Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1899-12-07
Affairs
OF State.
Freely Discussed by the
President.
Cuba, He Declares Must
Be Free.
And Retention of Philip
pines a Duty.

Washington, Dec. 5.-The presidents
message was read to both houses of
congress today, and is very long. At
the outset a touching alluson is made
to the death of Vice President Hobart,
whose great soul now rests in eternal
peace" Continuing the president notes
that the country is in a condition of
unusual prosperity, of universal good
will among the people at home, and in
relations of peace and friendship with
every government of the world. Our
foreign commerce has shown great in
crease in volume and value. The COM
bined imports and exports for the
year are the largest ever shown by a
single year in all our history. Our ex
ports for 1899 alone exceeded by more
than billion dollars our imports and
exports combined in 1870. The imports
per capita are twenty per cent less
than in 1870, while the exports per
capita are IS per cent more than in
1870 showing the enlarged 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
$7S4,776142. OF manufactured products
we exported in value $339, 592, 146, being
larger than any previous year. 1t IS
noteworthy fact that the only years in
all our history when the products Of
our manufactures sold abroad eN
ceeded those bought abroad We're 1898
and 1899
Government receipts from all sources
for the fiscal year ended June so, 1899,
including $l1.79S,314,14, part payment
of the Central Pacific railroad indebt
edness, aggregated $G10, 9S2, 00435, Gus
toms receipts were $206, 12S 4S1,75, and
those from internal revenue $273, 49,
161.51.
For the fiscal year the expenditures
were $500, 093, 56402, leaving deficit
of $S9,111 ,559.67. The secretary of the
treasury estimates that the receipts for
the current fiscal year will aggregate
$640, 95S,1l2, and upon the basis of
present appropriations the eXpendi-
lures will aggregate S600,95S,112, leav
ing a surplus of $40000000. For the
fiscal year ended June 80, 1899, the in
ternal revenue receipts We're increased
about $1O0,O00,oO0.
The present gratifying strength OF
the treasury is shown by the fact that
on December ], 1899. the available cash
balance was $27S,004, S37.72 of which
$239, 744, 905.36 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 al
most entirely paid in that coin.
The strong condition of the treasury
with respect to cash on hand and the
favorable showing made by the rev
enues have made 1t possible for the
secretary of the treasury to take action
under the provisions of section 1894,
Revised Statutes, relating to the sink
ing fund. Receipts exceeded expendi
lures for the first five months of the
current fiscal year by 3,413, 3S9.91,
and, as mentioned above, the secretary
of the treasury estimates that there
will be a surplus of approximately
10000 600 at the end of the year. I'm
der such conditions it was deemed adj
yisable and proper to resume compli-
ance with the provisions of the sinking
fund law, which for eight years has
not been done because of deficiencies
in the revenues. The treasury depart
ment therefore offered to purchase dur
ing November $25,000,0 900 of the per
cent. loan of 1904, or the per cent
funded loan of 1907, at the current
market price. The amount offered and
purchased during November was $751;
0S,600 The premium paid py the gov
eminent on such purchases was $2,263,-
521 and the net saving in interest was
about s2,SS5,000. The success Of this
operation was sufficient to induce the
government to continue the offer to
purchase bonds to and including the
sd day of December, instant, unless
the remainder of the $25,000,000 called
for should be presented in the mean
time for redemption.
The Currency.
The president asks that notifications
be made in the national banking act as
& will render its service more respons-
i've to the peoples needs in the way Of
added circulation and urges that ma
tional banks be authorized to organize
with capital Of $4,000 | urgently
\ recommend that to support the exist
ing gold standard, and to maintain
sthe parity in value Of the coins Of the
kNo metals (gold and silverl and the
equal power Of every dollar at all times
III the market and In the payment Of
dsbfs. the secretary Of the treasury be
giyen additional power and charged
iii the duty to sell United States
bonds and to employ such other effect
ive means as may be necessary to-