Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-12-06
Tas F>u Z.
/, the Senate and House of Represen-

tionS you are called TO mourn with
with your countrymen the death of
Vice President Hobart, who passed
from this life on the morning of No
vember 2lst last. His great soul now
rests in eternal peace. His private life
was pure and elevated. While his pub
lie career was ever distinguished by
large capacity, stainless integrity and
exalted motives. He has been remov-
ed from the high office which he honor
ed and dignified but his lofty charac-
fer, his devotion to duty this honesty
Of purpose, and noble virtues remain
with us priceless legacy and exam
pie
The seth Congress convenes in it's
first regular session with the country
in condition of unusual prosperity,
of universal good will among the peo-
pie 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
exports for the year are the largest
ever shown by a single year in all our
history. Our exports for 1899 alone ex-
ceeded by more than 81 1000 100000 our
imports and exports combined 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 enlarged capacity
of the United States to satisfy the
wants of it's own increasing population
as well as to contribute to those of the
peoples of other nations.
Exports of agricultural products
were s7S4,776,142. OF manufactured
products we exported in value $3.50. 592,-
146. being larger than any previous
year. 1t is noteworthy fact that the
only years in all our history when the
products of our manufactures sold
abroad exceeded those bought abroad
were 1898 and 1899.
Government receipts from all sources
for the fiscal year ended June 80. 1899
including s11, 79s, 314.14, part payment of
the Central Pacific Railroad indebted
ness, aggregated $610,9S2 ,OO4.35. Gus
toms receipts were $206, 12S, 4S1.15, and
those for internal revenue $273. 431 ,16l.5l
For the fiscal year the expenditures
were 500 O93, 564 o. leaving deficit of
$50 Ill ,559.67.
The secretary of the treasury esti-
mates that the receipts for the current
fiscal year will aggregate $64O,95SllZ
and upon the basis of present appro-
priations the expenditures will aggre-
rate 5000. 95S, 112, leaving surplus OF
$40. 900, 900.
For the fiscal year ended June 80,
1899. the internal revenue receipts were
increased about S100,000,00O.
OUR FINANCES.
The present gratifying strength of
ic
on Dec. 1. 1899. the available cash bal
ance was 1904, S37.72. of which S239,-
7a4 9O5. &c was in gold coin and bullion.
The conditions of confidence when pre-
vailed throughout the country nave
brought gold into more general use ana
customs receipts are now almost en-
tirely paid in that COIN
The strong position of the treasury
with respect to cash on mana ana the
favorable showing made by the re'e-
mes have made it possible for the sec
retary of the treasury to take action
under the provisions of section oo94'
Revised Statutes, relating to the SINK
ing fund. Receipts exceeded eApeiiui-
tures for the first five month OF the
current fiscal year by $3,413.SS9.9l ana.
nc mentioned above. the secretary OF
tho treasury estimates that there Will
he a surplus of approximately s4o'oVo,-
600 at the end of the year uHuer s"ei
conditions il was deemed adVisaDie anu
proper to resume compliance WIN ene
provisions of the sinking fund iaw'
which for eight years mas no.
aono hecause of deficiencies in the rev
enues. The treasury oepar,ni.n.
therefore. offered to purchase ourihs
November s25 OO00 600 of the per ceh'.
loan of 1904 or the 4 per cent. Iuhueu
loan of 1907, at the current MAJ Ns
nrice. The amount ofereo anu .oo
chased during November wa So,
eOO The premium paid oy the So oa "a,
ment on such purchases was S--o',-i.
and the net saving in interest We.
about s2.Ss5. 900. The success Vi .nis
oneration was sufficient to lnuuce ','e ne
Government to continue the oile 49,
purchase bonds to and lhciuu'ns
oed day of December, lnstan.,
the remainder of the S29eoV.vo' 80.
for should be presenter III IL"
time for redemption. ..,-
increased activity in Industry wiz
tie welcome attendant iarsei
,,Iovment for labor at hisner
,r;vas to the body of the people ,a.
nov-ar to absorb tne .,
p"m It is further true that yea
hr year with larger areas OF LAND un,
dor cultivation, the increasing Noaun.
~ agricultural products. cotton, Eu.n
and wheat, calls for a larger voau,
Of money supply. This is esp ps II;
,ot;ceabIe at the crop-harvestlis DIV
crop-moving period.
Tn its earlier history the Na.o n''
Ranking act seemed to prove reaSo GA
ah,e avenue through which neeu . fr az
d;t;ons to the circulation coulo i iron
time to time be made. Chans,ns ~
Attic ait;ons have apparently rendered =,
un,y inonerative to that end. inc n, IS
,,.rein in bond securities requires, =; 9,
.,,,tine from large premiums VIII ts
Government bonds command u 10 y
s,.rket or the tax on note ISSUES, y y
both operating together appea. n ~
tne influences which impair It's p"'''
utility. .c,.ross is respect
.,,,,w invited to this important MAJ
'';.h The view of ascertaining VIM.
W. not such reasonable mod'nca ,,,p;,,
VI ,,,ode in the national Jain,