The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1899-12-05
TO the Senate and House of Repre-
gnufaffypu.

The Fifty-siXth congress cOnvenes In
its first regular session with the coun-
try in a condition of unusual pros
perity, 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
commerce has shown great increase in
volume and value. The combined i'm
ports and exports for the year are
the largest ever shown by a single
year in all our history. Our exports
for 1899 alone exceeded by more than
a billion dollars our imports and ex-
ports combined in 1870. The imports
per capita are 20 per cent less than in
1870, while the exports per capita are
So per cent more than in 1870. show
ing the enlarged capacity of the Uni
ted States to satisfy the wants of its
own increasing population, as we'll as
to contribute to those of the peoples
of other nations
Exports of agricultural products
we're $7S4,776,142 OF manufactured
products we exported in value $780,
592, ,146, being larger than any pre-
vious year. 1t is a noteworthy fact
that the only years In all our history
tories sold abroad exceeded those
bought abroad were 1898 and 1899.
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 S610. .9S2 .O04.35. Gus
toms receipts were S2O6, 1913, ,4S1.75, and
those from internal revenue 1913 437,
1851
For the fiscal year the expenditures
we're 500, ,093 ,564.O2, leaving a deficit
Of $50 III $50 81.
The secretary Of the treasury esti-
mates that the receipts for the cur
rent fiscal year will aggregate $780,
95S, ,112, and upon the basis of present
appropriations the expenditures will
aggregate $500 95S, 112, leaving a sur
plus of s40.00O000
For the fiscal year ended June 30,
1899, the internal revenue receipts
were increased about 100000, 600.
The present gratifying strength OF
the treasury is shown by the fact that
on Dec, /, 1899. the available cash bali
anee was $27S, ,004 ,S3772. of which
| s239, ,744 ,905.36 was in gold coin and
| bullion. The conditions of confidence
which prevail 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 position of the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nues have made 1t possible for the
secretary OF the treasury to take action
under the provisions of Section 1894,
| Revised Statues. relating to the sink
| ing fund Receipts exceeded eXpendi-
| lures for the first FIVE months OF the
| current fiscal year by S13, ,413, ,3S9. 81
! and, as mentioned above, the secretary
! of the treasury estimates that there
| will be a surplus of approximately s40,-
! 900 900 at the end of the year. Under
such conditions It was deemed advis-
able and proper to resume 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 depart,
ment, therefore, offered to purchase
during November s25, 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
purchased during November was $lS,.
40S, 500 The premium paid by the gov
ernment on such purchases was S2,'
263 ,521 and the net saving in interest
was about S2,SS5 900. The success OF
this operation was sufficient to induce
the government to continue the offer
to purchase bonds to and including the
! 2Sd day of December, instant, unless
the remainder of the s25, ,000, 900 called
for should be presented in the mean
time for redemption.
In its earlier history the national
banking act seemed to prove a reason
able avenue through which needfu
additions to the circulation could from
time to time be made Changing con.
ditions have apparently rendered Il
now imperative to that end. The higf
margin in bond securities required, re-
sulting from large premiums which
government bonds command in th'
market, or the tax on note issues, Of
both operating together, appear to b'
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 reasonable modification cal
be made in the national banking ac
as will render its service in the particu
lars here referred to more responsive
to the peoples needs. / again urg
that the national banks be authorized
to organize with a capital of $25 000
/ urgently recommend that TO sup
port the existing gold standard and t,
maintain "the parity in value of tn
coins Of the two metals (gold and sill
ver) and the equal power Of ever
dollar at all times in the market an
in the payment of debts" the secre
tary Of the treasury be given addition
al power and charged with the dut
to sell United States bonds and to EN-
ploy such other effective means a
may be necessary to these ends. TIL
authority should include the power I
sell bonds on long and short time. a