The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1899-12-08
NATIONAL MATTERS.
The Presidents Annual State Paper
Delivered to Congress.
DISCUSSION CT PENDING PROBLEMS.
He Takes "a Positive Stand for Retention
of tho Philippine Islands-Recom-
mendations for Cuba-Declares
for Gold standard.

Kinley yesterday transmitted the fol-
lowing message to the Fifty-RXth con-
gress:
TO the Senate and House Of Representatives
At the threshold OF your deliberations you are
called TO mourn with yourcountrymen the death
of Vice President Hobart who passed from life
on the morn ny Of NJ vCmber 81 lust. His good
soul now rests in eternal peace. His private
life pure and elevated, while his public
career was ever dist ngushed by large capacity
stainless integrity and exalted motives He
has been removed from the high office which he
honored and dignihed / ut his lofty character
his devotion to duty his honesty Of purpose
and noble virtues remain with us, as priceless
legacy and example.
A. to the Country's Condition.
The F'ifty-sixth congress convenes In Its first
regular session with the country in condition
OF unusual prosperity, Of universal good will
among the people ut home. and In relations OF
peace aud friendship with every government OF
the world Our forepn commerce has shown
great increase in volume and value. The com
bined imports and exports for the year are the
largest ever shown in a Single year In all our
history. Our exports for 800 alone exceeded by
more than 81 On 0,OOO,W o our imports and exports
combined In 1870 The imports per capita are
20 per cent less than in Is o, while the exports
per capita are IS per cent more than in 1870
showing the enlarged capacity OF the United
States TO satisfy the wants Of its own increas-
ing population ms well us to contribute to those
OF the people of other nations.
Exports Of agricultural products were S7Si,-
776, l42 OF manufactured products we exported
in value $3.50 5g2, i46, being larger than any pre-
vious wear. 1t is a noteworthy fact that the
only years in all our history when the products
of our manufactures sold abroad were 1893 and
1902 Government receipts from all sources for
the fiscal year ended June 49, 1899, including
eli, 1884 IA, part payment OF the Central Pa
cihc railroad Indebtedness, aggregated s6lO,VS2,-
OO4.35. Customs receipts were s2O6, l2S isl.75,
anat fpnt,, it,ta mol mo
For the fiscal year the expenditures were s7O,-
093, 564O!, leaving deficit Of Ss9, II lb5967 The
secretary of the treasury estimates that the re-
ceipts for the current fiscal year will aggregate
t64O, 95S tl2 and upon the basis of present APP
preparations the expenditures will aggregate
800, 1858 liz. leaving surplus Of Hl,OOJ,OOO
For the fiscal year ended June 81 1879, the
internal revenue receipts were increased about
800 0OO,0OO. The present gratifying strength OF
the treasury Is shown by the fact that on De-
cember I, 1899, the available cash balance was
f27s,O, 4s37.72. of which $3.50 7li,9 5.36 was in
gold coin and bullion, The conditions Of conf
dence which prevail throughout the country
have brought gold into more general use aud
Gus toms receipts are now almost entirely paid
in that coin
Increased activity in industry, with It's well
come attendant-a larger employment for labor
at higher wages-givcs to the body Of the people
larger power to absorb the circulating me-
dium. 1t is further true that year by year, with
larger areas OF land under cultivation. the In
creasng volume of agricultural products, cot
ton corn and wheat calls for a larger volume
OF money supply.
The National Banking Act.
In its earlier history the national banking act
seemed u prove reasonable avenue through
which needful additions to the circulation could
from time to time be made. Changing condi-
tions have apparently render I'd 1t now inopera-
tive TO that end. Tie high margin in bond Sc
curities required, resulting from large premi-
ums which government bonds command In the
market, or the tax note issues, or both oper-
ating together appear to be the influences
which impair its public utility.
The aiten tion Of congress is respectfully in
vited to this important matter with the view OF
ascertaining whether or not such reasonable
notifications can be made in the national
banking act as will render its service in the par
ticulars here referred to more responsive to the
peoples needs. | again urge that national banks
be authorized to organize with capital of u.s.,
OO0.
For the Gold Standard.
Iurgcnty recommend that to support the ex-
listing gold standard, and to maintain 1.-The par
ity In value of the coins of the two metals gold
and silver and the equal power of every dollar
atall times in the market and in the payment
of debts" the secretary of the treasury be
given additional power and charged with the
duty to sell United States bonds ana TO employ
such other effective means as may be necessary
10 these ends. The authority should include
inc power 10 sell DonuS on long ana snort Time,
as conditions may require, and should provide
for a rate of interest lower than that fixed by
the act of january IA. 1870. While there is
commercial fright which withdraws gold from
the government, but, on the contrary such
widespread con iidcnce that gold seeks the
treasury demanding paper money in exchange,
yet the very situation points TO the present as
the most nttins time to make adequate prov-
sion to insure the continuance OF the gold stand.
ard anu Cf public confidence in the ability and
tT hp
cations In the money which the civilized world
recognizes rs the bet. The hnHuc al transac.
tions of the government are conducted upon a
gold basis. We receipt gold when we sell United
States bLLCs t.d use gold fLr their payment.
We are mcinia. ming the parity of all the money
issued or comet by authority OF the govern
ment We are doing these things with the
means at hand Happily ut the present time we
are not compelled 10 resort 10 loans TO supply
gold II has been done in the past, however
and may have to be done in the future. II be-
hooyes us, therefore, to provide at once the best
means To meet the emergency when IL arises,
and the best means are those which are the
most certain and economical Those now au-
thori2ed have the virtue neither of drectness or
economy. We have already eliminated one of
the causes of our financial plight and embar-
rassment during the years 1893 1894, 1898 and
1875, Our receipts now equal our expenditures;
deficient revenues no longer create alarm Let
us remove the only remaining cause by confer
ring the full and necessary power on the secre-
tary Of the treasury ana impose upon him the
duty TO uphold the present gold standard and
preserve the coins Of the two metals ON a parity
with each other, which is the repeatedly de-
clared policy Of the United States.
In this connection / repeat my former recon-
mendations that n portion of the gold holdings
shall be placed in trust fund from which
ProenbacSs shall be redeemed upon presenta-
ton but when once redeemed shall not there
after be paid out except for gold.
For a
The value OF an American merchant marine
10 the extension of our commercial trade and
the strengthening Of cur power upon the sea in
vtes the immediate action of congress. Our
national development will be one-sided ana un-
satisfactory so long the remarkable growth
OF our inland industries remains unaccompa-
MED by progress on the seas. There is no lack
of constitution nal authority for legislation which
shall give TO the country maritime strength
commensurnte with It's indnstrnl achievements