The Washington weekly post., 1899-12-12

4. fra threshold Of your deliberations
van are called 90 mourn with your coun-
,-.-ar ,ae death of Vice President Ho-
r.-r who passed from this life on the
r-rrrir- o. November q last His great
s-.f now rests !u eternal peace. His
.-r4ra he MAS pure and elevated, while
t., public career was ever distinguished
fr large capacity, stainless integrity. and
,v...e4 motives. I5 has been removed
r~am the high office which he honored and
#sa!fsa. but his lofty character. his de-
vs.ion t8 dHy his honesty Of purpose,
and noble virtues remain with US as a
arlg6I5ss legacy and example.
The Fifsy--izta Congress convenes IN its
frsr REGULAR session with the country in
q condition of unusual prosperity. of uni
vr-sal good viii among the people at
home and in relations OF peace and
friendship with every government of the
world our foreign commerce has shown /
great increase IN volume and value. The /
combined imports and exports for the /
wear are The largest ever shown by a sin 4
Gle year iU all our history. Our exports /
FOR lSg alone exceeded by more than a
billion dollars our imports and exports /
combined in 1870. The imports per capita /
are % per cent. less than in 1870, while the /
exports per capita are IS per cent. more !
than iu 1870, showing the enlarged capaci- |
Is oi the United States 10 satisfy the |
wants Of It's own increasing population, /
as vel IS 10 contribute 10 those Of the /
peoples Gf other nations.
Exports Of agricultural products were
I40GlE- or manufactured products we J
exported in value 1898. .592 l45. being larger |
than any previous year. 1t is a note
worthy fact that the only years in all our
NH & "a
factories sold abroad exceeded those
bought abroad were 1888 and 1899
Finances of the Country.
Government receipts from all sources
Tor the fiscal year ended June 30, 1855, in
Guiding Sn,7SS, ,Sl4H, part payment of the
Central Pacific Railroad Indebtedness, ag-
gregated $61O. 9s2, ,OO4.35. Customs receipts
were S2O6, ,l2S Sl.75, and those from internal
revenue $273, 437. .161.51
For the fiscal year the expenditures
we're 500, ,O93, ,564.O2, leaving a deficit of
%alll,559.67.
The Secretary OF the Treasury estimates
that the receipts for the current fiscal
year Will aggregate SG4O, 95S, ,112, and upon
the basis of present appropriations the ex-
penditureS VIII aggregate S60O, $50, IL, leaY-
ing a surplus of $40 091. 900.
For the fiscal year ended June 80 IS99 J
the internal revenue receipts were in
creased about $1,000 .000
The present gratifying strength of the
Treasury is shown by the fact that on
December l, 1888. the available cash bal
ance was Sis, ,SS772, of which $685.
HE535 was in gold coin and bullion. The
conditions of confidence which prevail
throughout the country have brought gold
into more general use and customs re-
ltiU -,
that CO ~.
The strong position OF the Treasury
with respect TO cash on hand and the IA
rorable showing made by the revenues
have made IL possible for the Secretary
Of the Treasury 10 take action under the
provisions of section 1854, Revised Stat |
utes, relating 10 the sinking fund. Re
celpts exceeded expenditures Cor the first !
fNe months OF the current fiscal year by /
Eld.4l3,5otS, and, as mentioned above, the |
Secretary Of the Treasury estimates that |
there will be a surplus of approximately |
$bupO00 at the end of the year. Under /
such conditions il was deemed advisable |
ana proper 10 resume compliance with the |
provisions Of the sinking-fund law, which |
Tor eight years has not been done be- |
cause OF deficiencies in the revenues. The |
treasury Department therefore offered 10 |
purchase during November S25, coo of |
The per cent. loan of 1891, or the per /
cent funded loan Of 1907, at the current |
market price The amount offered and |
purchased during November was SIS. 40S-
o." The premium paid by the govern
ment on such purchases was 81, ,263, ,52l and |
The net saving IN interest was about |
2,h0,c0J. The success Of this operation |
was sufficient 10 induce the government |
10 continue the offer 10 purchase bonds |
10 and including the 23d day of December, |
instant, unless the remainder of the S25,- |
rA~ called for should be presented in |
lie meantime for redemption.
Industrial Activity.
Increased activity in industry, with its |
We-ome attendant-a larger employment |
for labor at higher wages-gives 10 the |
body Of the people a larger power to ab- !
forb the circulating medium. 1t is fur |
thcr true that year by year with larger |
areas Of land under cultivation, the in |
C-easing volume Of agricultural products, |
cotton, corn, and wheat, calls for a larger
volume OF money supply. This IS espe-
Clally noticeable at the crop-haryesting |
and crop-moying period.
In its earlier history the national hank /
ing act seemed 20 prove reasonable ave
nue. through which needful additions to
the circulation could from time to time
be- made. Changing conditions have ap-
Iarently rendered IL now imperative 10
that end The high margin in bond Sc
'prities required, resulting from large
lremiums which government bonds com
Maud in the market, or the tax on note
issues. or both operating together. appear
o. be- the influences which impair is pub !
IT, utility
Tho 4rr4utiou of CougraEc a. r..r1,t /
fully invited 10 this important matter
with tine view Of asoertaiuing whether or /
lpj such reasonable notifications can be 1
made In the national banking act as will I
render lis service In the particulars here /
referred TO more responsive 10 the peo-
PIES needs ! again urge that national \
banks be- authorized 10 organize With a I
capital Of s. 900.
supporting the Geld standard.
J urgeatly recommend that 90 sappor, /
We existing gold standard. urd 10 main 1
ia!n 'the parity I'm value Of the coins Of I
q" TWO metals tgold and silver ard the I
equal power Of every dollar a all times /
in the market and in the payment Of 4
o'ht-,' the Secretary of the Treasury be 1
gwen additional power and charged with /
i1e duty 10 sell United states bonds and |
o. employ such other effective means as I
may he necessary 10 these ends. The au- /
i.or.iy should include the power 10 sell /
bonds ON long and short time, as c0ndi- 4
Hons may require, and should provide I
Tor a rate 81 interest lower than that /
I1ed by the act Of January IL. 1875. While /
'hrTe Is now no commercial fright which /
Nl'Aafaws gold from the government. but Z
On The contrary such widespread conf /
''H'e that gold seeks the Treasury de- /
Man1lng paper money ia exchange yet !
'A' very situation points 10 the present |
a- lAe most fitting time 10 make adequate |
provision 10 insure the continuance II the /
200 standard and Of public confidence in |
''e ability and purpose Of tie govern /
mont 20 meet all its obligations in the !
money which the civilized .crld rec0s-