The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1899-12-16
M'KINLEY'S MESSAGE.
Synopsis of His Annual Commun!-
cation to Congress.
TreHts EIhnustively OF the Subjects of
Financial Legislation, the Trusts
and the Affairs of the DIFF
.. fcrcnt Colonies.

SC"bIca'' "IISH Hdhes, IN iui!, dboul ~
The message begins with an announce
ment OF the death Of Vice President Hobart
and tribute to his worth FollowinE
that Is "A statement Of the prosperity which
the country Is enjoying and statistics Of our
exports and Imports for the year. in which
Ing the year more than sl@D,r0r0 worth
OF goods, more than the total Of both our
exports and imports In 1870. or the exports
for the past year no says:
Exports Of agricultural products were
.xportcd in value ,s3S 5S2iiS BriSg larecI
than any previous year. It's noteworthy
fact that the only years in all our history
sold abroad exceeded those bought abroad
were 1885 and 1893,
Government Receipts and Expenses.
lie calls attention to the report Of the
secretary or the treasury and his estimate
OF the receipts and expenditures for the
present fiscal year, showing a surplus OF
100000 lie points 70 the present graf
flying strength OF the treasury. and says
that on DECEMBER ! the cash balance on
hand was 327sO0i.S@772. OF which $500, 7ii,-
tOJ.@ was In gold ana bullion Of the show
Ing OF the treasury he says:
Government receipts from all sources for
the fiscal year ended June 80, 1893, includ-
ing, 81 %. Ii.li, part payment Of the Cen
gated Efl0,aS2 004 35 Customs receipts were
32o5l2S 50 ~ 4, ~ ard{fhsse from Internal rev
For the fiscal ycHpAhe expenditures were
$1,000 02, leaving deficit Of }'9,lLK-
bJlbI.
The secretary OF the treasury estimates
that the receipts for the current fiscal year
VIII aggregate $Gi0S1s.ll2, and uppn the
basis OF present appropriations the eX-
penditurcs VIII aggregate sG0O,9jS, ll2 leav-
Ing a surplus of SiO.WD,0OO
For the fiscal year ended June go 1893, the
Internal receipts were increased about
800, 100000
Changes In Bnnking Act Needed.
lie notes the resumption Of bond pur-
chases, and recommends important
changes In the banking laws 10 allow ma
tional banks to organize with capital Of
S25 900. and says:
In It's earlier history the national banking
oct seemed 10 prove n reasonable avenue
through which needfui additions to the
circulation could from time to time hc
emily rendered II now imperative 10 that
end. The high margin in bond securities
required, resulting from large premiums
market, or the tax on note issues or both
operating together appear TO he the infiu-
encss which impair us public utility. an.
invited TO this important matter with the
view OF ascertalnlng 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
ICED 20 organize with a capital Of $4,000.
urgently recommend that TO support the
''the parity in value Of the coins Of the two
metals gold and silver and the equal
u
market and in the payment Of debts" the
secretary OF the treasury be given addi-
tional power and charged with the duty TO
sell United States bonds and to employ
such other effective means as may be
necessary to these ends. The authority
long and short time. as conditions may re-
.qulre, and should provide for rate OF In
terest lower than that fixed by the act of
Time for Gold standard.
A., he 40 81
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 cN-
change yet the very situation ,I points TO ne
adequate provision to insure the continu-
ance OF the gold standard and of public
government to meet all it's obligations in
the money which the civilized world recog-
5es the ssst Tine aTS imsnS
upon a gold basis, We receive gold when
we sell United States bonds and use gold
for their payment. We are maintaining he
parity Of all the money issued or coined BY
authority Of the government we are 90
Happily at the present time we are not
compelled TO resort to loans TO supply gold.
IT has been done In the past, however, ana
may have to be done In the future. IL be-
hooves us, therefore. to provide at once
the best means to meet the emergency when
III arises,
which are the most certain and econ omlcal.
Those now authorized have the virtue
neitherof dircctness nor economy. we have
already eliminated one of the causes or our
financial plight and embarrassment during
the years 1893, 1894, 1895 and 1896. our re-
ceipts now equal our expenditures; de-
fcient 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 ard impose
upon him the duty to uphold the present
gold standard and preserve the CONS OF inc
two meas OF otta adIli,S decinred nolicv az
In this connection I repeat my former
recommended that portion yof the
gold holdings shall be placed mia trust
fund from which greenbacks shat! be re
deemed 9p9n op' Wn naId "n n
except for gold
He recommends such legislation ms will
Increase our merchant marine, and points
out the fact that our increased trade de-
3 mands increased carrying facilities.
- Asks for Trust Legislation
The subject OF trustsfs treatctpexhaust-
ivey, and several recommendations are
ton Of those made by his predecessors. ~.
this subject he says In part:
II Is universally conceded that com
market OF any particular Kind OF mer
chandise or commodity necessary 10 the
general community, by SURPRISING nat
uraI and ordinary competition, whereby
,>-ices are unduly enhanced to the general
q. Nsumer, are obnoxious not only to the
common law but also to the public wei
fare There must be remedy for tho
evils involved in such organizations. II
the present law can be extended more GER
tainiy TO control or check these monopolics
or 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
tentlon TO the legislation enacted by the
various states IN the following words:
The state legislation 20 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 Is to the prop
err way TO discriminate between evil and
Injurious combinations and those associa-
lions which are beneficial and necessary TO
the business prosperity OF the country.
The great diversity OF treatment In differ
ent states arising from this cause and the
intimate relations Of all parts OF the coun-
try 10 each other without regarding state
lines IN the conduct OF business have made
the enforcement OF state laws difficult.
II Is apparent that uniformity OF legisla-
ton upon this subject IN the several states