The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1899-12-13
A MESSAGE Which
MARKS A NEW ERA.
President Mckinley Expresses His
Views Upon Our New National
Responsibilities.


President Mckinley transmitted the
following message to Congress on Tues
day, 5th ins.
To the Senate and House OF Represen-
tatives:
At the threshold Of your deliberations
you are called to mourn with your
countrymen the death Of Vice Presi-
dent Hobart, who passed from this life
on the morning of November p last.
His great soul now rests in eternal
psacs. His private lif' 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 dig
nified, but his lofty character, his de-
yotion to duty, his honesty of purpose,
and noble virtues remain with US as q
priceless legacy and example.
The Fifty-sixth Congress eOnvenes
in its first regular session with the
country in condition Of unusual pros
perity, of universal good will among
the people at home, aud in relations of
peace and friendship with every gov
ernment OF the world. Our foreign
commerce. has shown great increase in
volume and value. The combined inn
ports aud exports for the year are the
largest ever shown by a single year in
all our history. Oar exports for 1899
alone exceeded by m)re than a billion
dollars our imports and exports COM
bined in 1870. The imports per capita
are 20 per cent less than in 1870, while
the exports per capita are 50 per cent
more than in 1870, showing the eulsrg-
ed capacity of the United States to
satisfy the wants of its own increasing
population, as well as to contribute to
those Of the peoples Of other nations
THE TREASURY SURPLUS.
The strong position OF the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nues have made it possible for the sec
retsry 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 SlS, AIS, ,SS9.9l, and as
mentioned above, the Secretary OF the
Treasury estimates that there will be
surplus Of approximately $4,000, 600 at
the end OF the year. Under such con-
ditions it was deemed advisable and
proper to resume compliaucs with the
provisions OF the sinking fund law,
which for eight years has not been
done because OF deficiencies in the rev.
enues. The treasury department there
fore offered to purchase during No
vember 81, 900, 900 OF the 5 per cent loan
Of 1904. or the per cent funded loan
Of 1907, at the current market price.
The amount offered and purchased
during November was SIS, ,4OS, 900. The
premium paid by the government on
such purchases was s., 2jS, ,52l aud the
net saving in interest was about &, ,SSj,-
600. The success Of this operation was
sufficient to induce the government to-
continue the offer to purchase bonds to
Including the 23i day OF December,
instant, unless the rem inder Of the
s25, ,000, 900 called for should be present
ed in the meantime for redemption.
THE CURRENCY.
Increased activity in industry, with
its wholesome Attendant larger en-
ployment for labor az higher wages
gives 10 the b)1y of the people a
larger power to absorb the circulating
medium. It is further true that year
by year, with larger areas Of land
under cultivation, the increasing vol
ne Of agricultural products, cjtton,
corn and wheat, calls for larger vol
ume Of money supply. This is especial
ly noticeable ae the crOp-harvesting
and crop-moving period.
In its earlier history the national
banking act seemed to prove q reason
able avenue through which needful ad-
ditions to the circulation could from
time TO time be made. Changing con-
ditions have apparently rendered il
now imperative to that end. The high
margin in bond securities required, re-
sulting 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 respect
fully invited to this important matter
vita the view of ascertainiog whether
or no such reasonable notifications
can be made IN the national banking
act as will render its service in the par
ticulars here referred to more respon-
sive to the peoples needs. l again
urge that national banks be authorized
to organize with capital of SIS 900.
THE GOLD STANDARD.
Iurgently reeommend that to sup
port the existing gold standard, and to
maintain 1.-The parity in value Of the
coins Of the two. metals (gold and sill
ver) and the equal power Of every dol
lar st all. times in the market and in
the payment of debts" the Secretary
Of the Treasury be given additional
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 authori-
ty should include the power to sell
bonds on long and short time, as eOndi-
tons may require, and should provide
for q rate Of interest lower than that
fixed by the act OF January IA, 1875.
While there is now no commercial
fright which withdr1ws gold from the
government, but, on the contrary, such
widespread confidence that gold seeks
the treasury demanding paper money
in exchange, yet the very situation
points 10 the present IS the most lifting
time to make adequate provision to in
sure the continuance Of the gold stand
ard and OF public confidence in the
ability and purpose Of the government
to meet all its obligations in the money
which the civilized world recognizes as
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