The Butler weekly times. (Butler, Mo.) 1881-1918, 1899-12-07
PRESIDENTS VIEWS.
Annual State Paper Submitted to
the Nations Lawmakers.
EeiIcitSos Remarks Upon the Country's
Financial and Commer ciai Condition
Much Attention Given to Affairs In
Cuba, Porto Rico and Philippines.

Cuba, Porto Rico and Philippines.
Washington, Dec. 5.-President Nc
kinney to-day transmitted the follow
ing message to the Fifty-sixth con-
gress:
To the Senate and House OF Representatives
AT Tive threshold of your deliberations you are
called IN mourn with your countr ymen the death
OF Vice President Hobart who passed from life
On the morning Of n vcmber 81 last. His good
soul noW rests IN eternal peace bis private
life pure and elevated while his public
career WAS ever dist ngushed by large capacity
staJess integrity. and exalted motives. he
has teen removed from the hl2 Office which ne
hOyfo5eG and dignfed. tut his lofty character
his devotion TO duty, his honesty Of purpose,
ami nobie virtues remain with priceless
legacy and example.
A. to the Country's Condition.
The F.fty-sixth congress convenes in It's first
re-Siiar session with The country in cond ton
OF UNUSUAL prosperity. of universal coed will
aTntna the people at home and in relations of
peace aud friendship with every government OF
the world Our forei1n commerce has shown
Erea1 Increase in volume and value The com
binfsd imports and exports for the year are the
largest ever shown in "a sin lie year in all our
history. Our exports for 1899 alone exceeded 10y
mCfr than 81 go, 800 our imports and exports
rC1nDi1YeG in 1870 The imports per capita are
40 per cent. less than in g o. while the exports
Per cBpita are IS Per cent more than in 49,
zhcnAaz The enlarged car asity o. the United
States 10 satisfy the wants of its increaS-
ing population well as to contribute TO those
of the FSoOphs of other ma ions
H.LlgoTfs OF AGRICULTURAL products were ffSi.-
rHe. of manufactured products we exported
En- ale S25J 80 ;, 40. being larger than any pre-
vio1s y.ear II is IA noteworthy fact that the
snlF ye-srs.in all our history when the products
of our manufactures sold abroad were 1898 and
1882 Government receipts from all sources for
the fiscal year ended June 81. 1879, including
xiI- - 3ig IL, part payment of the Central Pa
Ei.fc d indebtedness ted
O04, H. Customs receipts were @2o6.l2Nf 'i75,
and those from internal revenue, T513457l6 81.
-For TIE fiscal year the expenditures were - =
% ,564 leaving a deficit of So, IL l. IN The
secretary of the treasury estimates that The re-
ceipts for the current fiscal year VIII agsregat"
Ss64 -sss< AZ. and upon the basis OF present ap-
propriatiOns the expenditures will aggregate
10 ASSH II leaving surplus OF 81 :, - 90
For she fiscal year ended June 3 1899. the
internal revenue ,epts were increased about
3toO 9oAl 01o. The present gratifying strength Of
The treasury is shown by the fact that on De
cenlier l, 1899, the available cash balance was
x27s>o 4a3z72 of which : 30 7i4,9 5.36 was in
gold coin and bullion. The conditions OF conf
sience which prevail throughout the country
have brought gold into more general use aud
Gus tIYsrs receipts are now almost entirely paid
IN that coin
Increased activity in industrA with its well
come aatendant-a larger employment for labor
III ifgher wages-gives to the body of the people.
n larser power to absorb the circulating me-
dium- 1t is further true that year by year. with
larger areas of land under cultivation the in
creas ing volume of agricultural products, cot
sOn. corn and wheat calls for larger volume
of money supply.
yfe National Banking Act
In its earlier history the national banking act
seemed to prove q reasonable avenue through
viii IL needful additions to the circulation could
from time to time be made. Changing condi-
lions have apparently rendered it now inopera-
tive to that end. Tie high margin in bond Sc
curities required. resulting from large premi-
lIns which government bonds command in the
mariSet, or the tax on note issues or both oper-
attn together appear to be the influences
(which i1Tpair its public utility.
The a, tertion OF congress is respectfully in
vited to this important matter with the view of
aseertaining whether or not such reasonable
notifications can be made in the national
banking act will render its service in the par
aicuIars here referred to more responsive to the
peoples needs. 1 again urge that national banks
be authorized to organize with capital of 30
OOn
Iurz,ently recommend that to support the ex-
Ssting gold standard, and to maintain the par
aty i'm vshae OF the coins of the two metals gold
z1n0 silver and the equal power OF every dollar
Mt all times in the market and in the payment
of debts" the secretary of the treasury be
given additional power and charged with the
duty sell United States bonds and to employ
such other effective means as may be necessary |
TO these ends. The author ty should include |
the power to sell bonds on long and short time, |
rs conditions may require and should provide |
for a rate of interest lower than tn fixed by
she act OF January Ia, 1873 While there is now no
commercial fright which wit idraws gold from |
the government, but. on the contrary. such |
widespread confidence that gold seeks the |
treasury demanding paper money in exchange
vet the very situation points to the present as |
the most fitting time to make adequate provl- |
sion to insure the continuance of the gold stand
ard and of public confidence in the abilitJ and |
purpose Of the government to meet all its obi
{,,f hav yvhi n
recognizes ns the best. The hnanc al transac-
tions of the government are conducted upon
gold basis. We receipt 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 govern |
ment We doing these things with the !
means at hand Happily ut the present time we |
are not compelled TO resort to loans to supply |
gold. 1t hus 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 1t arises, |
AID the best means are those which are the |
most certain and economical. Those now au- |
Shorized have the virtue neither of drectness or
economy. We have already eliminated one Of |
she causes OF our financial plight and embar- |
rassment during the years 1898, 1894. 1895 and |
1875 Our receipts now equal our expenditures;
deficient revenues no longer create alarm. Let |
ns remove the only remaining cause by confer |
ring the full and necessary power on the secre- |
1ary OF the treasury and impose upon him the |
duty 10 uphold the present gold standard and |
preserve the coins of the two metals on parity |
with each other which Is the repeatedly de- |
slareH policy of the United States.
IN this connection 1 repeat my former recon- |
mendations that q portion of the gold holdings |
shall be placed in q trust fund from which |
greeneacks shall 81 redeemed upon presenta- |
ton but when once redeemed shall not there
after be paid out except for gold.
For q Merchant Marine.
The value of an American merchant marine |
10 the extension of commercial trade and |
the strengthening of our power upon the sea in |
vites the immediate action OF congress Our |
national development Will be one-sided and I'M |
satisfactory so long the remarkable growth |
of our inland industries remains unaecompa-
MED by progress on the seas. There is no lack
of CONSTITUTE nal authority for legislation which