The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-12-06
TEE PRESIDENTS MESSAGE.
70 the Senate and House Of Representa-

. "a.
tives:
At the threshold OF your deliberations
you are called to mourn with your coun-
trymen the death OF Vice President Ho-
bart. who passed from this life on the
morning of Nov. II last. His great
soul now rests In eternal peace. HIS
private life was pure and elevated. while
his public career was ever distinguished
by large capacity. stainless integrity
and exalted motives. He has been re-
moved from the high Office which he
honored and dignified. but his lofty
character, his devotion to duty, his
Honesty of purpose. and noble virtues
remain with US a priceless legacy and
example
The Flfty-sixth congress convenes in
. its first regular session with the coun-
try in a condition OF unusual prosperity,
of universal good will 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 ex-
ports FOR the year are the largest ever
shown by q single year in all our his
tory. Our exports for 1899 alone ex-
ceeded by more than $1,000, co., 600 our
imports and exports combined in 1870.
The imports per capita are 20 percent
less than in 1870. while the exports per
capita are IS percent more than in 1870.
showing the enlarged capacity of the
United States to satisfy the wants Of Its
own increasing population as we'll as 20
contribute to those of the peoples of
other nations.
Exports of agricultural products were
S7S4.I76, OF manufactured products
we exported In value 1898. 1872. LAG. being
larger than any previous year 1t is n
noteworthy fact that the only years in
all our history when the products OF our
manufactures sold abroad exceeded
those bought abroad were 1898 and 1899
Government receipts from all sources
for the fiscal year. ending June 80. 1899,
including s1l.79S.S14.l4, part payment
of the Central Pacific railroad indebted
ness, aggregated 500. 9s2. 004.35. Gus
toms receipts were s206, 12S. 4s1.75, and
those from Internal revenue S27S.437.
1el.51.
For the fiscal year the expenditures
were 500. o93, 564.02, leaving a deficit of
fs9,1l1, 55a67.
The secretary of the treasury eSti-
mates that the receipts for the current
fiscal year will aggregate s640. 95s. liz,
and upon the basis of present appro-
priations the expenditures will aggre-
gate $500, e5s liz, leaving a surplus OF
340000.000.
For the fiscal year ended June 30, 1899.
the Internal revenue receipts were in
creased about si00. 100000
The present gratifying strength of
the treasury is shown by the fact that
on Dec. /. 1899. the available cash bal
ance was s27s. .s3772. of which $780,
744,9O5.36 was in gold coin and bullion.
The conditicas of confidence which pre-
val; throughout the country have
brought gold into more general use, and
customs receipts are now almost entirely
paid in that coin.
AS TO FINANCE.
The strong position of the treasury
with respect to cash on hand and the
favorable showing made By the reve-
nues have made it possible for the Sec
rotary of the treasury TO take action I'M
der the provisions of section 1904. re-
vised statutes. relating to the sinking
fund. Receipts exceeded expenditures
for the first five months OF the current
fiscal year by $13.413, 1891. and. as mem
aioned above. the secretary of the
treasury estimates that there will be
surplus of approximately Si0,0o0,e0o at
she end OF the year. Under such condi-
tons il was deemed advisable and prop
er to resume compliance with the pro-
visions OF the sinking fund law, which
Tor eight years has not been done. be-
cause of deficiencies in the revenues.
The treasury department, therefore. Of
fered TO purchase during November $685.
600, 900 of the percent loan OF 1904. or
the percent funded loan of 1907. at the
current market price. The amount Of
fered and purchased during November
was SIS, l0s, 500 The premium paid by
the government on such purchases was
S2,263,521 and the net saving in interest
was about $2.SS5. 900.
The success of this operation was
sufficient to induce the government to
continue the offer to purchase bonds
10 and including Dec. 23. instant. unless
the remainder of the s25.00o.000 called
for should be presented in the meantime
for redemption.
Increased activity In industry. with
fits welcome attendants larger EN-
ployment for labor at higher wages
gives to the body of the people larger
power to absorb the circulating medium
1t is further true that year by year. with
large areas of land under cultivation, the
increasing volume of agricultural prod
nets, Gotten, corn and wheat. call for q.
larger volume of money supply. This
is especially noticeable at the crop-har-
Ses.lng and crop-moying period.
In Its earlier history, the national
banking act seemed to prove a reason
able avenue through which needful ad-
ditions to the circulation could from
time to time be made. Changing condi-
tions have apparently rendered it now
imperative to that end. The high mar
gin in bond securities required. result
ing from large premiums which govern
ment bonds command in the market or
the tax on note issues. or both operating
together, appear to be influences which
impair its public utility.
The attention of congress is respect