The Holly chieftain., 1899-12-08
THE PRESIDENTS MESSAGE.
He Speaks Freely OF fhe Duty or This
Nation TO Maintain Control OF The
Philippines, and Is Equally Frank
in FavorinS Currency Sys--
fem Based Upon Gold.

In somewhat condensed form:
To the Senate and House of Repre-
sentatives: AT the threshold of your de-
your countrymen the death of Vice Pres
ident Hobart; who passed from 9TH this NE
His n sreat 9fi soa Ga now 0Tsssr in V eternal
peace His private lfs was pure and
ever Distinguished by large capacity.
stainless integrity, and exalted motives
se Which se and r1 dsned Sy his
lofty character. his devotion to duty. his
aa & n us as skas
THE REVENUES.
THE Fifty-sixth Congress convenes in
in a condition of usual prosperity. of
universal good will among the people at
friendship with every government of the
world. Our foreign commerce has shown
sombneS Imports on and exports @ Of the
year are the largest ever shown by sin
e ss 4, all sdss oar history ~ ol o@s Spn
combined in 1870. The imports per capita
more than in $50 showing the enlarged
the wants of its own increasing popula--
ton as well as 70 contribute to those OF
Exports OF agricultural products were
we exported in value $3.50 5s2 1id, being
noteworthy fact that the only years In
all our history when the products OF, our
bought abroad wei were issS and 1899. Gov
ernment receipts from all sources for the
fiscal year ended June 80, 1889 including
Sll 79s. .31i.H. part payment of the Central
Pacific Indebtedness. aggregated sslo. .eS2.
Is. and those from internal revenue
S213, 4Sf .1sl.5l. For the fiscal year the ex-
G9eSGt 9eSSGIturss ysEe .des,ars lesying
the treasury intimatess that the receipts
for the "a current nag s fiscal year will aggre,
MAJ I asgfss%ss e. IS 81 ssoS 50, lls lea IsaySlns S @ sar
ended June 80, 1899 the Internal rev
enue n receipts were increased about sloo;-
the nhe is sho@n ~ Rs aet S
Wss is sss 5he ayailase @ Wbieb eass pa
$685. was in gold coin and bullion. The
conditions of confidence which prevail
throughout the country have brought
gold into more general use and customs
receipts are now almost entirely paid in
that coin.
CURRENCY QUESTIONS.
activity in ~ Industry with Its
%ent for aSeqanfe laSer at higher 'ss xagss gives
to the body of the people larger power
further sPfG true t that S year By year With larg
er areas of land under cultivation, the
Increasing volume of agricultural pro
a larger. volume of money supply. This
is especially true at the crop harvesting
history The national banking act seemed
to. prove a reasonable avenue, through
could from time to time be made. Chang
ing conditions have apparently rendered
high margin in bond securities required,
resulting from large premiums which
Ss tax bonds oa IN e
Grating together. appear to be. the influ-
snees which impair its public utility:
view of ascertaining whether or not such
the national banking act as viii render
Its service in the particulars here referr-
needs. III 1 again urge that national banks
be authorized to organize with capital
d the Eed tha an
o,I to maintbin al tb the PARTY oS In yane sf the
and the equal power of every dollar at
ali times in the market and In the. pay
ment OF debts the. secretary OF the treas
bonds and to employ such other effective
The authority should include the. power
to sell bonds on long and short time. as
vide for a rate of interest lower than that
fixed by the act Of January y ls,5 While
Is so se ba
denee that gold seeks the treasury de-
the es very fact fact points the present as the
most fitting time to make adequate pro
gold standard and of public confidence. in
the ability and purpose Of the govern. T
nizes as. the best. The financial transae;
oa q rS @ sss Ws nseee Are sS %ss
we sell United States bonds and use gold
for their we nnsr are saed
coined by authority of the government.
We are doing these a,,n things ns with nsstn, the
oass s TO supply ara sos soS has BEEN done
be Done in the Future anq It behooaes US
therefore. to proyide at once the best
arises, arises and the best means are those
which are the most SsFtain and eeon9% tbe
sa omy. We " % have already minated one ' Of
the causes of our financial position and
iss issS nnd 1885, Our ne receipts now now
equal our expenditures; deficient reve-
move nSss u the 0i Only renal remaining cause by con-
ferring the full and necessary power on
sas pon as ee 10
gold standard and preserve the coins of
the two metals on On PARTY With each
policy Of the United States. In this con-
nection repeat my former recommenda-
shall be placed in a trust fund from
which greenbacks shall be redeemed upon
presentation, but when once redeemed
shall not thereafter be paid out except
for gold.
TRUSTS.
Combinations of capital organized into
trusts to control the conditions of trade
among our citizens to stifc competition,
limit production. and determine the prices
of products used and consumed by the
people. are justly provoking public dis
cussion. and should surely claim the at