Crittenden press. [volume] (Marion, Ky.) 1879-1907, 1899-12-14
FINANCIAL CONDITION.
Our Commerce shows Great Increase
Recommends the Gold Standard.

The country is in q condition of unusual
prosperity, of universal good will among
the people at home and in relations OF
peace and friendship with every govern
ment in the world. our foreign commerce
has shown great increase. Combined i'm
ports are the largest ever shown by SIN
gle year in all our history. For 1893 alone
they exceeded by more than $l,OW,OO0 goo
our imports and exports combined in 1870,
OF manufactured products we exported
SS39, 1872 li6. The only years In all our his
tory when the products OF our manu-
factories sold abroad exceeded those
bought abroad were 1898 and 1889
Government receipts. including ST.
79S,3l4.14, part payment of the Central Pa
ciilc railroad Indebtedness, aggregated
f6l09S2, 0Oi.35. Customs receipts were S2Uj,-
12S, Isl.75, and those from internal revenue
we're 1913, 431, l6l5l
For the fiscal year the expenditures
were 500, 593, 56i.O2, leaving deficit of $50, :
Ill, 559.67.
The secretary of the treasury estimates
that the receipts for the current fiscal
year will leave IA surplus of sac, 900. For
the year ended June 80, 1899, the internal
revenue receipts were increased about
$780, 0OO, 900.
The present gratifying strength OF the
treasury is shown by the fact that on De-
cember l, 1899 the available cash bal nCe
was S21S, 0Oi, S3772 of which S23y, ~, O0j.3G
was in gold coin and bullion. Customs re-
cepts are now almost entirely paid in
gold.
Receipts exceeded expenditures for the
first five months of the current fiscal year
by Sl2, 4l3, 3N9.9l, and the secretary of the
treasury estimates that there will be a
surplus of $40, 900, 600 at the end of the year
1t was deemed advisable to resume COM
pliance with the sinking fund law, ig-
nored for eight years because of deflcien-
cies. The treasury department purchased
during November SlS, i0S 800 of bonds, ma
turing 1904 and 1907.
net saving in interest was about $2,SS), 900
Increased activity in industry, with lis
welcome attendant, a larger employment
for labor at higher wages, gives to the
body of the people a larger power to a5-
sorb the circulating medium. Congress -
invited to ascertain whether or not such
reasonable notifications can be made in
the national banking act as will render its
service more responsive to the peoples
needs. The president again urges that ma
tional banks be authorized TO organize
with a capital OF $4,000 and that TO
support the existing gold standard and TO
maintain the parity in value of the coins
of gold and silver and the equal power of
every dollar In the market and In the pay
ment of debts" the secretary of the treas
ury be charged with the duty to sell Unit
ed States bonds and to employ such other
effoctive means as may be necessary 10
these ends; While there is now no COM
mercial fright, the present is the most
fitting time TO make adequate provision to
insure the continuance of the confidence
in the ability and purpose Of the govern
ment to meet all its obligations in the
money (which the civilized world recog
nizes as the best"
THE financial transactions of the gov
eminent are conducted upon gold
basis" the president says. I'VE 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 gov
eminent. We are doing these things with
the means at hand. Happily, at the pres
ent time, We are not compelled to resort
90 loans TO supply gold. 1t may have had
to be done in the future. 1t behooves US.
therefore, to provide at once the best
means to meet the emergency when It
arises. Those now authorized have the
virtue neither of directness nor economy.
I'm this connection i repeat my former
recommendation that a portion of the gold
holdings shall be placed in trust fund,
from which greenbacks shall be redeemed
upon presentation, but when once re
deemed shall not thereafter be paid out.
except for gold"
The value of an American merchant ma
rine to the, extension of our commercial
trade and the strengthening of our power
upon the sea invites the immediate action
of congress.
The past year has recorded exceptional
activity in our ship yards Our coast
trade shows results for the past year
unequaled In our records or those of any
other power We shall fail to realize
our opportunities, however IL we blind
ourselves to the necessity of securing our
share in the valuable carrying trade of
the world.
Last year American vessels transported
a smaller share OF our exports and i'm
ports than during any former year in all
our history. the president says, and the
measure of our dependence upon foreign
shipping was painfully manifested to our
people. The other great nations have not
hesitated to adopt the required means
to develop their shipping as a factor in
national defense, and as one of the surest
and speediest means Of obtaining for their
producers a share in foreign markets.
Like vigilance and effort on our part can
not fail to improve our situation, which
Is regarded with humiliation at home
and with surprise abroad. Even the SEEM
ing sacrifices which at the beginning may
be involved will be offset later by more
than equivalent gains. l am satisfied the
of aid to our merchant marine"