Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1899-12-07
M'KINLEY'S MESSAGE.
Synopsis of His Annual Communi-
cation to Congress.
Treats Exhaustively of the Subjects of
Financial Legislation, the Trusts
and the Affairs of the Diff
ferent Colonies.

sis of the presidents annual message 10
congress, which makes, in full, about 30,
The message begins with al announce
ment of the death Of Vice Pre- dent Hobart
and a tribute to his worth Following
that is statement of the prosperity which
the country is enjoying and statistics Of our
exports and imports for the year in which
Il is shown that we have exported dur
ing the year more than $1,000. zoo, 600 worth
of goods, more than the total of both our
exports and imports in 1870 OF the exports
Tor the past year he says:
Exports of agricultural products We're
$7S4776l42. OF manufactured products we
exported in value $339, 592, las 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 1899.
Government Receipts and Expenses.
lie calls attention to the report of the
secretary of the treasury and his estimate
OF the receipts and expenditures for the
present fiscal year showing a surplus of
si0.0O0,0O0 lie points to the present graf
flying strength of the treasury. and says
that on December 4 Che cash balance on
hand was $27S. 004 S97.72. of which 1928. ia
gO5.SG was in gold and bullion. OF the show
ing of the treasury he says:
Government receipts from all sources for
the fiscal year ended June 80, 1899, includ-
ing. ST. 79SSl4.4, part payment of the Cen
gated 500, 9S2, 0O435 Customs receipts were
enue $27S, 437, 1871
55967
The secretary Of the treasury estimates
that the receipts for the current fiscal year
will aggregate S640,95S1l2, and upon the
basis of present appropriations the ex-
penditures will aggregate $500 95S, ll2, leav-
ing a surplus of Si0O00,000.
For the fiscal year ended June 80, 1899, the
Internal receipts We're increased about
500 100000
Changes in Banking Act Needed.
lie notes the resumption of bond pur-
chases, and recommends important
changes in the banking laws to allow ma
tonal banks TO organize with a capital of
SIS 600. and says:
III its earlier history the national banking
act seemed to prove a reasonable avenue
through which needful additions to the
circulation could from time to time be
made. Changing conditions have appar-
emily rendered ii 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
operating together, appear to be the infu-
ences which impair its public utility.
The attention of congress is respectfully
Invited to this important matter with the
view of asce raining whether or not such
reasonable notifications can be made in
the rational banking act as will render its
service in the particulars here referred to
more responsive to the peoples needs. /
again urge that national rks be author
lied 70 organize with a capital of $4,000.
| urgently recommend that to support the
existing gold standard, and to maintain
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 or 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
should include the power to sell bonds on
long and short time as conditions may re-
quire and should provide for a rate of in
terest lower than that fixed by the act of
January "A. 1915,
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 confidence that gold seeks the
treasury demanding paper money in eX-
change, yet the very situation points to the
present as the most fitting time to- make
adequate provision TO insure the continu-
ance of the gold standard and of public
confidence in the ability and purpose Of the
government to meet all its obligations in
the money which the civilized world recog
niZes the best. The financial transac-
tions Of the government are conducted
upon a gold basis We receive gold when
we sell United States bonds and use gold
for their payment We are maintaining he
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 tc loans to supply gold
1t has been done in the past, however, al d
may have 10 be done in the future 1t be-
hooves US, therefore, to provide al once
the bestmeans to meet the emergency when
II 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
financial plight and embarrassment during
the years 1893 1894, 1895 and 1896 Our re-
ceipts now equal our expenditures: de-
ficient revenues no longer create alarm.
Let us remove the only remaining cause by
comforting the fun 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 a parity with each other
which Is the repeatedly declared policy of
the United States.
In this connection | 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 rot thereafter be paid out
except for gold
He recommends such legislation as will
out the fact that our increased trade de-
mands increased carrying facilities
Asks for Trust Legislation
The subject Of trusts is treated exhaust
lively, and several recommendations are
made for their control, including reitera-
ton of those made by. his predecessors. OF
this subject he says in part:
IT 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 suppressng 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 a remedy for the
evils involved in such organizations. If
the present law can be extended more GER
tainly TO control or check these monopolies
or trusts, il 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 Has Failed
lie points to previous trust legislation
and its Effectiveness, and also calls at
tention TO the legislation enacted by the
various states in the following words:
The state legislation to which President
Cleveland looked for relief from the evils
of trusts has failed to accomplish fully
that object This is probably due to a
great extent TO the fact THAI different
states take different views a TO the prom
er way to discriminate between evil and
injurious combinations and those associa-
tons which are beneficial and necessary to
the business prosperity of the country
The great diversity of treatment in differ
ent states arising from this cause and the
intimate relations Of all parts of the conn
try to each other without regarding state
lines IN the conduct of business have made
the enforcement of state laws difficult
IL is apparent that uniformity OF legisla-
ton upon this subject in the several states
Is n ha 4 ncfr ed . Sc 81 1. -