The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-06
Makes Important Recommends
lions as to Finances.
He DECLARES AGAINST TRUSTS
Touches Upon Porto Rico, Hawaii and
the Philippine Questions and Many
Other Matters "A Tribute to
the Dead Vice-President

Washington, December 5.-The following
is the message of the President of the
United States, which was delivered to con-
gress at noon today:
To the Senate and House of Representa-
tives.
At the threshold of your deliberations,
you are called to mourn with your country
men the death of Vive-President Hobart,
who passed from this life on the morning
of November 21 last. His great soul now
rests in eternal peace. His private life was
pure and elevated, while his public career
was ever distinguished by large capacity,
stainless integrity and exalted motives. He
has been removed from the high ofhce
which he honored and dignifed, but his
lofty character, his devotion to duty, his
honesty of purpose and noble virtues re-
main with us as priceless legacy and ex-
ample.
The Fifty-sixth congress convenes in its
first regular session with the country in
condition of unusual prosperity, of univer-
sal 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 increase
in volume and value. The combined i'm
ports and exports for the year are the
largest ever shown by a single year in all
our history. Our export for 1899 alone eX-
coed by more than a billion dollars our I'M
ports ana exports cOHDlneu III loiu LIE
imports per capita are 20 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
So tisfy the wants of its own Increasing
population as well to contribute to those
of the peoples of other nations.
ExpLrts of agricultural products were
$7S4,77614S. OF manufactured products we
exported in value s339, 592 ,1I6, being larger
than any pi evious year. 1t is a noteworthy
fact that tire only years in all our history
when the products of our manufactures
sold abroad exceeded those bought abroad
were 1898 and 1899.
Government receipts from all sources for
the fiscal year. ended June 80, 1899, includ-
ing 81, 1885, IA part payment of the Cen
trail Pacific railroad Indebtedness, aggre-
gated s610,9S2, 004. 36. Customs receipts were
sos 12S, rs, and those from internal rev.
enue $273, 437, 1871. For the fiscal year the
expenditures were s700,093 ,56i o. leaving
deficit of $50, III, 559.67
The secretary of the treasury estimates
that the receipts for the current fiscal year
will aggregate $640,95S112, and upon the
basis of resent appropriations the expendi-
lures will aggregate $500, 1858, 112, leaving
surplus of $0000,000.
For the fiscal year ended June 30, 1899, the
Internal revenue receipts were increased
about $100,000,0O0
Strength of Treasury
The present gratifying strength of the
treasury is shown by the fact that on De-
cember /, 1899 the available cash balance
was $27S 004, S37 72, of which 1929. 36 was
In gold coin and bullion. The condition of
confidence which prevails throughout the
country has brought gold into more gen
eral use, and custom 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 revenues have made
10 for 10 of the treasury
to take action under the provisions of Sec
ton 1894 revised statutes relating to the
sinking funds. Receipts exceeded expendi-
lures for the first five months of the cur
rent fiscal year by $13, 413. 81, and, as
mentioned above, the secretary Of the
treasury estimates that there will be
surplus of approximately s40,0 10000 at the
end of the year, Under such conditions 1t
was deemed advisable and proper to resume
compliance with the provisions of the sink
ing fund law, which for eight years has
not been done because of deficiencies in the
revenues. The treasury department, there
tore offered to purchase during November
s25 900, 900 Of the per cent. loan Of 1904 or
the per cent funded loan of 1907 at the cur
rent market price The amount offered and
purchased during November was $lS,4OS,6 500.
The premium paid by the government on
such purchases was $2.263521, and the net
saving in interest was about S2,SS5O00 The
success of this operation was sufficient to
induce the government to continue the Of
fer to purchase bonds TO and including
the 23d day of December instant, unless
the remainder of the $25,O00,0o0 called for
should be presented in the meantime for
redemption.
Increased activity in industry with its
welcome attendant-a large employment for
labor at higher wages-gives to the body
of people a larger power to absorb the cur
cuIating medium. 1t Is further true that
year by year, with larger areas of land UNI
der cultivation, the increasing volume of
wheat Calls for larger volume of money
supply. This is especially noticeable at
the crop harvesting and crop moving
period. In Its earlier history the national
banking act seemed to prove a reasonable
avenue through which needful additions to
the crcula ton could from time to time be
made. Changing conditions have apparent
ay rendered 1t now imperative to that end.
The high margin in bond securities requir-
ed, 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 influences which
impair its public utility.
The attention OF congress Is respectfully
invited to this important matter with the
view of ascertaining whether or not such
reasonable notifications can be made In
the national bank act as will render its
service in the particulars here referred to
more responsive to the peoples needs. I
again urge that national banks be author
tied to organize with capital of $500
- Gold Standard
I urgently recommend, that to support
the existing gold standard, and to maintain
''the parity In value of the coins Of the