River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1899-12-07
M'KINLEY'S MESSAGE.
Synopsis of His Annual Commune
cation to Congress.

Treats Exhaustiveiy of the Subjects of
Financial Legislation. the Trusts
and the Affairs OF the Diff
ferent Colonies.
The following is a comprehensive synop-
sis OF the presidents annual message TO
congress, which makes, in fun, about 80
coo words:
The message begins with an announce
and a tribute TO his worth. Following
that is a statement of the prosperity which
the country is enjoying and statistics OF our
exports and Imports for the year, y whleh
il is shown that We have exported dur
ing the year more than 81 200, COG, 600 worth
of goods, more than the total OF both our
for the past year he says:
Exports of agricultural products were
1884, T6. JAP. OF manufactured products we
exported in value 1883. 592, TAG, being larger
than any previous year Its a noteworthy
fact that the only years in all our history
when the products Of our manufacture
sold abroad exceeded those bought abroad
were 1898 and 1899.
Government Receipts and Expenses.
He calls attention to the report of the
secretary of the treasury and his estimate
OF the receipts and expenditures Ier the
$40, 600. 900, He points to the present graf
flying strength of the treasury, and says
LHdt Ql bbGGtiBEI L AAC ASH AAnAAAN ~
hand was SITS. 004. SS7.72. of which S2S9. 744.-
905.36 was in gold and bullion, OF the show
ing of the treasury he says:
Government receipts from all sources for
the fiscal year ended June 80, 1899, includ-
ing 81, 79S. S1414, part payment of the Gen.
trial Pacific railroad Indebtedness, agsre-
gated $50, $50, 0O4. 50; Customs receipts We're
$206, I2S, 4S1. rs. and those from internal rev.
enue $273, 4S7, 1871
For the fiscal year the expenditures were
S7oo,0 2 ,564.02, leaving a deficit OF will
559.67.
The secretary of the treasury estimates
that the receipts for the current fiscal year
will aggregate S640, 95S.112. and upon the
basis of present approprtatlons the eN-
pendftures VIII aggregate S5oo,9oS,llz, leaV-
For the fiscal year ended June 80. 1Sy9, the
internal receipts were increased about
500. 600. 200.
Resumption of Bond
He notes the resumption Of bond pnr-
chases, and recommends important
changes in the banking laws to allow ma
tional banks t. organize with a capital OF
S25, 900, and says:
The strong condition of the treasury
with respect to cash on hand and the
favorable showing made by the revenues
have made it possible for the secretary
of the treasury to take ACTION under ths
provisions of section 1854, Revised
Statutes, relating to the sinking fund
Receipts exceeded expenditures tor the
first five months of the current fiscal yeal
by $l3, 413, 3S9.9l, and, as mentioned above,
the secretary of the treasury estimates
that there will be a surplus OF approx
imately $40, 600. GOO at the end of the year
Under such conditions it was deemed ad-
visable and proper to resume compliance
with the provisions of the sinking fund
done because of the deficiency in the rev
emu The treasury department there
fore offered to purchase during November
$25, 0G0, 000 of the 1--WE per cent, loans OF
1904, or the four per cent. funded loan OF
1897, at the current market price. The
amount offered and purchased during No,
.A-. -, wro~ e1E 4ng egl The yranaiann maid
by the government on such purchases was
s., 263, 521 and the net saving in interest
was about $2,SSS,G00. The success of this
operation was sufficient to induce the gov
ernment to continue TO offer to purchase
bonds to and including the twenty-thlrd
day of December, inst, unless the re,
be presented in the meantime for redemp-
tion. Increased activity in industry with
it's welcome attendant, a large employ
ment of labor at higher wages, gives e
the body of people a larger power to alb
sorb the circulating medium. 1t is further
true that year by year with larger areas
of land under cultivation, the increasing
volume of agricultural products, corn,
wheat, calls for a larger volume of money
supply. This is especially noticeable al
the crop harvests and crop moving period
In its earlier history the national banking
act seemed to prove a reasonable avenue
through which needful additions TO the
circulation could from time to tim he
made. Changing conditions have apPal-
entity rendered it now imperative to that
emu. liz nlSn MAJ SiA al OAAb
required, resulting from large premiums
which government bonds in the
market, or the tax on note issues, or both
operating together, appear to be the inHu-
ences which impair its public utility.
