Warren sheaf., 1899-12-14
M'KINLEY'S MESSAGE.
Synopsis Of His Annual Communi-
cation to Congress.

0yuOpSiS OF LIS annual commune.
cation to Congress.
Treats Exhnustively of the Subjects Of
Financial Legislation, the Trusts
and the Affairs of the Diff
ferent Colonies.
The following is comprehensive synop-
co Sc0onngress, which makes, in full, about 3d.
The message begins with an announce
and a tribute to his worth Following
that is a statement of the prosperity which
the country is enjoying and statistics of our
exports and imports fer the year, in which
It is shown that we have exported dur
ing the year more than $1,000, ,O0o, ,OC0 worth
or goods, more than the total Of both our
exports and imports in 1870. OF the exports
1or the past year he says:
40; exports Of agricultural products were
s7s4,77e 142. OF manufactured products we
exported in value $685., ,592 LAG, being larger
Ihan any previous year. It is a noteworthy
fact that the only years in all our history
sold abroad exceeded II those bought abpoad
were 1888 and 1899.
Government Receipts and Expenses.
He calls attention to the report of the
secretary of the treasury and his estimate
OF the receipts and expenditures for the
flying strength Of the treasury, and says
that on DeGember eGem b so ! the cash balance on
9o5.36 was in gold and bullion. OF the show
Ing of the treasury he says:
.,Government receipts from all sources for
ing part payment 7 nj OF Of the t5e Cen
tral Pacific railroad Indebtedness, aggre-
gated $50, ,9s2, ,oo4.35 Customs receipts Were
sS7s Is "a and those from internal rev.
s5S9 Esq., Sss 5s4o2' leaving deficit Of sss,ili,1
The secretary Of the treasury estimates
that the receipts for the current fiscal year
will, aggregate $e4o,e5s.112, and upon the
penditures will aggregate $500, ,95s, ,112, leav-
Ing surplus of s4O,o0oOOo:
For the fiscal year ended June so 1892 the
500 100000.
Changes in Banking Act Needed.
He notes the resumption Of bond pur-
chases, and recommends important
changes in the banking laws to allow ma.
$4,000, and says:
In its earlier history the national banking
act seemed to prove reasonable avenue
circulation could from time to time be
made. Changin!g conditions have appar--
entity rendered 1t now imperative to that
end. The high margin in bond securities
required, resulting from large premiums
which government bonds command in the
market, or. the tax on note issues, or both
ences which impair'its public utility.
The attention. of congress is respectfully
view of ascertaining whether or not such
reasonable modifica tions can be made in
the national banking act as will render its
service in the particulars here referred to
naOn1a'S T
again urge that national banks be author
lied to organize with capital of s25,oOO.
existing gold standard, and to maintain
'the parity in value IF the coins Of the two
metals (gold and silver( and the equal
market and in the payment of debts,' the
secretary of the treasury be given addi-
tional 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
ng and abor tine maY on
quire, and should provide for rate Of in.
terest lower than that fixed by the act of
January IA. 1875.
Time for Gold Standard.
He strongly recommends the adoption of
the gold standard, and on this subject says:
: While there is now no commercial fright
which withdraws gold from the govern
ment, but, on the contrary, such wide
spread confidenee that gold seeks the
change, yet the very situation points to the
present as the most fitting time to make
ance of the gold standard and Of public
confidence in the ability and purpose of the
government to meet all it's obligations in
nizes as the best. The financial transac-
tions of the government are conducted
upon a gold basis we receive gold when en-
for their payment. We are maintaining the
parity OF all the money issued or coined by
authority of the government. We are do
ing 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, however, and
hooves us. therefore, to provide at once
the bestmeans to meet the emergency when
1t arises, and the best means are those
which are the most certain and economical.
Those now authorized have the virtue
neither of directness nor economy. We have
already eliminated one of the causes of our
the years 1893, 1894, 1895 and 1895. Our re-
ceipts now equal our expenditures; de-
ha no oU 10ngep aarm m
comforting the full and necessary power on
the secretary Of the treasury and impose
upon him the duty to uphold the present
gold standard and preserve the coins of the
two metals on parity with each other
which is the repeatedly declared policy Of
In this connection I repeat my former
recommendation that a portion of the
gold holdings shall be placed in a trust
fund from which greenbacks shall be re-
deemed upon presentation but when once
redeemed shall not thereafter be paid out
except for gold
He recommends such legislation as will
increase our merchant marine, and points
out the fact that our increased trade de-
mands increased carrying facilities.
Asks for Trust Legislation.
The subject of trusts is treated exhaust
ively, and several recommendations are
made for their control. including reitera-
tion of those made by. his predecessors. OF
this subject he says In part:
1t is universally conceded that COM
binations which engross or control the
market of any particular kind of mer-
chandise or commodity necessary to the
general community, by suppressing nat
ural and ordinary competition, whereby
prices are unduly enhanced to the general
consumer, are obnoxious not only to the
common law but also to the public well
fare. There must be remedy for the
evils involved in such organizations. If
the present law can be extended more GER
tainIy to control or check these monopolies
lor trusts, it should be done without de-
lay Whatever power the congress pos
sesses over this most important subject
should be promptly ascertained and as
serted.
State Legislation HIS Failed.
He points to, previous trust legislation