The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1899-12-13
'K|NLE|Y'S
MESSAGE
President ntCommunicates With
Congress on Subjects of
National Interest.
~aD ND Yamo ann M0NEV
WAR, TRUSTS AND MONEY

For the Monopoly Evil-Gold Stand
ard Favered-Partition Of Samoa.
Hobart's Death, Etc.
@ WASHINGTON, Dec. 5.-The president
today transmitted to congress his an
aual message, as follows:
To the Senate and House of Rspresen.
tativss:
At tho thrsshold Of your deliberations
you are called to mourn with your coun.
trymsn the death Of Vice President Ho'
bart, who passed from this life On the
morning Of November 2Ist, last. Hi.
great soul now rests in eternal peace.
Bis private life was pure and elevated,
while his public career was ever distin'
guished by large capacity. stainlsss in
ssgrisy and exalted, motives. He has
besn removed from the high Office which
he honorsd and disnifsd, but his lofty
character, his devotion to duty, his hon.
ssty Of purpose and noble virtues re-
main with ~ - . priceless legacy and
example. ., ...
The Fifty.sixth congress conyenes in
IT. first regular session with the country
in condition Of unusual prosperity, OF
!. universal good win among the people 81
home aad in relations Of peace and
friendship with every government OF
the world. OuE foreign commerce hal
shown great increase in volume and
valre. The com binsd imports and OK.
ports for the year are the largest ever
shown by . single year in all our his.
tory. Our exports for 1899 alone ex.
ossdsd By moro than 81. 600. 000. 900 our
fmperys and exports combined in 1870.
The imports Per capita are III per cent
lass than in 1870, while the exports per
capita are 50 per cent moro than in 1870.
showing the enlarged capacity OF the
United States to satisfy the wants Of its
]; own Increasing population. ~ well as to
contribute to those Of the peoples OF
other nations.
Exports and Imports.
Exports of agricultural products were
S7Si, f78. l42. OF manufactured pro.
ducts, we exported in value $S8S. 692,
l46, being. larger than any previous
year. It il noteworthy fact that the
only years in all our history when the
products Of our msnufactories sold
abroad exceeded those bought abroad
were 1898 and 1899.
sif Government receipts from all sources
for the fiscal year, ended June 80. 1891,
including $l1, 798, ,s14 IA, part payment
Central Pacific railroad indebtedness,
aggregated $6lO, ,982, ,004 So. Customs re.
oSipts were ,$2o6. 1873. 46l rs and those
from Internal ravenus $27S, 4S7. Isl. 81.
For tho & cal year, the expenditures
were s7O0, ,09S, ,564 OF, leaving deficit OF
469. Ill, 65S 81.
s The secretary of tho treasury esti.
mates that the receipts fog the current
/; Ascal year will aggregate $40. 96s. liz
and lpen the basis Of tho present ap-
propristioa tho expenditures will aggre.
gate so0o. .s6S, liz, leaving q surplus OF
3lo. .000, 900, 900.
For the fiscal year ended June 80,
1899, tho internal revenue receipts wore
increased about 500, ,o00. .o00.
The strong condition OF the treasury
with respect to cash on hand and the
favorable showing made by the rove.
auss have made it possible for the sec
retsry Of the treasury to take action
under the provisions of section 1894. 70.
yissd statutes, relating to the sinkin z
fund. Receipts exceeded expenditure
for shs drst five months of the current
Asosl yssr of 9ls. ais, ,s8s 81 and. as men
toned above, the secretary Of the treas.
ury estimates that thsre will be sur
plus Of approximately 80. 900. 600 at the
end Of the year. ~
Undsr such conditions, it was deemed
advisable and proper to resume compll.
: ancs with tho provisions Of the sinking
fund law, which for 30 years has not
been done because OF deficiencies in the
revenues. The treasury department,
therefore, offered to purchase durin g
November $26, ,OOo, 900 OF the 5 per cent
loan Of 1904, or the per cont funded
loan Of 1907 as tho current market price.
The amount offered and purchased
I during November was $lS, 40S, 900. Tbs
premium paid BY tho government on
such purchases was p, Ss8,62l and the
net saving in interest was about 49,.
SS5. GOO The success of this operation
was sufficient to induce tho government
70 continus che Offer to purchase bonds
50 and including Dec. %, 1899. unlesi
the remainder Of the $25, 900, 900 called
for should bs presented in tho moan.
time fer redemption.
Money supply Too Small.
Increased activity in industry. with
its welcome attsndant-a larger en-.
ploymens for labor, NJ higher wages
gives to the body Of the psopls larger
oower to absorb the circulating me-
dunn. It il further true that year by
year, with larger areas Of land undel
cultivation. the increasing volume OF
AGRICULTURAL products, cotton, corn and
wheat, calls for larger volume OF
money supply. This 10 especially no.
tiosabls ,at the crop harvesting and croI
moving period.
In ito earlier history. the nationa
banking act seemed to provo reason
able avenne through which nssdful ad
disions to the circulation could. from
time to time, be made. Changing oon
disions have apparently rendered 1t in
operative to that end. The high mar
1 gin in boad securities ysquirsd, result
ing from the large pRmiums which
give the bonds command in the market
or the tax On note issues. or both operst
iag together. appear to bs the inhuenoel
s which impair It's public utility.
The attention Of congress 10 respect
: fully invited to this important mattel
with the view Of asosrsaining whether
or not sleh reasonable modihcatio
can be made IN the national bank &C
o will reader iss service in the partiou
lars here referred to more responsive &