The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1899-12-13

WASHINGTON. Dec. 6.-The presi
dents message to congress was an eX
ceedingly long document. The leading
features are covered, some of them il
full, and others with the practical
points, i'll extent according to their i'm
portance. The message was i'll part 4.
follows
Reference to Hobnrts Death.
To the Senate AMI House of Representatives:
At the threshold of your deliberations
you are called to mourn with your coun
trymcn the death of Vice-Presideni
Hobart, who passed from this life on the
morning of November 2lst last. His great
soul now rests in eternal peace. His pri
vate life was pure and elevated, while hi;
public career was ever distinguished by
large capacity, stainless integrity, and eX
allied motives. He has been removed from
the high Office which he honorcd and dig
nilled, but his lofty character, his devotion
to duty, his honesty of purpose, and noble
virtues, remain with us as priceless leg
acv and example.
The flfty-sixth congress convenes in 1t,
first regular session with the country in o
condition of unusual prosperity, Of univer
sal good Will among the people mt home
and in relations of peace and friendship
with every government Of the world. Oui
foreign commerce has shown great in.
crease in volume and value. The com
bincd imports and exports for the year are
the largest ever shown by n single year in
oil our history. Our exports for S99alone
exceeded by more than n billion dollars
our imports and exports combined In
1870. The imports per capita are 20 pei
cent less than in 1870, while the exports
per capita are 5S per cent more than in
1870, showing the enlarged capacity of the
United States to satisfy the wants of its
own increasing population, rs well as to
contribute to those of the peoples of other
nations.
Exports Of agricultural products were
S7S4, 11G, -. or manufactured products
we exported in value 1899, ,592, 146, being
larger than any previous year. 1t is a
noteworthy fact that the only years in all
our history when the products of our man
ufactories sold abroad exceeded those
bought abroad were 1893 and 1899.
Government receipts from all sources
for the fiscal year ended June 30, 1859, in
Guiding Sll, ,7B,3l4.1I, part payment of tho
Central Pacific railroad indebtedness, ag
gregated $6l0, ,0S2, ,O0I35. Custom receipts
were sos, l2S, 4S1. 10, and those from inter
nal revenue %273, 437, l6l.5l.
For the fiscal year the expenditures
were S700,093, ,lGt02, leaving deficit OF
$50, Ill $780,
The secretary of the treasury estimates
that the receipts for the current fiscal yeal
will aggregate S6l0, ,g5S, liz, and upon the
basis of present appropriations the expen'
diturcs will aggregate $60O95S, 112, leaving
u surplus of Si0,010,000
For the fiscal year ended June 80, 1892
the internal revenue receipts were in
creased about Sl00,0O0,000.
The present gratifying strength of the
treasury Is shown by the fact that on De
cembcr /, 1853, the available cash balanc,
was S2iS, ,004 S37.73, of which S939, IA,
SO5.3j was in gold coin and bullion. The
conditions of confidence which prevail
throughout the country have brought goiC
into moro general use, and customs re
ceipts arc now almost entirely paid in that
coin.
Strong Position of the Treasury.
The strong position of the treasury with
respect to cash on hand and the favorable
showing made by the revenues have made
it possible for the seCrCtory OF the treasury
to take action under the provisions of sec
ton 3,69i, revised statutes, relating to the
sinking funu. Receipts exceeded eXpen'
ditures for the first five months of the cur
rent fiscal year by $l3, 4l3, ,3S9.91, and, as
mentioned above, the secretary of the
treasury estimates that there will be a
surplus of approximately $i0OO0,OO0 at the
end of the year. Under such conditions
II was deemed advisable and proper to re-
sumo compliance with the provisions OF
the sinking fund law, which for eight
years has not been done because of def
cicncicS in the revenues. The treasury
department therefore offered to purchase
during November S25,C00,G00 Of the D per
cent loan of 1901, or the per cent funded
loan of 1897, at the current market price.
The amount offered andpurchased during
November was SIS, ,40S,60O The premium
paid by the government on such pur-
chases was S2,263,52 and the net saving
in interest was about S2,SS5,000. The sue
cess of this operation was sufficient to in
duCc the government to continue the offer
to purchase bonds to and including tho
23rd day of December. instant, unless the
remainder uf the S2j0l0.0n0 called Tor
should b. presented in the meantime for
redemption.
Increased activity in industry. with it.
welcome attendant larger employment
for labor at higher wdges-g gives TO the
body of the people n larger power TO abb
sOrb the circulating medium. 1t is fur
ther true that year by year, with larger
areas of land under cultivation. the in
crcasing volume of agricultural products
cotton. corn and whcat-calls for a
larger volume of money supply. This Is
especially noticeable at the crOpharvest'
ing and crop-moying period.
In its earlier history the national bank
ing act seemed to prove reasonable ave
rue through which necdful additions to
the circulation could from time to time Dc
made. Changing conditions have appar-
emily rendered il now imperative to that
end. The high margin in bond securities
required, resulting from large premiums
which government bonds command in the
market, or the tax on note issues, or both
operating together, appear tn be the in
1luences which impair its public utility.
The attention of congress is respectfully
invited to this important matter, with