Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1899-12-07
Cuba To
Be Free +! !!
Declares the President in
His Message.
No Abandonment of the
Philippines.
Currency and Many Other
Matters Discussed.

Washington, Dec. 5.-The presidents
message was read to both houses of
congress today, and is very long. At
the outset a touching allusiOn is made
to the death of Vice President Hobart,
whose great soul now rests in eternal
peace" Continuing the president notes
that the country is 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 in
crease in volume and value. The COM
bined imports and exports for the
year are the largest ever shown by
single year in all our history. Our eX-
ports for 1899 alone exceeded by more
than a billion dollars our imports and
exports combined in 1870. The imports
per capita are twenty per cent. less
than in 1870, while the exports per
capita are So per cent. more than in
1870, showing the enlarged capacity of
the United 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, nc, 142 Of manufactured products
we exported in value 1899 592 146, being
larger than any previous year 1t IS q
noteworthy fact that the only years in
all our history when the products of
our manufactures sold abroad eX-
ceeded those bought abroad were 1898
and 1899.
Government receipts from all sources
for the fiscal year ended June 80, 1899
including $11, ,31414, part payment
of the Central Pacific railroad indebt-
edness, aggregated $61O, ,OO4.35, Gus
toms receipts were $206, 12S ,4S1.75, and
those from internal revenue $27S, 437,
1851.
For the fiscal year the expenditures
were $500, O93, 564.O2, leaving a deficit
of $50, Ill ,559.67 The secretary Oh the
treasury estimates that the receipts fol
the current fiscal year will aggregate
$640, ,112, and upon the basis OF
present appropriations the expendi-
lures will aggregate $500, 1858, 112, leav-
ing a surplus of $40,000,000. For the
fiscal year ended June 80, 1899 the in
ternal revenue receipts were Increase
about $l00,00O,VO0.
The present gratifying strength OF
the treasury is shown by the fact that
on December 1, 1899, the available cash
balance was $27S ,004, 83772, of which
$239, 744, 905.36 was in gold coin and
bullion. The conditions of confidence
which prevail throughout the country
have brought gold into more general
use and customs receipts are now al
most entirely paid in that coin.
The strong condition Of the treasury
with respect to cash on hand and the
favorable showing made by the rev
enues have made it possible for the
secretary of the treasury to take action
under the provisions of section 1894
Revised Statutes, relating to the sink
ing fund. Receipts exceeded expendi-
lures for the first five months of the
current fiscal year by S13 ,3S991
and, as mentioned above. the secretary
of the treasury estimates that there
will be a surplus of approximately
$4,000, 600 at the end of the year I'm
der such conditions it was deemed ad-
yiSabie and proper to resume cOmpli-
ance with the provisions of the sinking
fund law, which for eight years has
not been done because of deficiencies
III the revenues. The treasury depart
ment therefore offered to purchase dur
ing November $25 900, 900 of the pei
cent. loan Of 1903, or the per cent
funded loan of 1907, at the current
market price. The amount offered and
purchased during November was SIS
4OS Geo. The premium paid oy the gov
eminent on such purchases was 2,263.
81 and the net saving in interest was
ABOUT $2,SS5,0 600. The success of this
operation was sufficient to induce the
government to continue the offer to
purchase bonds to and including the
sd day of December, instant, unless
the remainder of the $25.0OO, 900 called
for should be presented in the mean
time for redemption.
The Currency.
The president asks that modification
be made in the national banking act as
will render its service more respons-
i've to the peoples needs in the way OF
added circulation and urges that ma
tlonal banks be authorized to organize
with capital of S25 900 | urgently
recommend that to support the exist
ing gold standard, and to maintain
the 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
bonds and to employ such other effect
i've means as may be necessary to
these ends. The authority should in
clude the power to sell bonds on long
and short tine, as conditions may re-
quire, and should provide for rate
of interest lower than that fixed by the
act of January IA, 1875. While there
is now no commercial fright which
Withdraws gold from the government,
but, on the contrary, such widespread
confidence that gold seeks the treasury
demanding paper money in exchange,
yet the very situation points to the
present as the most fitting time to
make adequate provision to insure the
continuance of the gold standard and