Tazewell Republican. [volume] (Tazewell, Va.) 1892-1919, 1899-12-07
Annual Message Of The Chief Executive.
REVIEW OF CONDITIONS.

ITO the Senate and House of Repre-
sentatives:
"At the threshold of your deliberations
you are called to mourn with your coun'
trymsn the death of Vice President Ho-
bart, who passed from this life on the
morning of November 2lst last. His
great soul now rests in eternal peace.
His private life was pure and elevated
while his public career was ever dlstln'
guished by large capacity, stainless lnteg
rity, and exalted motives. He has been
removed from the high Office which he
honored and digni6ed, but his lofty char
acter, his devotion to duty, his honesty OF
purpose, and noble virtues remain with
us as priceless legacy and example,
CONDITION OF PROSPERITY.
"The Fifty-Sixth Congress convenes IN
its first regular session with the country
in a condition of unusual prosperity, OF
universal good will among the people at
home and in relations of peace and friend
ship with every government of the world.
Our foreign commerce has shown great
increase in Eolume and value. The COM
bined imports and exports for the year
are the largest ever shown by a single
year il all our history. Our exports Tor
1899 alone exceeded by more than mill
ion dollsgs our imports and exports COM
bined in 1870. The imports per capita
are twenty per cent. less than In 1870,
while the exports per capita are 5S per
cent. more than in 1870, showing the en-
larged capacity of the United States to
satisfy the wants of its own increased
population as we'll as to contribute TO
those of the peoples of other nations.
1.-The exports of agricultural products
we're $7S4,776,142. Of manufactured
products we exported in value 1888, ,592,-
146, being larger than in any previous
year. It 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 ended June 80, 1899,
including $11, ,79S ,9l4.14, part payment of
the Central Pacific railroad indebtedness,
aggregated S6lO,9S2, ,OO4.45. Custom re-
ceipts we're $2O6, ,l2S, ,4S1.75, and those
from internal revenue $273, ,4SS, ,16l.5l.
''For the fiscal year the expenditures
were 500, ,093, ,564.02, leaving deficit Of
S9,l1l ,556.67.
The President then proceeded to treat
of the following subjects
TREASURY ESTIMATES.
Under this head he gives the estimates
of the receipts for the current fiscal year at
S64O, ,95S, ,1l2 Refers to the present strong
position of the Treasury, with respect to
the cash an hand, speaks of the recent pur-
chase of Government bonds as a success
ful operation.
THE NATIONAL CURRENCY.
The President refers to the national bank
act and ur that national banks be
authorized to organize with capital of
$25, 1000.
The President stands souarely for main
tanning the gold standard, and asks that
necessary legislation be enacted to give the
Secretary of the Treasury means for main
tanning the gold standard and parity in
value of the coins of the two metals (gold
and silver. He says : 1.-THE financial
transactions of the government are con-
Quoted upon gold basis. We receive
gold when We sell United States bonds and
use gold for their payment"
QUESTION OF TRUSTS.
The President next discusses the ques-
ton of trusts, on which he says:
"Combinatians of capital organized into
trusS control the conditions Of trade
amo1g our citizens, to stiAe competition
limit production and determine the price:
of products used and consumed by the
people, are justly provoking public discus
sion, and should early claim the attention
of the Congress.
"The Industrial Commission, created by
the act of Congress of June IS, 1898, ha!
been engaged in extended hearings upor
the disputed questions invSsyed in the
subject of combinations in restraint O
trade and competition. They have no
yet completed their investigation of thi
subject and the conclusions and recon-
mendations at which they may arrive are
undetermined.
"The subject is one giving rise to many
divergent views as 20 the nature and va
4 riety or cause and extent of the injuries Il
? the public which may result from large
combinations concentrating more or les
numerous enterprises and establishments
which previously to the formation of th'
combination were carried on separately.
at is universally conceded that combi
nations which engross or control the mar
ket of any particular kind of merchandise
or commodity necessary to the genera
community, by suppressing natural anC
ordinary competition, whereby prices ar
unduly enhanced to the general consumer
are obnc- is not only to the common Law
but ak 20 the public welfare. There mus
be remedy for the evils involved in sucl
organizations. If the present law can b
extended more certainly to control o
check these monopolies or trusts, it skoult
b6d6ne without delay. Whatever power tn
CONGRESS possesses over this most impor
tant subject should be promptly ascertain
I'D and asserted"