Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1899-12-09
10 me- %ae Senate and House of Representa-

lives. ~
AT the threshold Of your deliberations
you are called upon to mourn with vow
Couhtrymen the death of Vice President
MOZART VINO passed from this life On
sue morning OF November 81. last uie
great soul now rests in eternal neaca
his private life was pure and elevated
while his public career was ever dc
ungulshed by large capacity. stainless
neesrlty ana exalted motives. He has
D1en removed from the high Office
when ne honored and dignifed by his
io1ty character, but his devotion, his
honesty OF purpose and noble virtues
remain with us as a priceless legacy
and example.
me FIFTY sixth congress convenes in
It's hrst regular session with the coun.
Try In condition of unusual prosper.
lty, OF universal good will among the
people at home and relations of peace
and friendship with every government
OF the world. Our foreign commerce
mas shown great increase in volume and
Falue. The combined imports and eX-
ports Tor the year are the largest ever
SHOWN by a single year in all our his
tory. Our exports for 1899 alone ex.
eeed by more than billion dollars our
imports and exports combined in 1870
the imports per capita are 20 per cent
fess than In 1870, while the exports per
capita are SIS 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.
Exports of agricultural products were
$784,776,142. OF manufactured pro-
ducts we exported in value 1899 ,592, 146,
being larger than any previous year.
1t is noteworthy fact that the only
Gears in all our history when the pro
ducts of our manufactures sold abroad
exceeded those bought abroad were
1898 and 1899.
Bank Account.
Government receipts from all sources
for the fiscal year ended June 80, 1899,
including $11,798,31414, part payment
Of the Central Pacific Indebtedness. ag.
gregated $610,982,004.35; customs re,
Ceipts were $206, 128,481.75, and those
from internal revenues 1878, ,161.51
The present gratifying strength OF
the treasury is shown by the fact that
on December /, 1898, the available cash
balance was $278,004, 1927, OF which
$239, 744 ,905.36 was in gold coin and
bullion. The conditions of confidence
which prevail throughout the country
have brought gold into more general
use, and customs receipts are now al
most entirely paid in that coin.
Need of Money.
Increased activity in industry with
its welcome attendant-a larger EN-
ployment for labor at higher wages
gives to the body of the people larger
power to absorb the circulating medi
UNI. 1t is further true that year by
year, with larger areas of lands under
cultivation, the increasing volume OF
agricultural products, cotton, corn anC
wheat, calls for larger volume Of
money supply. This is especially no
ticeable at the crop harvesting anC
crop moving period.
In its earlier history the nationa
banking act seemed to prove reason
able avenue through which needful ad
ditions 10 the circulation could from
time to time be made. Changing con
ditionS have apparently rendered L
now imperative to that end. The higt
margin in bond securities required, re
sulting from large premiums which
government bonds command in thu
market, or the tax on note issues, Oh
both operating together, appear to b.
the influences which impair its public
utility.
The attention of congress is respect
hill inv IN inn ny Mt
with the view of ascertaining whether
or not such reasonable modification!
can be made in the national banking
act as will render its service in the par
ticulars here referred to more respOn
sive to the peoples needs. l agar
urge that national banks be authorized
to organize with a capital of $4,000.
The Gold Standard.
| urgently recommend that to sup
port the existing gold standard and t
maintain the parity in value Of the
coins of the two metals (gold and sill
ver) and the equal power of every dol
lar at all times in the market and IN the
payment of debts the secretary of the
treasury be given additional power ant
charged with the duty to sell United
States bonds and to employ such othel
effective means as may be necessary L
these ends. The authority should in
clude the power to sell bonds on long
and short time as conditions may re
ouire. and should provide for a rate o.
interest lower than that fixed by the
act of January IA, 1875. While there
is now no commercial rights which
withdraws gold from the government
but on the contrary such widespread
confidence that gold seeks the treasury
Aaemanding paper money in exchange
yet the very situation points to the
present as the most fitting time tc
make adequate provision to insure the
continuance of the gold standard and
of public confidence in the ability and
purpose of the government to meet al
its obligations in the money which the
civilized word recognizes as the best
a .a&s .asar NJ