Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1899-12-07
THE PRESIDENTS MESSAGE.
TO the Senate and House of Representa-

TO the Senate and House of Representa-
tives:
At the threshold of your deliberations
you are called to mourn with your coun-
trymen the death of Vice President Ho-
lbart. who passed from this life on the
morning of Nov. q 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 motives. He has been re-
moved from the high office which he
honored and dignified. but his lofty
character. his devotion to duty. his
honesty of purpose. and noble virtues
remain with us priceless legacy and
example.
The Fifty-Sixth congress convenes in
Its first regular session with the coun-
try in a 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 ex-
ports for the year are the largest ever
shown by single year in all our his
tory. Our exports for 1899 alone ex-
Iceeded by more than $1,000, 900 our
imports and exports combined In 1870.
The imports per capita are 20 percent
less than in 1870, while the exports per
capita are S. percent more than in 1870,
showing the enlarged capacity of the
United States to 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
1874, TIC. 142. Of manufactured products
we exported in value 1889, 592, 146, 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 exceeded
those bought abroad were 1898 and 1892
Government receipts from all sources
for the fiscal year, ending June 80, 1899.
including $11.79S,314.14, part payment
of the Central Pacific railroad indebted
ness, aggregated $610,9S2.O O435. Gus
toms receipts were $206, 12S, 4S175, and
those from internal revenue $27S437,
1851.
For the fiscal year the expenditures
were $500, 093, 56402, leaving deficit of
$50, III, 559.67
The secretary of the treasury esti-
mates that the receipts for the current
fiscal year will aggregate $640, 95S,112,
and upon the basis of present appro-
priations the expenditures will aggre-
gate $500. 95S.11s, leaving surplus of
$40, 900. 900.
For the fiscal year ended June 80, 1899,
the internal revenue receipts were in
creased about 500 ,OOO O0O
The present gratifying strength of
the treasury is shown by the fact that
on Dec. 1. 1899. the available cash bal
ance was $27S, OO4.S37.7s, of which $685.
744. 905.S6 was in gold coin and bullion
The conditions of confidence which pre-
vail throughout the country have
brought gold into more general use, and
customs receipts are now almost entirely
paid in that coin.
AS TO FINANCE.
The strong position of the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nues have made it possible for the Sec
rotary Of the treasury to take action I'M
der the provisions of section 1894, re-
vised statutes, relating to the sinking
fund. Receipts exceeded expenditures
for the first five months Of the current
fiscal year by $13, 413, 1891, and. as men
toned above. the secretary of the
treasury estimates that there will be
surplus Of approximately $4,000, 900 at
the end of the year. Under such condi-
tons, it was deemed advisable and prop
er to resume compliance with the pro-
visions Of the sinking fund law, which
for eight years has not been done, be-
cause of deficiencies in the revenues
The treasury department, therefore, Of
fered to purchase during November $685.
100000 of the percent loan of 1904, or
the 1 percent funded loan of 1907, at the
current market price. The amount Of
fered and purchased during November
was 1S.40S,6O0. The premium paid by
the government on such purchases was
$2,263,521, and the net saving in interest
was about $2,8S5,O00.
The success of this operation was
sufficient to induce the government to
continue the offer to purchase bonds
to and including Dec. %, instant. unless
the remainder of the s25, 900 900 called
for should be presented in the meantime
for redemption.
Increased activity in industry. with
its welcome Attendant larger en-
ployment for labor at higher wages
gives to the body of the people a larger
power to absorb the circulating medium
It is further true that year by year, with
large areas of land under cultivation. the
increasing volume of agricultural prod
ucts, Gotten, corn and wheat, call for a
larger volume of money supply. This
is especially noticeable at the crop-har-
vesting and crop-moving period.
In it's earlier history, the national
banking act seemed to prove a reason
able avenue through which needful ad-
ditions to the circulation could from
time to time be made. Changing condi-
lions have apparently rendered it now
imperative to that end. The high mar
gin in bond securities required. result
ing from large premiums which govern
nent bonds command in the market or
the tax on note issues, or both operating
together, appear to be influences which
impair its public utility.
The attention of congress is respect
fully invited to this important matter,
he of int, -I,o%1 H.