The people's journal. (Pickens, S.C.) 1891-1903, 1899-12-14
LILLE PRESIDENTS MESSAGE,
IHE GOLD. STANDARD, SUPPORTED.
"DOWN W1TH THE" 7 TRUSTS -
Great Stress Laid on the Retention of the
Phlllpplnes-Ouba ana Porto Rico Must
Have Stable Governments
10 the Senate snl House Of II ,prcsen

TO the Senate snl House of R,prcsen
tativcs
At the threshold OF your Gelibera
lions, you are callcd to mourn with
your countrVmun the death Of Vice
President H)h.yt. Who passe,l from
this ;fe on the norning OF November
2lst, last. HIS great soul now rests In
eternal peace. His private life was
pure aud elevated, while his public
career WAS ever distinguished by large
capacity, stainless integrity aud eX.
allied motives. He has been removed
from the nign Office which he honored
and dlgnilied, but his lofty character.
his devotion to duty, his honesty OF
purpose and nobe virtue remain with
Us as a priceless legacy aud example.
The fifty sixth Congress convenes ia
It's first regular session with the cnun
try in & condition Of unusual pros,
perity, of universal good will anon q
the people at home, and in relations Of
peace and friendship with every gov
ernment of the world. Oar: f0reig n
commerce mas shown great increase in
volume and value. The combined i'm :
ports and exports for the year are. the
largest ever shown by Il single wear in
all our history. Oar exports for 1899
alone exceed by more than a billion.
dollars our imports and exports CONS
bined IN 1870 The imyUr per capita
are ~ per cent. less than in 1870, while
the exports per capita arc So per cent.
moro than in 1870, showing the en-.
larEed cApHGi;y .! ;he United States
to satisfy the wants Of its own incrcas.
ing population rs we'll as to contri
butte to those OF the peoples Of other
nations. ,
Exports OF agricultural products
4 ,
products we exported in value 1888,
592, lac, being larger than any previous
year. 1t Is IL 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, ending June 80.
1889, including $11 ,79S 3l4 II part pay
ment Of the Central Poetic Railroad
Indebtedness aggregated $61O, 982 0O4 ::
80. Customs rcce ipts were $2O6, ,l2S, :.
46l.7 and those from internal revenue
tho expenditures were 800, 093, 564 OF,
leaving deficit Of $50, Ill .549.67. :.
The secretary OF the treasury esti-:
mates that the receipts for the current
fiscal year will aggregate $640,95S, ,1l2:
and upon the basis Of present appro-:
priations the expenditures will aggre.
gate 5000, 1853, l12, leaving surplus Of
$40. 600, 900, 900
For the fscal year ended juno go;
1899, the internal revenue receipts
increased about 800, 100000.
The present gratifying strength OF:
the treasury Is shown by the fact that
on December |, 1899, the available
cash balance was $278, ,004 ,8s7.12. of
which S?39, TAI 9O5 36 was in go}l odin
and bullion. The confidence which
prevails throughout the country has;
brought gold into more general use and
custom receipts are now almost entire
ly paid in that coin.
The strong condition of the treasury
with respect to cash on hand and the
favorable showing made by the re-
venues have made it possible for the
secretary of the treasury to take action
under the provisions Of 1854, revised
statutes, relating to the sinking fund.
Receipts exceeded expenditures for
the first five months Of the current
fiscal year by $I2 413, 39O.81 and, as
mentioned above, the secretary of the
treasury estimates that there will be
surplus of approximately $40, 1000 00C
at the end OF the year. Under such
conditions, it was deemed advisable
and proper to resume compliance with
the provisions of tho sinking fund law,
which for eighty years has not been
done because Of deficiencies in the re
venues. The treasury department,
therefore, ole red to purchase during
Novcm Der $25, ,OOU, 600 Of the per cent.
loan OF 1904 or the per cent. funded
loan OF 1907 at the current market
price. The amount offered and pur-
chased during November was $18, ,4O8,-
n n m i'm /,
ment on such purchases was 81, ,263, ,52l
and the net saving in interest was
about 81 SS5, 900. The success of 6his
operation WAS sufficient to induce the
government to continue the offer to.
purchase bonds to and including the
23rd day OF December instant, unless
the remainder Of the $25, 900, 900 called
ior should be presented in the mean
Time Tor redemption.
DEMANDS THE GOLD STANDARD.
Inc atte alton OF Congress is respect.
luiiy invited to this important matter
WIN the view OF ascertaining whether
or noh such reasonable notifications
can De made In the national bank act
as will render It's service In the narti.
cular here referred to more resDon.
sive to the peoples needs. again
urge that national banks be authorized
to organize with capital of $25, ,0o0S ,
| urgently recommend that 10 a,SIinf.t a,SIif.
port the existing gold standard ana H
maintain the parity in value of the
coins of the two metals (gold and
sllver) and tho equal power of every
dollar at oil times In the market and
In the payment Of all debts," the sedre.
tary of the treasury be given addi.
tiOnal power and charged with the
duty to sell United States bonds and to
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
provide for q rate OF interest lower than
that fixed by tho act OF Januasy ID,
1875. While there Is no commercial
fright which withdraws gold from the
government, but on the contrary, such