The attention of congres is respectfully
invited 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 It's
| service in the particulars here referred tc
more responsive to the peoples needs. ]
again urge that national banks be author
lied to organize with a capital of $4,000,
/ urgently recommend that to support the
existing gold standard, and to maintain
'the parity in value of the coins of the two
metals (gold and silver and the equa'
power of every dollar at all times in the
market and in the payment of debts, the
secretary of the treasury be. given addi-
tional power and charged with the duty &c
sell United States bonds and to employ
such other effective means as may be
necessary to these ends. The authority
should include the power to sell bonds or
long and short time, as conditions may re-
quire. and should provide for a rate of in
terest lower than that fixed by the act OF
January IA. 1875.
rime for Gold tandard
He strongly recommends the adoption OF
the gold standard, and on this subject says:
While there is now no commercial fright
which withdraws gold from the govern
ment, but, on the contrary, such wide
spread confidence that gold seeks the
treasury demanding paper money in ex.
change. yet the very situation points to the
j DIeSGll DIS TIT lllO9k AEtAA4Sa AAtAtt ~ lAE
adequate provision to insure the continu-
ance Of the gold standar and of public
confidence in the ability and purpose of the
government to meet all its obligations in
the money which the civilized world recog-
niZes as the best. The financial ~transac-
tons of the government are CONDUCTED
we sell United States bonds and use gold
for their payment. We are maintaining the
parity of all the money issued or coined by
authority of the government. We are do
ing 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, ant
may have to be done In the future. 1t be-
hooves us. therefore, to provide at once
it arises, and the best means are those
which are the most certain and economical
Those now authorized have the virtue
neitherof directness nor economy. We have
! already eliminated one of the causes of our
financial plight and embarrassment during
the years 1888. 1894, 1895 and 1896. Our re-
ceipts now equal our expenditures; de-
fcient revenues no longer create alarm
Let us remove the only remaining cause by
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 a parity with each other
which is the repeatedly declared policy OF
the United States.
In this connection I repeat my former
recommendation that a portion of tht
gold holdings shall be placed in a trust
fund from which g~reenbacks shall be re.
deemed upon presentation, but when once
redeemed shall not thereafter be paid out
except for gold.
4 Merchant Marine Needed.
The value of an American merchant ma.
rine to the extension of our commercial
trade and the strengthening of our power
upon the sea invites the immediate actor
of congress. Our national development will
be one-Sided and unsatisfactory so long as
the remarkable growth of our inland in.
dustries remains unaccompanied by prog
ress on the seas. There is no lack of con.
stitutional authority for legislation which
shall give to the country maritime strength
commensurate with its industrial achieve.
ments and with its rank among the ma
tons of the earth.
The past year has recorded exceptional
activity in our shipyards, and the promises
of continual prosperity in s~hipbuilding are
abundant. Advanced legislation for the
protection of our Seamen has been enacted
Our coast trade. under regulations wise.
~ framed at the beginning of the gov.
eminent and since, shows results for ths
past fiscal year unequaled in our, record.
or those of any other power. We sha faf
to realize our opportunities, however, II
we complacently regard only matters al
home and blind ourselves to the necessity
of securing our share in the valuable car
rying trade of the world.
Our Dependence on Foreign shipping
Last year American vessels transported
a smaller share of our exports and imports
than during any former year in ali our
history, and the measure of our depend
cree upon foreign shipping was painfully
manifested to our people. Without any
choice of our own, but from necessity, the
departments of the government charged
with military and naval operations IN the