Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1899-12-14

who passed from this life on the morn
ing of Nov. 81 last, is mentioned as
an event congress is called to mourn at
the threshold Of its deliberations. The
president pronounces a high enconium
upon private life which was pure and
elevated and a public career distin-
guished by large capacity, stainless in
tegrity and exalted motives.
In beginning his review OF national
and international relations and ques-
tons the president calls attention to
the present conditions of unusual pros
perity, of universal good will among
the people at home and the relations
of peace ard friendship that exist with
every government of the world. AS an
element OF this unusual prosperity our
foreign commerce, it is stated, has
shown great increase in volume and
value, the combined imports and ex-
ports for the twelvemonth being the
greatest ever recorded in a single year
of our history. 1t is mentioned as a
noteworthy fact that the only years in
all our history when the products our
oOiu an ottH SASSSNSN
those bought abroad were 1898 and
1899.
Government receipts from all sources
for the fiscal year ended June 80, 1899,
aggregated $6l09S2 00435; expendi-
lures were 800, O93, 564.02, leaving a de-
felt of sS3,1ll,55967. The estimated
receipts for the current year aggregat-
ed $40,95S,112; estimated eXpendi-
lures, $500, 95S, 1l2, leaving a surplus Of
100000, 200.
The strength of the treasury is graft
flying. On Dec /, 1899. the available
cash balance was $27S,OO4, S3772, of
which $239, 744,9C5.36 was in gold coin
and bullion. Customs receipts are now
almost entirely paid in gold. Owing
to this favorable condition of the
treasury with respect to the cash on
hand compliance with the provisions
of the sinking fund, disregarded for
eight years on account of deficiencies
in the revenues, was resumed, the
treasury department purchasing dur
ing November SIS, 40S,500 of the per
cent loan of 1904, thus making net
saving of about 50 1886, 900 in interest
The government will continue to pur-
chase bonds to the extent Of $25,O00,O0O
in all provided these are offered and
purchased up to and including Dec. %.
Increased activity in industry and
agriculture and consequent larger en-
ployment of labor at higher wages
adds to the capacity of the people to
absorb the circulating medium. These
changed and changing conditions have
impaired the national banking act as
to making the needful addition to the
circulation. The attention of congress
is therefore invited to this subject with
a view to making this act more re-
sponsive to the peoples needs. The
president again urges, therefore, that
national banks be authorized to organ
ize with capital of $4,000. He also
recommends that 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 maintain the parity in
value of the two metals, gold and sill
yer, and the equal power of every dol
lar at all times in the market and in
the payment of debts. Gold now seeks
the treasury, but adequate provision
should be made to insure the continu-
ance of the gold standard and of pub
lie confidence in the ability of the gov
eminent to meet all it's obligations in
the money which the civilized world
recognizes as the best In this con-
nection the president repeats his form
er recommendation that a portion of
the gold holdings shall be placed in
trust fund from which greenbacks
shall be redeemed upon presentation
but when once redeemed shall not
thereafter be paid out except in gold.
Relating to American merchant ma
rine it is recommended that legisla-
ton should be enacted which will give
to the country maritime strength COM
mensurate with its industrial achieve
ments and its rank among the nations
of the earth. Only in this way can we
secure our share in the valuable car
| rying trade of the world. The present
situation in this respect, the president,
says, is regarded with humiliation at
home and with surprise abroad.
On the subject of trusts the presi-
dent declares they are justly provoking
public discussion and should claim
the attention of congress. The indus
trial commission. created by act of
congress June IS, 1898, has not yet
completed it's Investigations of this
subject. Whatever power congress
has In the way of controlling or check
ing these monopolies should be
promptly ascertained and asserted. At
Cenrion Is called 10 the recommended
tons of President Harrison in his an
nual message of Dec. 3, 1889, and to
that of President Cleveland In his an
nual message Of Dec. z, 1896, as we'll
as to the act OF July. 1890. bearing
upon this subject. 1t is noted that the
state legislation to which President
Cleveland looked for relief from the
evil Of trusts has failed fully to accom-
plisb chat object, owing principally to
the fact that different states take diff
ferent views as to the proper way to
discriminate between evil and injuri-
GUS combinations and those associa-
tions which are beneficial and neces-
sary to the business prosperity of the
country. The president adds that uni
formity in state legislation on this
subject is much to be desired and ex-
presses the hope that means may be
found for congress within the limita-
tions of constitutional power so to