Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-06

(By Telegraph to yirginlan- Pilot)
Washington, d. c., Dec 5.-Thc Pres
idents message was read in both
Houses of Congress to-day, nearly every
member being in his seat and paying
close attention. 1t is as follows:
THE MESSAGE.
10 the scnute and House OF Represcn-
tatives:
At the threshold of your deliberations
you are called TO mourn with your
countrymen the death of Vice Prcsi-
dent Hobart. 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 distinguished by large capacity,
stainless Integrity, and exalted mo-
4sVes. lie has been removed from the
high Office (which lie honored and dig
niiled. but his lofty charactcr,S his de-
vouon to duty, his honesty OF purlhse,
and noble virtues remain with us as
priceless legacy and example.
The Fifty-siXth Congress convenes
In It's first regular session with the
country in condition OF unusual
prosperity. of universal good will
among the people at home, ana in re-
latlons Of peace and friendship with
every Government Of the world Our
foreign commerce has shown great In
crease in volume and value. The com
bined~imports and exports for the year
are the largest ever shown by n sin
gle year In all our history. Our ex-
ports for 1899 alone exceeded by more
than billion dollars our imports and
exports combined in 1870. The imports
per capita are 20 per cent. less than in
1870, while the exports per capita are
S. per cent. more than In 1870, showing
the enlarged capacity of the United
States to satisfy the wants of its own
increasing population, as well as to
contribute to those of the peoples of
other nations.
AGRICULTURE.
Exports Of agricultural products were
1854 ,776, 142. or manufactured produtcs,
we exported In value $3.50, 592 1i6. being
larger than any previous year 1t is
noteworthy fact that the only years
In all our history when the products
of our manufactures sold abroad ex-
ceeded those bought abroad were 1898
and 1899.
RECEIPTS AND EXPENDITURES.
Government receipts from all sources
for the fiscal year ended June Both.
1899, including S11,79SS14.14. part pay
ment of the Central Pacific Railroad
iiuSpiSpueao, aSSiCSUtCG SOlU,JoS,UUf.0 d.
Custom receipts were $2Q6.l2S 4S1. rs, and
those from internal revenue 1913 49,
1871.
For the fiscal year. the expenditures
were S70o,093, 364,02, leaving n deficit OF
Of sS9,111, 650.67
The Secretary of the Treasury esti-
mates that the receipts for the cur
rent fiscal year Will aggregate $780,
95S,112, and upon the basis of present
appropriations the expenditures will
Z. ggregate s600, 95S.112, leaving a surplus
+ 100000
For the fiscal year ended June 3oth,
800, the internal revenue receipts were
increased about S100 600, 600.
STRENGTH OF THE TREASURY
The present gratifying strength Of
the Treasury is shown by the fact that
on December LIST, 1899, the available
cash balance was s27S,O04, S37.72, of
which $3.50. 744 ,90636 was in gold coin
and bullion. The conditions of con-
fldence which prevail throughout the
country have brought gold into more
general use, and customs receipts are
now/almost entirely paid in that coin.
The strong position of the Treasury
with respect TO cash OH hand and the
favorable showing made by the reve-
nues have made 1t possible for the
Secretary Of the Treasury to take ac-
ton under the provisions of Section
QUIT TeNlScu Statutes, relatlnS TO the
sinking fund. Receiptse exceeded eX-
penditures for the first five months Of
the current fiscal year by 49, 413, 3S9. Oh
and, as mentioned above. the Secretary
or the Treasury estimates that there
VIII be surplus of approximately Si0,-
100000 at the end of the year. Under
such conditions it was deemed advisa-
BILE and proper to resume compliance
with the provisions of the sinking fund
law, WHICH for eight years has not been
dane because of deficiencies in the rev
enues The Treasury Department
therefore offered TO purchase during
November s25OO0,0Oo OF the five per
cent. loan of 1904, or the four per cent
funded loan of 1907. at the current mar
ket price, The amount offered and
purchased during November was s1S.-
40S,600. The premium paid by the Gov
eminent on such purchases was S2,263.
b2l. and the net saving in interest was
about s2,SS5000. The success of this OBJ
Grafton was sufficient to induce the
Government to continue the offer to
purchase. bonds to and including the
23d day Of December, instant, unless
the remainder OF the $4,000 900 called
for should be presented in the mean
time for redemption.
INDUSTRIAL ACTIVITY.
Increased activity in industry with
It's welcome attendant--a larger EN-.
ployment for labor at higher wages
"a r1yoo RI fha hndv of poor,Ia [, Ioros.