Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1899-12-14
PRESIDENTS VIEWS.
Annaa1 State Paper Submitted to
the Nations Lawmakers.
EeEEc16S1s Remarks Upon the Country's
EEzAAeLaI and Commercial Condition
Much Attention Given to Affairs in
C1aha, Porto Rico and Philippines.

ing message to the E1fty-Slxth con-
gEess=
10 the Senate ana House of Representatives:
AE the threshold OF your deliberations you are
called Go mourn with your countryrnen the death
OF Vice President Hobart, who passed from life
on the morning Of November 81 last His good
soul uOE rests in eternal peace. His private
life VzzS pure and elevated, while his pubic
careeE ever distinguished by large capacity,
sGain1ess integrity. and exalted motives. He
has BEEN removed from the high office which he
hnaoue1 and dignffed, but his lofty character,
his devotion to duty, his honesty OF purpose,
and noble virtues remain with us, as priceless
Legacy and example.
As TO the COuntry's Condition.
The Fifty-sixth congress convenes in its first
reguEar session with the country in a condition
OF ertasu1 prosperity, of universal good will
among the people at home and in relations OF
peace aEE2 friendship with every government OF
the WOrId Our foreign commerce has shown
great Increase in volume and value The com
biLed imports and exports for the year are the
largest ever shown in a single year in all our
history Our exports for 1899 alone exceeded by
more than 81 900, 600 0O0 our imports and exports
combined in 1870 The imports per capita are
20 per cent. less than in 1870, while the exports
Der capita are So per cent more than in 1870,
showing the enlarged capacity Of the United
S6aaes TO satisfy the wants of its own increas-
ing population as well to contribute to those
OF the people, OF other nations.
Exports of agricultural products were $751;
'zz6, ~ OF manufactured products we exported
In value $3.50 592, l46 being larger than any pre-
VfoT1s year. 1t is a noteworthy fact that the
only years in all our history when the products
of orr manufactures sold abroad were 1898 and
1893 Government receipts from all sources for
the fiscal year ended June 80, 1899, including
81 E7Se III IL, part payment of the Central Pa
ciffc railroad indebtedness, aggregated S610, 982
O04-35- Customs receipts were S206, l29 4Sf:75,
and those from internal revenue, S273, 437 16l 5l
For s1ie fiscal year the expenditures were $780,
O8456f-0 leaving deficit of S89, $50. 81. The
Of no traa e.
cefpts Gor Ghe current fiscal year will aggregate
884GG5S, li2. and upon the basis OF present APP
preparations the expenditures will aggregate
1850 95Rs. 1 u, leaving surplus of $40 0OO,OOO
For the fiscal year ended June 81, 1899, the
internal revenue receipts were increased about
St9d. csc 901 The present gratifying strength OF
the treasury is shown by the fact that on De-
cembeF {. 1899, the available cash balance was
&S78O 4.S3I.72. of which S239, 744,9 $50 was in
gold coin and bullion. The conditions of conf
demo- which prevail throughout the country
have Srmaht gold into more general use aud
cAsEOuRs receipts are now almost entirely paid
in THAI coin
Increased activity in industry, with its well
come z1NEaNdant-a larger employment for labor
at higher wages-gives to the body of the people
Larger power to absorb the circulating me-
diam IL Is further true that year by year with
larger arze2s OF land under cultivation. the in
cEezsIllg volume of agricultural products, cot
ton. cnru and wheat, calls for larger volume
0f money supply.
Ia its earlier history the national banking act
seemed to prove reasonable avenue through
which ueedful additions to the circulation could
from time TO time be made. Changing condi-
Ilous have apparently rendered it now inopera-
tive Tn that end. TIE high margin in bond Sc
curIEics required, resulting from large premi-
1ms which government bonds command in the
market. or the tax on note issues, or bot oper
RfERE GogeSher, appear to be the influences
which tmpair dts public utility.
The &ueNGion OF congress is respectfully in
Vifed Co this important matter with the view OF
asCertaining whether or not such reasonable
notifications can be made in the national
banking act will render its service in the par
tkcQEarS here referred to more responsive to the
peoples needs. again urge that national banks
be authorized to organize with capital of $685.
o00
Ror the Gold Standard.
I urgently recommend that to support the ex-
listing gold standard, and to maintain 1.-The par
fly ER value of the coins OF the two metals gold
and sfIverS and the equal power of every dollar
a6aH times in the market and in the payment
of debts" the secretary of the treasury be
duty 60 sell United States bonds and to employ
such other effective means may be necessary
TO these ends, The authority should include
the power to sell bonds on long and short time,
rs conditions may require, and should provide
foE u rate OF interest lower than that fixed by
the act or January H. 1873. While there is DOW no
commercial fright which withdraws gold from
the government, but, on the contrary, such
treasury demanding paper money in exchange,
vet the very situation points to the present as
the most fitting time to make adequate provi-
sion "a insure the continuance of the gold stand
ard and OF public confidence in the ability and
purpose OF the government to meet all its obi
sgatioaS IN the money which the civilized world
recognizes as the best. The financial transac-
tfons OF the government are conducted upon
guild basis We receipt gold when we sell United
States boEdS and use gold for their payment,
We are main taining the parity of all the money
issued ar coined by authority of the govern
ment- We are doing these things with the
means at hand. Happily at the present time we
are moi compelled to resort to loans to supply
gold Il has been done in the past, however
and may have to be done in the future It be-
hn9HeS us. therefore, to provide at once the best
uneaxE 10 meet the emergency when it arises,
and the best means are those which are the
most certain and economical. Those now au-
tROrfzed have the virtue neither Of directness or
economy. We have already eliminated one of
the causes of financial plight and embar-
Eassmen6' during the years 1898, 1894, 1895 and
1906 Our receipts now equal our expenditures;
deficient revenues no longer create alarm. Let
US remove the only remaining cause by confer
ring the flIn and necessary power on the secre-
tarT OF the treasury and impose upon him the
duty % 1phoae the present gold standard and
preserve the COINS OF the two metals on a parity
with each other. which is the repeatedly de-
ciared policy of the United States.
nthis connection repeat my former recon-
mendattOns that portion OF the gold holdings
ShaAl be placed in a trust fund from which
greenbacZs shall be redeemed upon presenta-
ton. but when once redeemed shall not there
after be paid out except for gold.N
For q Merchant Marine.
The value OF American merchant marine
10 the extension OF our commercial trade and
the strengthening of our power upon the sea in
VtteS the Immediate action of congress. Our
national development will be one-sided and un-
satisfactory so long the remarkable growth
OF our inland industries remains unaccompa-
nied 6y progress on the seas. There is no lack
OF constitutional authority for legislation which
shall give TO the country maritime strength
commensurate with its industrial achievements
and with its rank among the nations OF the
esrtA-
As To Trusts and Combinations.
The Industrial commission. created by the