The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1899-12-05
PRDSlDENTS NESSACR
10 the Senate and House Of Repre-
nAUtafiywc-

Il uoututiNGe.
The Fifty-sixth congress convenes In
its first regular session with the coun.
try In condition of unusual pros.
perity, of universal good will among
the people at home. and In relations OF
| peace and friendship with every gov
eminent Of the world. Our foreign
commerce has shown great increase In
volume and value. The combined i'm
ports and exports for the year are
the largest ever shown by single
year in all our history. Our exports
for 1899 alone exceeded by more than
billion dollars our imports and ex-
ports combined in 1870. The imports
per capita are 20 per cent less than In
1870, while the exports per capita are
5S per cent more than In 1870, show.
ing the enlarged capacity of the Uni
ted 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
products we exported In value $780,
692,146, being larger than Hny pre-
vious year. It is a noteworthy fact
that the only years In all our history
when the products of our manufac-
tories sold abroad exceeded those
bought abroad were 1898 and 1899.
Government receipts from all sources
for the fiscal year ended June 80, 1899,
including sl1,7SS. 314.14. part payment
Of the Central Pacific railroad indebt-
edness. aggregated s610, 982 ,O04. 35. Gus
toms receipts were $206, 128, 481.75 and
those from internal revenue s273,437,-
161.51.
For the fiscal year the expenditures
were S7o0,09S, 564.02, leaving a deficit
of SSs, III, 559.67.
The secretary Of the treasury esti-
mates that the receipts for the cur
rent fiscal year will aggregate $780,
9tS,112, and upon the basis Of present
appropriations the expenditures will
aggregate $600,sbS.l12 leaving sur
plus Of $40. 100000
For the fiscal year ended June 30,
1899, the internal revenue receipts
were increased about 500, 000, 900.
The present gratifying strength of
the treasury is shown by the fact that
on Dec. l, 1899. the available cash bal
ance was S97S,004 ,S37.72, Of which
$2S9. 744, 905.36 was In gold coin and
bullion. The conditions Of confidence
which prevail throughout the coun-
try have brought gold into more gen.
eral use and customs receipts are now
almost entirely paid in that COIN
The strong position of the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nnes have made 1t possible for the
secretary of the treasury to take action
under the provisions OF Section 1894,
Revised Statues. relating to the sink
ing fund. Receipts exceeded expendi-
lures for the first five months of the
current fiscal year by s13.413,SS991,
and, as mentioned above the secretary
OF the treasury estimates that there
will I've surplus of approximately S40,-
100000 at the end of the year. Under
such conditions 1t was deemed advis-
able and proper to resume compliance
with the provisions of the sinking
fund law, which for eight years has
not been done, because of deficiencies
in the revenues The treasury DEPART
ment, therefore. offered TO purchase
during November s25.0000 900 of the
per cent loan of 1904, or the per cent
funded loan of 1907 at the current
market price. The amount offered and
purchased during November was slS,-
i08,GG0. The premium paid by the gov
eminent on such purchases was ST.
e63,5 and the net saving in interest
was about $2,SS5 900. The success of
this operation was SUFFICIENT to induce
the government to continue the otrer
10 purchase bonds to and including the
23i day of December, instant. unless
the remainder Of the S25,000,O00 called
for should be presented In the mean
time for redemption.
In its earlier history the national
banking act seemed to prove reason
able avenue through which needful
additions to the circulation could from
time to time be made Changing con-
dtoaa have apparently rendered 1t
now imperative to that end. The high
margin in bond securities required, re-
sulLinB from large premiums which
government bonds command in the
market, or the tax on note issues, or
both operating together, appear to be
the influences which impair its public
utility.
The attention of congress is respect
fully invited to this important matter.
With the view Of ascertaining whether
or not sucn reasonable modification can
be made in the national banking act
as will render its service in the particu-
lars here referred to more responsive
to the neople's needs | again urge
that the national banks be authorized
to organize with capital Of $25 900.
I urgently recommend that to sup
port the existing gold standard and to
maintain "the parity in value of the
coins of the two metals fgold and sill
ver and the equal power of every
dollar at all times in the market and
in the payment Of debts" the secre-
tary Of the treasury be given addition
al power and charged with the duty
TO sell United States bonds and to en-
ploy such other effective means as
may be necessary TO these ends. The
authority should include the power to
fell bonds on long and short time, as
conditions may require, and should
provide for rate of interest lower
than that fixed by the act Of Jan. IA,
1873 Willie taere is now no COM
merCial fright which withdraws gold
from the government but, on the con-
trary. such widespread confidence that
gold seeks the treasury demanding
paper money in exchange, yet the very
situation Joints to the present as the
most fitting time to make adequate
provision to insure the continuance Of
the gold standard and of public conf
dence IN the ability and purpose of
the government 10 meet all It's obliga-
tIons In The money which the civilized
world recognizes as the best.
Tho financial transactions of the
government are conducted upon gold
basis We receive gold when we sell
United States bonds and use gold for
their payment We are maintaining
the parity of all the money issued or
COINED by authority Of the government.
We are doing these things with the
means at hand. Happily at the pres
ent Time We are not compelled TO re-
sort to loans to supply gold. It has
been done in the past, however, and
my have to be done In the fGture. II
bahooves us. therefore. to provide at
once the best means to meet the
emergency when il arises, and the best
mean, are those which arc ,hp rn1ct