Clarke courier. [volume] (Berryville, Va.) 1869-1997, 1899-12-13
PRESIDENTS MESSAGE.
To the Senate and House q, ponro


the people at home, and in relations of
peace and friendship with every gDv-
ernment or the world Our foreign
commerce has shown great increase i'm
NoiuIne and value. The combined i'm
ports and exports for the year are
the largest ever shown by n singla
year in all our history. Our exports
tor 1899 alone exceeded by more thsn
billion dollars our imports aud -
ports combined In 1870 The Imports
per capita gre 20 per cent less than n
ISaO. whii" the exports per capita are
90 per cent more than i'm 1870. show
Ing the enlarged capacity OF the Uni
tea states TO satisfy the wants of its
own increasing population. as well as
10 contribute to those of the peoples
OF other nations.
Exports OF agricultural products
were $7S4.776.142. or manufactured
products we exported in value S239.-
S9Z, being larger than any pre-
Nsous year. IL is a noteworthy fact
that the only years i'm all our history
when the products OF our manufac-
tories sold abroad exceeded those
bought abroad were 1898 and 1S99.
Government receipts from all sources
for the fiscal year ended June 30. 1899.
including S11.79S. .314 Il. part payment
OF the Central Pacific railroad indebt-
edness, aggregated S61O $50 ONi. -. Gus
toms receipts were s2O6. .12S.4Sl75. and
those from internal revenue S273.437.-
1851
For the fiscal year the exnandituros
were 800 o93 564O2. leaving deficit
of $50 III .5596 67.
The secretary Of the treasury esti-
mates that the receipts for the cur
rent fiscal year will aggregate S6f0.-
95S,1l2, and upon the basis Of present
appropriations the expenditures will
aggregate $500 95S.112 leaving a sur
plus OF $40 .OO0. 900.
For the fiscal year ended June 20.
1899. the internal revenue receipts
were increased about 500 COO 600
The present gratifying strength OF
the treasury is shown nv the fact that
on Dec. l. 1899. the available cash hal
ance was s27S OO4 S3772 or which
$239 .744 .9O5.36 was IN gold coin and
bullion. The conditions OF confidence
which prevail throuchout the coun-
try have brought gold into moro gen-
eral use and customs recoirts are now
almost entirely paid In that coin.
The strong position OF tho treasury
with respect TO cash on hand and the
favorable showing made bv the reve-
nues have made Il possible for the
secretary OF the treasury 90 take action
under the provisions OF Section 3.G9f.
Revised Statues. rela,ine TO the sink
ing fund. Receipts exceeded expendi-
lures for the first five months of the
current fiscal year by S13.412.&S9 81.
and. rs mentioned above. the secretary
OF the treasury estimates that there
will he a surplus Of approximately $50
900 600 at the end OF the wear. Under
4, .f,-fr~
able and proper 10 resume compliance
with the provisions OF the sinking
fund law. which for eight years has
not been done. because OF deficiencies
I'm the revenues. The treasury denart-
ment therefore. offered 10 purchase
during Nov emher S25. 600 600 of the
per cent loan OF 1904. or the per cent
funded loan OF 1907 M the current
market price. The amount offered and
purchased during November was SIS
4OS. 600. The premium paid by the gov
eminent on such purchases was 81
263.5 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 ouer
TO purchase bonds to and including the
23d day of December. instant. unless
the remainder OF the S25 coo 900 called
for should he presented in the mean
time for redemption.
In it's earlier history the national
banking act seemed TO prove a reason
able avenue through which peedful
additions to the circulation could from
time to time be made. CHANGING con-
ditions have apparently rendered il
now imperative 10 that end. The high
margin in bond securities required re-
sulting from large premiums which
government bonds command in the
market, or the tax on note issues. or
both operating together. appear To he
the influences which impair its public
utility.
The attention OF congress is respect
fully invited to this important matter,
with the view OF ascertaining whether
or not such reasonable modification can
be made in the national banking act
as will render its service I'm the particu-
lars here referred to more responsive
to the peoples needs. again urge
that the national banks he authorized
to organize with capital Of $4,000
I urgently recommend that to sup
port the existing gold standard and to
maintain ''the parity in value of the
coins of the two metals (gOld and sill
ver) and the equal power of every
dollar at all times in the market and
In the payment or debts, the SeCre-
tary of the treasury be given addition
al power and charged with the duty
to sell United States bonds and to en-
ploy such other effective means as
may be necessary to these ends The
authority should include the power to
sell bonds on long and short time, as
conditions may require. and should
provide for rate of interest lower
than that fixed by the act of Jan. II.
1875. While there is now no COM
mercial fright which withdraws gold
from the government. but, on the con-
trary. such widespread confidence that
gold seeks the treasury demanding
paper money In exchange, yet the very
situation points to the present as the
most fitting time to make adequate
provision to insure the continuance of
the gold standard and of public conf
dence in the ability and purpose OF
the government to meet all its obliga-
tions in the money which the civilized
world recognizes as the best.
The financial transactions of the
government are conducted upon gold
O. 10 q .~,II