The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1899-12-07
M'KINLEY'S MESSAGE.
SYNOPSIS of His Annual Commun:-
cation to Congress.
Treats Exhaustively of the Subjects of
Financial Legislation, the Trusts
and the Affairs of the Diff
ferent Colonies.

The following is a comprehensive synop-
sis of the presidents annual message TO
congress, which makes, in full, about 80
600 words:
The message begins with an announce
ment of the death of Vice President Hobart
and a tribute to his worth FoIoWlng
that is a statement of the prosperity which
the country is enjoying and statistics or our
exports and imports for the year, in which
1t is shown that we have exported dur
ing the year more than I,ooO, W,No worth
of goods, more than the total OF both our
exports and imports in 1870. OF the exports
for the past year he says:
Exports of agricultural products were
s7S4, l42 OF manufactured products we
exported in value 1886, 592, l46, being larger
than any previous year. 1t is noteworthy
fact that the only years in all our history
when the products of our manufacturers
sold abroad exceeded those bought abroad
were 1888 and 1899.
Government Receipts and Expenses
He calls attention to the report of the
secretary of the treasury and his estimate
of the receipts and expenditures for the
present fiscal year. showing a surplus of
s4OOOo,ocO, He points to the present graf
flying strength Of the treasury, and says
that on December the cash balance on
hand was 527S,004, S37.72, of which 1898, 744,-
sO5 IS was In gold and bullion OF the show
ing of the treasury he says:
Government receipts from all sources for
the fiscal year ended June 30, 1899, includ-
trail Pacific railroad Indebtedness, aggre-
gated 500 9s2, 004. 35. Customs receipts were
$2o6, 12s 49, IS, and those from internal rev.
For the fiscal year the expenditures were
500, 0s3, 564-02, leaving a deficit of sS9'lll,-
55967.
that the receipts for the current fiscal year
will aggregate s640, 95s.112, and upon the
basis of present appropriations the ex-
pendtures will aggregate 60O,95S, liz, leaV-
In M
For the fiscal year ended June 80, 1899, the
internal receipts were increased about
500. 000, 900.
Changes in Banking Act Needed.
He notes the resumption of bond pur-
chases, and recommends important
changes in the banking laws to allow ma
tonal banks to organize with capital Of
$4,000. and says:
In its earlier history the national banking
act seemed to prove reasonable avenue
through which needful additions to the
circulation could from time to time be
made. Changing conditions have .appar-
emily rendered 1t now imperative to that
end. The high margin In bond securities
required, resulting from large premiums
which government bonds command In the
market. or the tax on note issues, or both
operating together, appear to be the influ-
ences which Impair its public utility,
The attention of congress is respectfully
invited to this important matter with the
view of ascertaining whether or not such
reasonable notifications can be made In
the national banking act as Will render It's
service in the particulars here referred to
more responsive to the peoples needs. |
again urge that national banks be author
lied to organize with a capital OF $4,000
| urgently recommend that to support the
existing gold standard, and to MAINTAIN
"the parity in value of the coins Of the two
metals gold and silver and the equal
power of every dollar at all times In the
market and In the payment of debts the
secretary of the treasury be given addi-
tional power and charged with the duty to
CtN4A de md IN nVfNf r u
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 re-
qure. and should provide for rate Of in
terest lower than that fixed by the act of
January IA. 1875.
Fime for Gold Standard.
He strongly recommends the adoption of
the gold standard, and on this subject says:
While there is now no commercial fright
which withdraws gold from the govern
ment, but, on the contrary, such wide
spread confidence that gold seeks the
treasury demanding paper money in eX-
change, yet the very situation points to the
present as the most fitting time to make
adequate provision to insure the continu-
ance of the gold standard and of public
confidence in the ability and purpose of the
government TO meet all its obligations in
the money which the civilized world recog-
nlzes as the best. The financial transac-
tions of the government are conducted
upon q gold basis. We receive gold when
we sell United States bonds and use gold
for their payment We are maintaining the
parity of all the money issued or coined by
authority OF the government, We are do
Ing these things with the means at hand.
Happily at the present time we are not
compelled to resort TO loans to supply sold,
It has been done in the past, however, and
may have to be done in the future. 1t be-
hooves us, therefore, TO provide at once
the best means to meet the emergency when
It arises and the best means are those
which are the most certain and economical.
Those now authorized have the virtue
neither of directneSs nor economy. We have
already eliminated one of the causes of our
financial plight and embarrassment during
the years 1898. 1894, 1895 and 1876. Our re-
CENTS now equal our expenditures; de-
ficient revenues no longer create alarm.
Let us remove the only remaining cause by
comforting the full and necessary power on
the secretary OF the treasury and impose
upon him the duty to uphold the present
gold standard and preserve the coins of the
two metals on parity with each other,
which is the repeatedly declared policy of
In this connection l repeat my former
recommendation that a portion of the
gold holdings shall be placed in a trust
fund from which greenbacks shall be re-
deemed upon presentation, but when. once
redeemed shall not thereafter be paid out
except for gold
He recommends such legislation as will
increase our merchant marine, and points
out the fact that our increased trade de-
mands increased carrying facilities.
Asks for Trust Legislation
The subject of trusts is treated exhaust
irely and several recommendations are
made for their control, including a retera-
ton of those made by his predecessors. OF
this subject he says in part:
IT is universally conceded that CON-
binations which engross or control the
market OF any particular kind of mer-
chandise or commodity necessary to the
general community, by Suppressing nat
ural and ordinary competition, whereby
prices are unduly enhanced to the general
consumer, are obnoxious not only TO the
common law but also to the public wei
fare. There must be a remedy for thu
evils involved in such organizations. II
the present law can be extended more GER
tainly TO control or check these monopoles
OF trusts, IL should be done without de-
lay. Whatever power the congress pos
sesses over this most important subject
should be promptly ascertained and as
serted.
State Legislation Has Failed.
He points TO previous trust legislation
and its Effectiveness, and also calls at
tention TO the legislation enacted by the
various states in the following words:
The state legislation to which President
Cleveland looked for relief from the evils
of trusts has failed to accomplish fully
that object. THIS is probably due to "a
great extent to the fact that different
states take different views as to the prop
er way TO discriminate between evil and
injurious combinations and those associa-
fions which q re beneficial and necessary IN