New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-06

The
should he observed
must he maintained. The future govern
meut Of the islands is left for Congress to
determine.
Early action for building the Nicaragua
Canal and laying IA Pacific cable il urged.
Lynchings denounced and further
legislation the subject is requested.
A commission to study CONNIE rciaI and in
dustriaI conditions in China is advocated.
The recent Civil Service order il e1-
planned.
Washington, Dec. 5-The annual Message Of
President Mckinley, which was transmitted to
Congress to-day. is as follows:
To the Senate and House Of Representatives.:
At the threshold of your deliberations you are
called 10 mourn with your countrymen the
death Of Nice-President Hobart who passed
from this life on the morning OF November q
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 mo-
tives He has been removed from the high
Office which he honored and dignified. but his
lofty character his devotion TO duty, his hon
esty Of purpose and noble virtues remain with
US as a priceless legacy and example.
The LVIth Congress convenes in its first reg
ular session with the country in a condition OF
unusual prosperity. Of universal good Will among
hOfne
and friendship with every government Of the
world Our foreign commerce has shown great
increase in volume and value. The combined
imports and exports for the year are the largest
ever shown by a single year in all our history.
Our exports for 1899 alone exceeded by more
than a billion dollars our imports and exports
combined In 1870 The imports per capita are 70
per cent less than in 1870 while the exports per
capita are IS per cent more than in 1870, show
ing the enlarged capacity Of the United States
TO satisfy the wants Of its own increasing popu-
lstion. well as 10 contribute to those of the
peoples Of other nations. ~
Exports Of agricultural products were 1884,
1912 or manufactured products we ex-
ported in value $3.50 592. 146 being larger than
any previous year. 1t is a noteworthy fact that
the only years in all our history when the prod
ucts OF our manufactures sold abroad exceeded
those bought abroad were 1898 and 1879
GOVERNMENT RECEIPTS
Government receipts from all sources for the
fiscal year ended June 80 1899. including SILL
IeS3l4 IA. part payment of the Central Pacihc
railroad indebtedness. aggregated SOLO gSZ.-
Oh 50. Customs receipts were S2O6 12o, 4S1 %,
and those from internal revenue S2l3, 49,, lOl OIL
For the fiscal year the expenditures We're
800 093 564 OF leaving deficit Of $50 559 6l.
The Secretary Of the Treasury estimates that
the receipts for the current fiscal year Will
aggregate S64095S.112, and upon the basis or
present appropriations the expenditures Will ag-
gregate S60095S.112, leaving a surplus or
For the fiscal year ended June 60 1899 the
Internal revenue receipts were increased about
SOoOO0OOO
The present gratifying strength OF the Treas
ury is shown by the fact that on December l..
1899 the available cash balance was SZIS.Uot,-
S7 70 Of which S239 IA 10? 80 was IN s sodo
which prevail throughout the country nave
brought gold into more general use, and customs
receipts are now almost entirely paid In that
Nin
SINKING FUND OPERATIONS.
,.ttl
Yect to cash on hand and the favorable show
Ing made by the revenues have made II possible
tor the Secretary of the Treasury 70 take action
under the provisions Of Section 3'69i, Revised
Statutes relating TO the Sinking Fund. Re-
ceipts exceeded expenditures for the first hve
months Of the current fiscal year by sl3,4l@,-
1891 and, as mentioned above. the Secretary
d the Treasury estimates that there VIII De a
surplus Of unfortunately S4OOOOOOO at the END
q the year Under such conditions II was
deemed advisable and proper to- resume com
riance with the provisions Of the Sinking Fund
Jaw, which for eight years has not Deeh uOhe
because OF deficiencies in the revenues Ihe
ITeasury Department therefore offered 10 pur-
Chase during November S21.WONtO Of the per
cent loan Of 1894 or the ( per cent funded loan
o. lWI AT the current market price. me
amount offered and purchased during NoVein Dc
vas SlN10S,GD. The premium PAID ~ me me, GOV
eminent on such purchases was S2,Zhi,',Zi. ati
lne net saving IN interest was about N2sS1VD
he success Of this operation was suinclent 10
.nouce the Government 70 continue tne oli a
% December inst unless the remainder or the
N-0T0OU called fOI should he presented IN
'ne mean time for redemption
NATIONAL BANK CURRENCY.
Increased activity in industry, with it's wei
come attendants larger employment for labor
AZ higher wages-gives TO the body OF the peopIe
ger power TO absorb the circulating HltuIui"
~ further true that year by year WIN IaI se.
Gas Of land under cultivation, the lncreaslns
hume Of agricultural products cotton corn
Mu wheat calls for a larger volume OF money
5eppiy. This is especially noticeable AT 'he c'oP
ga. 'esung and crop moving PERIOD
~ US earlier history the National Bahkins az
bH"ieu 70 prove a reasonable avenue ."' '1
,EnIth neeGful additions to the circulation couiu
.tVn time TO time he made Changing conul-
.,ohs nave apparently rendered IL imperative 10
.Hdl END The high margin in bona secui iiE
cIuIed, resulting from large premiums . i''( or
11ONefnment bonds command In the market OF
c, TAX on note issues, or both operating "
It's public utllitv
ne attention Of Congress is resDectfully III,
1lted 10 this important matter with the we" Oh
Ascertainng whether or not such reasonable
rpaouihcations can he made in the NauonaI
Banking act will render It's service IN the
PARTICULARS here referred 10 more responsive 10
me tne peoples needs. / again urge that NauonaI
ose s6 be authorized 10 organize with capta'
otS25OO0
NAlNTENANCE OF TIE GOLD STANDARD
1. urgently recommend that to support the ex-
'InB gOld standard, and 10 MAINTAIN the
thati,y in value Of the coins OF the two metals
eViu ana silver, and the equal power OF every
1onar al all times in the market ana IN the
pa5nent OF debts" the Secretary OF the treas
~! De given additional power ana charged WIN
we DUTY 10 sell United States bonds ana 10
Employ such other effective means as may T.:
tecessary to those ends. The authority should
include the power 10 sell bonds on long and
Ina