The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-12-06

sions.
The presidents message to the Fifty
tfxth congress is as follows:
To the Senate and House of Represen-
tatives.
At the threshold of your delibera-
tions you are called to mourn with
your countrvmen the death of Vice
President Hobart, who passed from this
life on the morning of Nov. u last. His
great soul now rests in eternal peace.
His private life was pure and elevated
while his public career was ever dis
tinguished by large capacity, stainless
integrity, and exalted motives. He has
been removed from the high office
which he honored and dignified by his
lofty character. his devotion to duty,
his honesty of purpose, and noble vir-
tues remain with us as "A priceless leg
acy and example.
The Fifty-siXth congress convenes in
It's nrSt regular session with the coun-
try in condition of unusual prosper
ity, of universal goodwill among the
people at hime and in relations of
peace and friendship with every gov
eminent of the world. Our foreign
commerce has shown great increase in
volume and value. The combined inn
largest ever shown by single year in
all our history, Our exports for 1899
alone exceeded by more than a billion
dollars our imports and exports COM
biz ed in 1870. The imports per capita
are 20 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 t.
satisfy the wants of it's own increasing
population, as well as to contribute to
those of the peoples of other nations.
Exports of agricultural products were
S7S4, 10, 142 OF manufactured products
we exported in value 1888, ,592. JAG, being
larger than any previous year. 1t is a
noteworthy fact that the only years in
all our history when the products of
our manufactures sold abroad exceed
ed those bought abroad were 1898 and
1899
Government receipts from all sources
for the fiscal year ended June 80. 1899,
including S11 ,79S, ,3l4.14, part payment of
the Central Pacific railroad indebted
ness, aggregated $610,9S2, ,0O4.35. Gus
toms receipts We're 5000, ,12S. .4Sl75, and
those from internal revenue $273, 49,
161.51.
For the fiscal year the expenditures
We're $500, ,593, ,564,02, leaving a deficit of
S9,11l, ,55967.
The secretary of the treasury esti-
mates that the receipts for the current
hscal year will aggregate $640, 953, H.,
and upon the basis of present appro-
priations the expenditures will aggre-
gate $500, ,95S, ,l12, leaving a surplus of
$40, 900, 000
For the fiscal year ended June 30
1899, the internal revenue receipts were
increased about $l00,0OOO OO0.
The present gratifying strength of
the treasury is shown by the fact that
m 1Er lNA h u,
balance was S27S,004 S37.72 of which
$230 ,905.36 was in gold coin and bull
lion, The conditions of confidence
which prevail throughout the country
nave brought gold into more general
use and customs receipts are now al
most entirely paid in that coin.
sr2 Buying Bonds.
The strong position of the treasury
with respect to cash on hand, and the
favorable showing made by the reve-
nues, have made 1t possible for the Sec
retary of the treasury to take action
under the provisions of Section 1904,
revised statutes, relating to The sink
ing fund. Receipts exceeded expendit-
ures Tor the first five months of the
current fiscal year by $l3,413, 399.9 81, and,
as mentioned above, the secretary of
the treasury estimates that there will
be surplus of approximately $40, 10000
at the end of the year. Under such
conditions 1t was deemed advisable
and proper to resume compliance with
the provisions of the sinking fund law,
which for eight years has not been
done, because of deficiencies in the
revenues. The treasury department
then onered to purchase during No
Vember $25,000,000 of the 5 per cent.
loan of 1904 or the per cent. funded
loan Of 1907 at the current market
price. The amount offered and pur-
chased during November was SIS, ,4Os.-
600. The premium paid by the govern
ment on such purchases was 81, 263, ,52l,
and. the net saving in interest at about
S2,SS5,O0O. The success of this opera
tion was sufficient to induce the gov
ernment 10 continue the offer to pur-
chase bonds to and includinp .he 23I
DAY or December, instant. unless the
remainder of the $25,00O, 600 called for
should be presented in the meantime
tor redemption.
increased activity in industry, with
It's welcome attendance, a larger en-
ployment for labor at higher wages.
gives TO the body of the people a larger
power to absorb the circulating ,
medium. IL is further true that year
by year, with larger areas of land
under cultivation. the increasing vol /
ume of agricultural products, cotton. |
corn and wheat, calls for larger vol |
ume OF money supply This is cspecial- |
ly noticeable at~the crop harvesting |
and crop moving period.
The National Banks.
In it's earlier history the National
Act seemed to prove a reason |
able avenue through which needful ad-
ditions TO the circulation could from |
time to time be made. Changing con- |
ditions have apparently rendered il |
now imperative to that end. The high /
margin in bond securities required. re- |
sulting from large premiums which |
government bonds command in the |
market or the tax on note issues. or |
both operating together appear 10 be
the influences which impair it's public |
utility, The attention of congress Is
invited TO this matter, with |
the view of ascertaining whether or |
not such reasonable notifications can
be made in the National Banking act
as Will render its service in the par
Iiculars here referred to more respon-
sive TO the peoples needs. / again urge
that national banks be authorized to
organize with capital OF $4,000.