The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, 1899-12-12
! nnual Communi
I berl Congress.

= L
~ Detfmports for the year. In which
Az that we have exported dur
arr more than N.ooo, ooO, 900 worth
II more than the total of both oul
.ports lind Imports In 1870 or the exports
Tor the bast. year he says:
Exports OF agricultural products were
y7Si.77s.ll2. or manuiaetured products we
than any previous year. II is noteworthy
fact that the only years In all our history
when the products Of our manufactories
4 were 1898 and 1899.
.vernment Receipts and Expenses
lie calls attention to the report OF the
OF the treasury ard his estimate
the receipts and expenditures for the
fiscal year, showing a surplus OF
$1,000 900 He points to the present graf
a,J! strength Of the treasury, and says
"iiu December / the cash balance on
r ude, n SSs sSs S G6 w9 of tS ss, sSnx
.Le treasury he says:
lS timent receipts from all sources for
year ended June 80, 1899, includ-
L. Ail4, part payment of the Cen
C railroad Indebtedness. aggre-
Z ar. pois2IOO4;35:, Customs receipts were
ma1as tllSl,5i. w '
'defraJtic, leaving deficit OF S,lii.-
Neyeryecretary Of the treasury estimates
that the receipts for the current fiscal year
NNhNteSSfAA-s
basis Of present appropriations the ex-
penditures Will aggregate S6OO.95S,ll2. leay-
Ing a surplus plus Of 4oOOoSc99 Inn, ~ 300 -,
internal receipts were Increased about
Changes In Banking Act Needed.
He notes the resumption Of bond pur-
chases, and recommends important
changes IN, the banking laws TO allow ma
Ntional banks, to organize with capital of
y, 600 and says:
In its earlier history the national banking
L seemed to prove a reasonable avenue
Rough which needful additions TO the
Aulation could from time to time be
rendered i now now nOPsE to Sp tRat
The high margin in/bond securities
fired, resulting from large premiums.
,ch government bonds command in the
tket, or the tax on note issues, or both
Grating together, appear to be the infiu-
Ces which impair its public utility.
The attention Of congress is respectfully
L,fad to this important matter with the
ascertaining whether or not such
.,e Re notifications can be made III
III al banking act as will render its
n fhe particulars here referred 10
TIC onsive to the peoples needs.
-. ge that national banks be author
owl organize with capital Of $4,000
- my recommend that to support the
existing gid standard, and to maintain
metals gold mi silver and the equal
power OF every Collar at all times In the
market and in the payment OF debts" the
of the Sarged With IL the duty to
sell United States pnds ana 10 employ
such other effective means as may be
necessary to these ,paS 81 ne se, Ibu nISi 6
long and short time as conditions may re-
uulre and should pOvide for rate OF in
terest lower than tat fixed by the act OF
January IA. 1875.
-. rllhe\for GOLD standard.
y u. A. i
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
treasury demanding paper money in ex-
change, yet the very situation points to the
present as the most hitting 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-
Mics as the best The financial transac-
lions of the government are conducted
upon a gold basis. We receive gold when
we sell United States bonds and use gold
parity of all the money issued or coined by
authority Of the government. We are do
thg these things with the means at hand.
Happily at the present time we are not
TO resort to loans to supply gold
1t has been done in the past, however, and
may have to be done in the future. 1t be-
the best means 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- |
eeipts now equal our expenditures; de- |
hcient revenues no longer create alarm. !
Let us remove the only remaining cause by |
sonferring the full and necessary power on |
ha a mi
upon him the duty to uphold the present |
gold standard and preserve the coins OF the |
i've metals on a parity With each other:
The United States. .....-.-
In this connection l repeat my former
that portion OF the |
lund from which greenbacks shall be re-
deemed upon presentation, but when once
shall not thereafter be paid out
He recommends such legislation as will
Increase our merchant marine. and points
out the fact that our Increased trade de-
nands increased carrying facilities.
Asks for Trust Legislation.
The subject OF trusts Is treated exhaust
vely, and several recommendations are
lion OF those made by his predecessors. OF /
his subject he says In part:
II Is universally conceded that com
oinations which engross or. control the
or commodity necessary to the
GENERAL community. by suppressing nat
iral and ordinary competition, whereby
prices are unduly enhanced TO the general |
consumer, are obnoxious not only to the |
common law but also 10 the public vel |
are. There must be a remedy for the |
wills involved In such organizations. II |
he present law can be extended more Ger. |
ainly to control or check these mon opolies |
" trusts, II should be done without de- |
ay Whatever power ths congress pos
esses over this most important subject |
hould be promptly ascertained and as
'erted.
State Legislation Has Failed.
He points 20 previous trust legislation |
md Its inffectiyeness. and also calls at |
ention 10 the legislation enacted by the |
various states In the following words.
The state legislation TO which President |
looked for relief from the evils |
n trusts has failed 10 accomplish fully |
hat object. This 10 probably due TO 4 |
ItAtes take different Views as 70 the prop
" way 10 discriminate between evil and |
ujurious combinations and tho3e associa-
ipns which are beneficial and n Icossary to
Ne business prosperity Of th3 country. |
great diySysity OF treatme In differ- |
stetss 4ryins from. THU - . and the |
.stt 'e' a e s!l p.r:: ne 3. s .,ss.
I.4..I. 4. -.