Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1899-12-07
Declares the President in
His Message.
No Abandonment of the
Philippines.
Currency and Many Other
Matters Discussed.

washington, Dec. o. he presidents
message was read to both houses of
congress today and is very long. At
The outset touching allusion is made
10 the death Of Vice President Hobart,
whose great soul now rests in eternal
peace Continuing the president notes
that the country is in a condition of
unusual prosperity, of universal good
viii among the people at home, and in
relations of peace and friendship with
every government of the world Our
foreign commerce has shown great in
crease in volume and value. The com
blned imports and exports for the
year are the largest ever shown by a
single year in all our history. Our ex-
ports for 1899 alone exceeded by more
than a billion dollars our imports and
exports combined in 1870 The imports
per capita are twenty per cent less
than in 1870, while the exports per
capita are jS per cent more than in
1870, showing the enlarged capacity of
the United States to satisfy the wants
OF its own increasing population, as
we'll as to contribute to those of
the peoples of other nations.
Exports of agricultural products were
s7S4776, l42. OF manufactured products
we exported in value 1899, 592, 146 being
larger than any previous year. 1t IS 4
noteworthy fact that the only years in
all our history when the products Of
our manufactures sold abroad ex
ceeded those bought abroad were 1898
and 1899
Government receipts from all sources
for the fiscal year ended June 30. 1899,
including s11,79s,314.14, part payment
OF the Central Pacific railroad indebt-
edness, aggregated S610, 9S2 ,004. 50, Gus
toms receipts were s2O6,l2S, 4S1.75, and
those from internal revenue 1878, 437,-
1871.
For the fiscal year the expenditures
were $1,000 ,56402, leaving a deficit
of SIS, ,559.67. The secretary OF the
| treasury estimates that the receipts for
/ the current fiscal year win aggregate
s640, 95S,1l2, and upon the basis of
present appropriations the eXpendi-
lures will aggregate $500 95S ,112, leay-
ing a surplus OF s4000O000. For the
fiscal year ended June 80, 1899. the in
ternal revenue receipts were increased
about 500 100000.
The present gratifying strength of
the treasury is shown by the fact that
on December !, 1899, the available cash
balance was 5000. S37.72, of which
s239 IA. 905.36 was in gold coin and
bullion The conditions of confidence
which prevail throughout the country
have brought gold into more general
use and customs receipts are now al
most entirely paid in that coin.
The strong condition OF the treasury
with respect to cash on hand ana the
favorable showing made by the rev
enues have made ii possible for the
secretary Of the treasury to take action
under the provisions of section 1894,
Revised Statutes, relating to the sink
ing fund Receipts exceeded eXpendi-
lures for the first five months OF the
current fiscal year by SlS,4l3.3S99l,
and. as mentioned above, the secretary
OF the treasury estimates that there
will be a surplus OF approximately
$40 .000 GOO at the end OF the year. Tn
der such conditions it was deemed ad-
visable and proper to resume compl-
ance with the provisions OF the sinking
fund law, which for eight years has
not been done because OF deficiencies
in the revenues The treasury depart
ment therefore offered to purchase dur
ing November S25.000.00o 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
4uS. 600 The premium paid oy the gov
eminent on such purchases was s2,26&,-
52l ana the net saving in interest was
about $2.SS5. 600. The success of this
operation was sufficient to induce the
government 10 continue the offer to
purchase bonds To- and including the
22d day OF December. instant, unless
the remainder Of the $4,000 600 called
for should De presented in the men-
time for redemption
The Currency
The president asks that notifications
ba made in the national banking &C, as
will render IT'S service more resrons-
iys On tho naoD1afs uaaHs in the SAY OF