Daily press. [volume] (Newport News, Va.) 1896-current, 1899-12-06
rebellion in Philippines Must
be Put Down"
CUBA HELD ONLY IN TRUST
He Recommends: Gold Standard: ModI-
hcation of National Banking Act; Check
on Monopoliel; Strengthening
~. Merchant Marine.
(Py Telegraph


WASHINGTON. Dec. 3.-Tne mes
sage of President Mckinley was trans
,nitt;rd u the Congress Of the United
States today. The full text contains
about 1000 words The. following is q
comprehensive epitome Of the message.
covering every subject touched upon:
THE MESSAGE. ..
To the Senate and House of Repre-
sentativcs:
~! the threshold of your delibera
rons you are called TO mourn With
Your cnuutrymen the death Of Vice
President Hobart, who passed from
this lie on the morning Of November
"lst last. His great soul now rests in
eternal peace. His private LIE was
pare, and elevated, while his public ca
reer was ever distinguished by large
capacity. stainless integrity and eN-
allied motives. He has been removed
from the high Office which he honored
ard ai.nitied, nut his lofty character.
his devotion 10 duty. his honesty OF
purpose and noble virtues remain With
" as 4 priceless legacy ana example.
The ,FiftS-s;Nih Congress onvenes
III its first regular session with the
country in :, condition of unusual pros
parity. 90 universal good Will among
The people at home, and in relations of
peace and Friendship With every gov
"ramcnt of the world our foreign
commerce has shown yrea, increase in
Volume ana val;e.
IMPORTS AND EXPORTS.
The combined imports and exports
ip, th.. year are the largest eyer shown
s,y I single Year in all our history. Our
exports for 1899 alone exceeded by more
than 4 billion dollars our imports and
exports combined in 1870. The imports
per capita are % per cent. less than in
p 1870. While the exports per capita are
IS per cent. more than in 1870. showing
the enlarged capacity OF the United
States 10 satisfy the wants OF its own
increasing populu ton. as Well as u
contribute to those OF the people of
other nations.
Exports of agricultural pvaductS
We're 1854. 1d6. l42. OF manufactured pro
ducts we exported in value S3aa.39 lao,
being larger than any previous year.
1t is a noteworthy fact that the only
years in all our history When The pro-
ducts of our manufactures sold abroad
exceeded those bought abroad were 1895
and 1899. ..
Government receipts from all sources
for the nsca! year ended June so, 1899
including Sll. 19S,314.l4. part payment Of
,hc Central Pacific railroad indebted
ness, aggregated 500, $50 .00+.S5. Custom
receipts We're S206, lbs, 4S1I5. and those
from internal revenue s213.437 1t1 .al
For the tisca! Year the expenditures
We're $100.G93,ooi.0o. leaving a deficit OF
Ss3.ll1 .559.67.
The Secretary Of the Treasury esti-
mates that the receipts for the current
fiscal year will aggregate s6t0.95s.112
and upon the basis Of present appro-
priations the expenditures Will agg:c-
gate 5000. 95S. 1l2. leaving Il surplus OF
$4,000 900. ...
For the fiscal year ended June 50,
1899. the internal revenue receipts were
Increased about 500, 900. coo.
CONDITION OF TREASURY.
The present gratifying strength Of
the treasury is shown by the fact that
on December l. 1895. the vailti bic cash
balance was S21S,104. S31122, CT which
lion. The conditions OF confidence
which prevail throughout the country
have brought gold into more general
use and customs receipts are now al
mos; entirely paid in that coin
The strong position of the treasury
with respect to cash ON hand and tho
favorable showing made by the reve-
nues have made ii impossible Tor the
Secretary Of the Treasury to take ac-
;ioi under TIL. provisions ,of Section
1904. Revised Statutes relating to the
sinking fund. Receipts exceeded ex-
1endtures for the FIRST five months or
the current fiscal year by $l3.4l3.3S9. 81
and. as mentioned above, the secretary
OF the Treasury estimates that theirs
VIII be Il surplus OF approximately $40
100000 at the end of the Year.
PURCHASE OF HGNDS.
''J'nder such conditions it was deem
CT, advisable ana proper to resume COM
pliancc With the provisions OF he sink
ing fund law, which, for eight years,
has not been done because OF Cetcien-
ces IL the revenues. The Treasury De
rartment therefore offered to purchase
during November so. 900. 900 of the 5
!,er cent. loan of 1904 or the per cent.
funded loan of 1907, at the current mar
liet price. The amount offered and
purchased during November was SIS
4oS,foC. The premium paid by the gov
crnlEcnt on such purchases was s.. 263 :
52l and the net saving in interest was
about $2.SS5 900 The success of this
operation was sufficient to induce the
government to continue the offer To
purchase bonds 10 and ;ncluiling the
2%rd day Of December. instant. unless
the remainder Of the $4,000. 900 called
for should he presented in the meantime
for redemption.
Increased activity in industry, with
it's welcome attendant Al larger en-
rloyinent Tor labor at higher wages
gives 10 the body of people a larger
power to absorb the circulating medi-
unl. 1t is further true that year by
Year, with larger areas of land under
cultivation. she increasing volume of
agricultural products, cotton. corn and
wheat, calls FOR a larger volume of
money supply This is especially no
,iceable at the crop harvesting and crop
moving Period.
l-he President refers to the national
banking act and urges that national
~>banks be authorized TO organize with a
capital of $4,000. He says that in its
earlier history the national banking
act seemed to prove a rea sonable ave-
nue. through which needful additions
10 the circulation could from time To