Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1899-12-07
Observation-Disclosures
S Presidents Message. =
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of the session. The message is or I'M
usual length, comprising nearly 25,OOO
words, and is regarded as one of the most
important ever emanating from the White
House. The leading features of the mes
sage relate 70 the new dependencies and
to the financial question. Sovereignty is
to be established throughout all the Phil
ippine Islands and to be permanently
maintained. Civil government is to be
extended throughout the islands as rap
idly as possible. Attention is invited to
the report of the Philippines commission
as to why it is impossible for the United
States to part with the islands and as to
the great commercial advantages in hold
ing them. Civil government in Cuba un-
der military control is recommended un-
til some substantial progress has been
made through the medium Of suffrage
toward the establishment of an indepen-
dent form Of government. For Porto Rico
he asks the appointment of civil gov
ernor and the election by the people Of a
council or legislature, property and edu-
cational qualifications to be prescribed for
voters Immediate legislation is suggest
ed for Hawaii.
On the financial question the President
recommends that the gold standard be
pTOFlueu lOf ny INV, anu lHC
bearing obligations of the United States
be specifically made payable in gold. The
regulation of trusts and great CONNER
cial combinations so as to prevent the
sitting of competition, but without in
any way hampering the development of
American manufactures and commerce,
Is urged.
The President, in the opening para
graph, refers feelingly to the recent death
of Vice-President Hobart and then pro-
ceeds in substance as follows:
The Fifty-sixth Congress convenes in
its first regular session with the country
in condition of unusual prosperity, of
universal good will among the people at
home, and in relations of peace and
friendship with every government of the
world. Our foreign commerce has shown
great increase in volume and value. The
combined imports and exports for the
year are the largest ever shown by sim
gle year in all our history. Our exports
for 1899 alone exceeded by more than IL
billion dollars our imports and exports
combined in 1870. The imports per cap
tia are 20 per cent less than in 1870.
while the exports per capita are 81 per
cent more than in 1870, showing the ell
larged capacity of the United States to
satisfy the wants of it's own increasing
population, as well as to contribute to
Exports of agricultural products were
1854, 776, 142. OF manufactured products
we exported in value $685., 592, 14S. Gov
eminent receipts from all sources for the
fiscal year ended June 80 1899, including
ST., 79S,314.14,. part payment of the Cen
trail Pacific Railroad Indebtedness, aggre-
gated S610,9S2, OO4.35. Customs receipts
were S2O6, 1913, 4S1 rs. and those from in
ternal revenue $273,437, 161. 81. For the
fiscal year the expenditures were $500
O93, 564.O2. leaving a deficit Of $S9,1
659.67. For the fiscal year ended June
30, 1899, the internal revenue receipts
were increased about 500, 100000.
Condition of the Treasury.
The present gratifying strength of the
treasury is shown by the fact that Dec.
/. 1899. the available cash balance was
$27S. 1904 ,S31.12, Of which $239, 144, 9O0.36
was in gold coin and bullion. The condi-
tions of confidence which prevail through
out the country have brought gold into
more general use and customs receipts
are now almost entirely paid in that coin.
The strong condition Of the treasury with
respect to cash on hand and the favorable
showing made by the revenues have made
it possible for the Secretary of the Treas
ury to take action under the provisions OF
section 3691 Revised Statutes, relating
to the sinking fund. The Treasury De
partmcnt therefore offered to purchase
during November $25 100000 Of the per
ed loan of 1907, at the current market
price The success of this operation was
sufficient to induce the Government to
continue the offer to purchase bonds to
and including the 23d day of December,
instant.
Increased activity in industry, with It's
welcome attendant--a larger employment
for labor at higher wages-gives to the
body of the people larger power to alb
sorb the circulating medium 1t is further
true that year by year. with larger areas
of land under cultivation. the increasing
volume of agricultural products, cotton.
corn xnd wheat, calls for larger volume
of money supply.
In it's earlier history the national bank
ing act seemed to prove reasonable ave
nue. through which ncedful additions to
the circulation could from time to time
be made. Changing conditions have appar-
emily rendered it now imperative TO tnat
end. The attention of Congress is re-
spectfully invited to this important mat
ter with the view of aScertaining whether
or not such reasonable notifications can
be made in the national banking act as
will render its service more responsive TO
the peoples needs.
To Maintain Gold Standard.
| urgently recommend that to support
the existing gold standard and to main
tain .'thc 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 market and in the payment of
debts the Secretary of the Treasury
be given additional 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 long and short time. as con-
ditious may require, and should provide
for rate of interest lower than that
fixed by the act of Jan. II, 1870. The
financial transactions Of the Government
are conducted upon Il gold basis. We
are maintaining the parity of all the
money issued or coined by authority of
the Governments We are doing these
things with the means at hand
Happily at the present time we are not
compelled to resort TO loans to supply
gold 1t has been done in the past. how
ever. and may have TO be done in the
future 1t behooves us, therefore. to
provide ut once the best means to meet
n nd fhn