Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1899-12-08

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 q 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
it's 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. Cor 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 a single year in all our his
tory. Our exports for 1899 alone ex-
ceeded by more than $1,000, 100000 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 well as to
contribute to those of the peoples of
other nations.
Exports of agricultural products were
S7S4,776142. OF manufactured products
IN, f1
larger than any previous year. 1t is a
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 1,79s, 314.14, part payment
of the Central Pacific railroad indebted
ness, aggregated 500. sS2, OO4.S5. Gus
toms receipts were $2O6, 12S, 4S1.75, and
those from internal revenue 27S,437,-
1871.
For the fiscal year the expenditures
z were 500, O93, 564.o2 leaving a deficit of
$50, Ill, 559.b7.
The secretary of the treasury esti-
mates that the receipts for the current
fiscal year will aggregate $640, 95S, 112,
and upon the basis of present appro-
priations the expenditures will aggre-
gate 5000, 95S,112, leaving a surplus of
$40, o00, OOO
For the fiscal year ended June 80, 1899,
the internal revenue receipts were in
creased about 800, 900, 900.
The present gratifying strength of
the treasury is shown by the fact that
on Dec. l, 1893, the available cash bal
ance was $27s. OO4. S97.72. of which $780,
744, 90536 was in gold coin and bullion.
The conditions of confidence which pre-
vail 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 1894, re-
vised statutes, relating to the sinking
fund. Receipts exceeded expenditures
for the first five months of the current
hScal year by $13, 413,S S9.91, and, as men,
toned above, the secretary of the
treasury estimates lndl lneTe Will De q
surplus of approximately $40 900, 900 al
the end of the year. Under such condi-
lions, 1t was deemed advisable and prop
er to resume compliance with the pro-
visions of the sinking fund law, which
for eight years has not been done, be
cause of deficiencies in the revenues
The treasury department, therefore, Of
fered to purchase during November $25,.
100000 of the percent loan of 1904, OF
the 4 percent funded loan of 1907, at the
current market price. The amount Of
fered and purchased during November
was SIS, 40S, 800. The premium paid by
the government on such purchases wa!
s2,263, 621, and the net saving in interes
was about 1855, 900.
The success OF this operation wal
sufficient to induce the government t
continue the offer to purchase bonds
to and including Dec. 20, instant, unless
the remainder of the $25, 900, 900 called
for should be presented in the meantim,
for redemption.
Increased activity in industry, will
its welcome attendant-a larger EN-
ployment for labor at higher wages
gives to the body of the people large
power to absorb the circulating medium
1t is further true that year by year, viii
large areas of land under cultivation, tn
increasing volume of agricultural prod
ucts, cotton, corn and wheat, call for
larger volume of money supply. Thi
is especially noticeable at the crop-har
vesting and crop-moving period.
In it's earlier history, the nationa
banking act seemed to prove a reason
able avenue through which needful ad
ditions to the circulation could iron
time to time be made. Changing condi
lions have apparently rendered it nov
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 O
the tax on note issues or both operating
together, appear to be influences whic
impair its public utility.
The attention of congress is respect
fully invited to this important matter
with the view of ascertaining whether O
not such reasonable notifications ca
be made in the national banking &C
as will render its service in the par
ticulars here referred to more re
sponsive to the peoples needs. agai
urge that national banks be authorize
to organize with a capital of $25, 900.
urgently recommend that, to supper
the existing gold standard, and to main
tain the parity in value of the coin
OF the two metals gold and silver, an