Willmar tribune., 1899-12-13
M'KlNLEY'S MESSAGE.
Synopsis of His Annual Commune
cation to Congress.

AOPo'o VI AAS AuuudA NOmAuuu1.
cation to Congress.
Treats Exhnustivcly of the Subjects of
Financial Legislation, the Trusts
and the Affairs of the Diff
ferent Colonies.
The following is comprehensive synop-
sis of the presidents annual message to
coo words: wv
man ns Of tss asaS Rep g Wee wt 1esa Hp
that is statement of theprosperity which
the country is enjoying and statistics of our
exports and imports for the year, in which
ing the year more than 81, 900, 600. 900 worth
of goods, more than the total Of both our
exports and imports in 1870. OF the exports
Tor the past year he says:
.-5; exports .c Of agricultural products were
in OF Gaua s
than any previous year. It is a noteworthy
fact that the only years in all our history
WIS when tn. the products Of our manufactories
were 1898 and 1899.
Government Receipts and Expenses.
He calls attention to the report Of the
secretary of the treasury and his estimate
S4o.oooooC, He points to the present graf
Tying strength of the treasury, and says
hand was s27S. S.0o4. .Ss7.72. of which s239. .744.-
?O5.S 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 30, 1899, includ-
ing, ing 81 7sS ga part part payment Of Of the Cen
gated ] ss1o, oo4 IS. | Customs receipts were
$2O6, 12S, +S1.75. and those from internal rev.
enue s273, ,437 1871.
For the fiscal year the expenditures were
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 sdd ons IT the ex
RsHdts1ep nE snepuy w Of $500 H. eaV
For the fiscal year ended June 80, 1sss the
internal ta r1H don receipts were increased about
Resumption of Bond Purchases.
He notes the resumption of bond pur-
chases. and recommends important
changes in the banking laws to allow ma
tional ban ks to organize with capital Of
The strong condition of, the treasury
with respect to cash on hand and the
Q made by na the
% provisons Wis tisAso Of section ion s,ss4 Rev Revised
ns Srknf for e
first five months of the current fiscal year
by s1s,41s,sss.91, and, as mentioned above.
that there will be surplus Of approx
tmately 600 at the end of the year.
Under such conditions it was deemed ad-
with the provisions of the sinking fund
law. which for eight years has not been
done because of the deficiency in the rev.
fore offered to purchase during November
s25oCo.ooo of the/five per cent: loans of
1904, or the four per cent, funded loan of
vember was SIS 4Os 500 The premium paid
by the government on such purchases was
was about s2,sS3,OC0. The success of this
operation was sufficient to induce the gov
bonds to and including the .twenty-third
day of December, inst, unless the re-
mainder of the s25, 100000 called for should
tic ton. r. Increased activity in Industry with
It's welcome attendant, large employ
ment of labor at higher wages, gives to
sorb the circulating medium. It is further
true that year by year with larger areas
of land under cultivation, the increasing
wheat. calls for larger volume of money
supply This is especially noticeable at
the crop harvests and crop moving period.
act seemed see me M to prove Prove E reasonable avenue e
through which needful additions to the
circulation could from time to time be
entiy % rendered t now inoperative tive to hat
end. The high margin in bond securities
which government bonds command in the
market, or the tax on note issues or both
operating together. appear to be t,t the inf1u-
ences which impair its public utility.
The attention of congress 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 to
more responsive to the peoples needs. I
again urge that national banks be iaut hor-
lied to organize with capital "a of $4,000
''the parity in value Of the coins Of the two
metals (gold and silver) and the equal
power of every dollar at all times in the
secretary Of the treasury be given addi-
tional power and charged with the duty to
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 on
,qure. and should provide for rate Of in
terest lower than that fixed by the act of
January IA. 1875.
Time for Gold Standard.
He strongly recommends the adoption of
the gold standard, and on this subject says:
While there is now commercial fright
which withdraws gold from the govern
msnt but on the 9 such eh wide
treasury demanding paper money. in ex-
change, yet the very situation points to the
present as the most fitting time to make
adequate provision to insure the continu-
ance of the gold standard and of public
confidence in the ability and purpose Of the
the money which the civilized world recog
nizes as the best: The financial transac-
tions of the government conducted
upon a gold basis. We receive gold when
We sell United States bonds and use gold
for their payment. We are maintain ing 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.
may have to be done in the future 1t be-
hooves us, therefore, to provide al once
It arises and the best means are those
which are the most certain and economical
Those now authorized have the virtue
already eliminated one of the causes of our
financial plight and embarras ssment during
the years 1S93 1894, 1895 and 1896. Our re-
ceipts now equal our expenditures; de-
ficient 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
In this connection I repeat my former
'recommenda tion that portion of the
gold holdings shall be placed in trust
fund from which greenbacks shall be re-
deemed upon presentations but when once
redeemed shall not thereafter be paid out
except for gold.