Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-06
PRESIDENT M'I[INLEYS
MESSHGE TO CONGRESS
H6 PlOds WsafIIu Over Ground Trav6fssd by
Him on Former Occasions.
After Brief Alluson to the Recent Death of Vice President
Hobart He Recapulates the Receipts and Disbursements
Of the Treasury Defends the Single Gold Standard and
Domination Of the National Banks, His Policy in the
Philippines, etc.-The Future Of Cuba-Our Foreign
Relations.

power to absorb the circulating ME
dunn. II IL further true that year by
year, with larger areas OF land under
cultivation, the increasing volume OF
agricultural products. cotton, corn, and
wheat, calls for n larger volume of
money supply. This is especially no.
ticcable at the crop harvesting and
crop moving period"
NATIONAL BANKS.
The President reeersfto the national
banking act and urges that national
banks be authorized 10 organize with
4 capital of $4,000. lie says that in its
earlier history the national banking act
seemed to prove reasonable avenue
through which needful additions to the
circulation could from time to time be
made. Changing conditions have ap-
parenty rendered it now imperative
to that end. The high margin in bond
securities occurred, resulting from
large premiums which Government
bonds commanded in market or the
tax on note Issues, or both, operating
together, appear to be the influence
which impair It's public utility. The
attention of Congress is invited to this
important matter with The view Of as
pertaining whether or not ouch reas-
enable matter with the view of asccr-
tanning whether or not such reasonab bic
notifications can be made In the ma
tional banking act as we'll render it's
service in the particulars here refer
rcd to more responsive to the peoples
needs.
THE GOLD STANDARD.
Concerning the gold standard the
President says:
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
Her) and the equal power of every dol
lar at all times in the market and in
the payment OF dcbts,' the Secretary OF
the Treasury be given additional power
and charged with the duty to sell
United States bonds and to employ
such other effective means rs may bc
necessary to these ends. The authority
should include the power to sell bonds
Oh long and short time, as conditions
may require, and should provide for n
rate of interest lower than that fixed
by the act of January il, 1915. While
there is now no commercial fright
which withdrnws gold from the Gov
eminent but, on the contrary, 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 10 in
sure the continuance cf the gold stand
ard and of public confidence in the
ABILITY and purpose of the Govern
ment to meet all it's obligations in the
money which the civilized world recog-
nizeS IS the best. The financial trans
actions OF the Government are conduct
ed upon gold basis. We receive gold
tk.hn caIl 10
use gold for their payment We are
maintaining the parity OF all the money
issued or coined by authority OF the
Government. We are doing these things
with the means at hand. Happily at the
present time we are not compelled to
resort to loans TO supply gold. 1t has
been done in the past, however, and
may have TO he done in the future. 1t
behooves us. therefore, to provide at
once the best means to meet the emer-
gency when Ii arises, and the best
means are those which are the most
certain and economical. Those now au-
thorized have the virtue neither of di-
rcctncss nor economy. We have already
eliminated one of the causes of our H.
nancial plight and embarrassment dur
ing the years 1898 1894, 1895 and 1885,
Our receipts now equal our expendi-
lures; deficient 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 and impose upon him
the duty TO uphold the present gold
standard and preserve the coins of the
two metals, on parity with each other,
which is the repeatedly declared policy
OF the United States.
A TRUST FUND.
In this connection 1 repeat my for
mer recommendations that portion of
the gold holdings shall be placed in G,
trust fund from which greenbacks shall
be redeemed upon presentation, but
when once redeemed shall not there
after be paid out except for gold"
OUR MERCHANT. MARINE.
The strengthening of an American
merchant marine is suggested. There Is
no lack Of constitutional authority for
legislation which shall give to the
country maritime strength commensu-
rate with It's industrial achievements
and with its rank among nations of the
earth. The President is satisfied. the
Judgment of the country favors the
policy of aid to our merchi 1t marine.
which will broaden our commerce and
market and upbujld our sen carrying
capacity for the products of agriculture
and manufactures; which. with the
increase of our navy means much more
work and wages to our countrymen as
wei as n safeguard to American inter-
ests In every part of the world.
THE TRUSTS.
Tho PraeIdapt ,,oxt dt,o,,,,. ~