to prove a reason
able avenue through which needful ad-
ditions to the circulation could from
time to time be made. Changing con-
ditiOns have apparently rendered it
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 operative 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 reasOna BILE notifications
can be made in the national banking act
as will render its service in the partic-
ulars here referred to more responsive
to the peoples needs. again urge
that national banks be authorized to
organize with a capital of S25, 600.
urgently recommend that to support
the existing gold standard, and to
maintain the parity in value of the