The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-06

SENATE
sentatives: At the threshold of your
deliberations you are called to mourn
with your countrymen the death of
e-President Hobart, who passed
from this life on the morning of Nov.
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 ex-
allied motives. He has been removed
from the high office which he honored
and dignified, but his lofty character,
his devotion to duty, his honesty of
purpose and noble virtues remain with
us, a priceless legacy and example.
The seth congress conYenes in it's first
regular session with the country in a
condition of unusual prosperity, of uni
versal 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 imports and eX-
ports for the year are the largest ever
shown by a single year in all our his
tory. Our exports for 1899 alone eX-
ceeded by more than billion dollars
our imports and exports combined in
1870. The imports per capita are 20 per
cent Less than in 1870, while the ex-
ports per capita are 50 per cent more
than in 1870, showing the enlarged
capacity of the United States to satisfy
the wants of its own increasing popu-
lation as well as to contribute to those
of the peoples of other nations.
AGRICULTURAL PRODUCTS.
Exports Of agricultural products were
1874, 776.142 OF manufactured products
we exported in value 1899, 592, 146 being
larger than any previous year 1t is a
noteworthy fact that the only years in
all our history when the products or
our manufactures sold abroad exceed
ed those bought abroad were 1898 and
1899.
Government receipts from all sources
for the fiscal year ended June 30, 1899,
including ST, 79S, 314 IA part payment of
the Contra! Pacific railroad indebted
ness, aggregated 500, $685. 04, 80. Gus
toms receipts were S2O6, 1928, 481.75, and
those from internal revenue $279,437,
1e1 81.
For the fiscal year the expenditures
were $70O, O9S 564 02, leaving a deficit Of
$50, iii, $50 CT.
The secretary of the treasury esti-
mates that the receipts for the current
fiscal year will aggregate S640,95S, 112,
and upon the basis of present appropri-
ations, the expenditures will aggregate
$500, 953, 112, leaving a surplus of S4O,-
600. 900.
For the fiscal year ended June 80,
1899, the internal revenue receipts were
increased about 100000.
The present gratifying strength of
the treasury is shown by the fact that
on Dec. l. 1899, the available cash bal
ance was $27S, 1904, S37.72, of which
S239, 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.
STRENGTH OF TREASURY.
The strong position of the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nues have made 1t possible for the sec
rotary of the treasury to take action
under the provisions of section 1894,
revised statutes, relating to the sinking
fund. Receipts exceeded expenditures
for the first five months of the current
fiscal year by $13, 413, SS9 81, and, as
mentioned above, the secretary of the
treasury estimates that there will be
surplus of approximately $40,O000 600 at
the end of the year. Under such condi-
lions it was deemed advisable and
proper to resume compliance with the
provisions of the sinking fund law,
which for eight years has not been done
because of deficiencies in the revenues.
The treasury department therefore Of
fered to purchase during November
S25, 900 900 of the per cent loan of 1904
or the A per cent funded loan of 1907, at
~. ,Nflya a
offered and purchased during Novem
Der was SIS, 40S, 600. The premium paid
by TIE government on SUCH purchases
was 81, 263,521 and the net saving in in
terest was about $2,SS5,000.
The success of this operation was
sufficient to induce the government to
continue the offer to purchase bonds
to and including the 2Sd day of Deem
Der instant, unless the remainder of the
S25 600, 600 called for should be pre-
scented in the meantime for redemp-
ton.
ACTIVE INDUSTRIES.
Increased activity in industry, with
its welcome attendant-a larger en-
ployement for labor at higher wages
gives to the body of the people larger
power to absorb the circulating medi-
UNI. 1t is further true that year by
wear, with larger areas of land under
cultivation, the increasing volume of
agricultural products. cotton, corn and
wheat. calls for a larger volume of
money supply This is especially notice
able at the harvesting and crop
moving period.
In its earlier history the national
banking act seemed to prove reason
able avenue through which needful ad-
ditions to the circulation could from