Missouri Valley times. [volume] (Missouri Valley, Iowa) 1874-1931, 1899-12-07
MESSAGE READ
IN CONGRESS
Fifty Sixth House and Senate lis
ten 10 the Presidents Rec
concentrations.
OUR PHILIPPINES DUTY PLAIN
Must Crush Insurrection and Es-
tabiish 0fder--Future Rule
Rests With Congress,
TRUSTS AND MONETARY REFORM
National and State legislatures
sho"l! Cooperate to i:csu-
late Gemaiacs For the
Cod Standard.

Kinney message was read in congress
this afternoons
10 the Senate and House OF Repre-
senta'iNes: NJ the threshold of Your
deliberations Noli are called la ,nourl,
With Neur count! NlHcn the death OF
Vice President Hobart. who passed
from this life on the morning nj No
Nenlher u last, His great soul NOW
rests IN eteiin;l pcace> Ills privair iifc
WIS il'i,o and elevated while his, pub
ne career WAS ever distinguished by
large capacity. stainless integrity. and
exalted motives He has been removed
from the high office which he hunored
ard tlignilied. bat his lofty character.
his devotion to duty. his honesty al
purpose and noble virtues remain with
US as priceless legacy and example
he t'ittN-siNtl; CONGRESS colayenes in
It's first regular session with the coun-
trN III a condition of unusual prosper
NY, OF universal coed VIII among the
people al home, and in relations of
peace and friendship with every gov
eminent of the world. Our foreign
commerce has shown great increase in
volume and value. The eomuned inn
ports aud exports for the year are 'h"
largest ever shown by q Single wear in
all our history. Our exports for 1879
alone exceeded our imports and eN-
ports combined in 1870. The imports
per capita are 20 per cent less than i'm
While the exports per capita are ~ per
1870 while the exports per capita are
IS per cent move than in 1910, showing
the enlarged capacity of the United
States to satisfy he wants of its own
increasing population. as we'll as to
contribute to those of tile peoples OF
other nations.
Exports OF agricultural products
were S1Sa,l16142. OF manufactured
products Me eNpGrted in vaIue $500
'1s;9, is6. being larger than amy previous
Year. II is Il Noteworthy fact that the
ci''y Wears in all our history wien the
products of our manufactures sold
abroad exceeded those bought abroad
Mere ls9S and lS99.
Government receipts from all
sources for the fiscal year ended June
80. 1899. ineludins %ll,,9s. 3l4.ll. part
payment of The Central 'aci!ie rail-
road Indebtedness, aggregated $780,
;s2 .Aels3. Customs receipts were
i9o6,l2s. ~. and those from internal.
revenue ST.. i37.i6l.51
Fer the fiscal wear The expenditures
'Nera ;s.a0.099,5Gl ~. leaving Il deficit
If $s9lil.sasbGas.
me secretary of the treasury esti-
sAates ih#t The receipts for the cur
rent fiscal year will H@grcgatc SOLO,
a5s.l2, and upon the basis OF present
he expenditures will
aggregate sG0o.G5S,li2, leaving sur
plus of so 100000.
For Tie fiscal year ended June 20.
ls@9. the internal revenue receipts
we're increased abo,lt Slo0.o0o,ooo.
Strength OF the Treasury.
The present gratifying strength Of
the treasury is shown hy The fact that
On December |, 1899. the available cash
balance was SIS ,Goi s3,,;9. OF which
$50. 4.g01.3G was ia gold coin and
bullion. The conditions of confidence
which prevail throughout the country
nave brought gold into more general
use and customs receipts are now al
most entirely paid in thu, coin.
The strong condition of HE treasury
with respect To cash ON hand and the
favorable showing made by the rove
MUGS have made il possible for the see
Rotary OF the treasury TO take action
under the provisions of section 1894.
revised statutes, relating to the sink
ing fund. Receipts exceeded eNpentli-
lures for the first five months of the
current fiscal year by $l3.4i.},3so.91.
and. as mentioned above. the secretary
of the treasury estimates that there
VIII Ia SlIJ.nltl. Al
S40,o00000 al The end OF the wear. I'm
der such conditions it was deemed adj
vis;,hle and proper To resume compli-
ance with the provisions of The sink
ing fund law. which FOR EIGHT wears
has not been dcne because of the de
iiciencN in The revenue. The treasury
therefore offered 10 pur-
chase during November 81, ,o00.o 900 of
The ) per cent loans OF 1904. or, he 4
per cent funded loan of 1907. at the
current market price. The amount of
fered and purchased during November
was $ls.l0s.Goo. The premium paid bv
the government ON such purchases
WAS 10 aG3,12l and the net saving i'm in
terest WAS about s., SS5.oO0. The sue
cess OF this operation MAS Sufficient to
induce the government To continue
the offer to purchase bonds TO and in
clnding the 23d day of December.
inst. unless he remainder OF the S95.-
100000 called for should be presented
in The meantime by redemption.
Increased activity i'm industry with
its welcome attendants large en-
ploymcnt OF Labor mt higher wages
gives TO the body Of people larger
power to absorb the circulating me-
dunn. II is further true that Year by
year with larger areas of land under
the increasing volume of
agricultural products. corn and
wheat, calls for II larger volume OF
money supply. This is especially no.
ticeab!e at the crop harvcsts and
crop moving period.
In its earlier history the national
banking act seemed to prove a reason
aDIe avenue through which ncedfui
additions 10 the circulation could
from time 10 time be made. Chang
ina conditions have apparently rem
Gered I now imperative To hat end.
he high margin in bond securities
required. resulting from large prem
iums which government bonds com
n:and in Tie market. or Tie tax ON
note issues, or both operating togeth-
81. appear 10 de the Influences which
impai. its public utility.
Ihe attention OF congress is respect
fully invited to this important MAY.
ter with the view Of ascerlainiag
whether or not such reasonable nodi-
fications can be made in the national
banking act AS will render its service