The Providence news. (Providence [R.I.]) 1891-1906, 1899-12-05
Country Enjoying a Condition
Of Universal Prosperity.
War in the Philippines Must Be Prose.
Cuted Until Insurgents Are
Reduced TO Submission.

Following is the substance of Presi
dent McKinley's message read TO tn,
Fifty-sixth Congress at Washington
today:
To the Senate and House of Representa-
tives:
AZ the threshold OF your deliberations
you are ctflled TO mourn with your coun-
trymen the death of Vice President Ho-
bart, who passed from this life on the
mcrning of Nov. u last His great
soul now rests in eternal peace. His
private life was pure and elevated. while
his public career was ever distinguished
by large capacity. stainless integrity
and exalted motives. He has been re-
moved from the high office which he
honored and dignifed, but his lofty
character. his devotion TO duty, his
honesty Of purpose. and noble virtues
remain with us priceless legacy and
example
The Flfty-sixth congress convenes in
4ts first regular session with the coun-
try in condition OF unusual prosperity,
of universal good will among the people
at home and in relations Of peace and
world. Our foreign commerce has
shown great increase in volume and
value The combined imports and ex-
ports for the year are the largest ever
shown by a single year in all our his
tory. our exports for 1899 alone ex-
cended by more than $1,000 000, 900 our
imports and exports combined in 1870.
The imports per capita are 20 percent
less than I'm 1870. while the exports per
capita are 5S percent more than i'm 1870.
showing tho enlarged capacity of the
United States TO satisfy the wants Of its
own increasing population. as well as TO
contribute 20 those of the peoples of
other nations
Exports OF agricultural products were
s7S4,I76142. OF manufactured products
we exported in value $339 592 ,l4s, 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
Tor the fiscal year, ending June 30. 1899,
including S11,7SS.3l414. part payment
of The Central Pacific railroad indebted
ness, aggregated 610.9S2. .OO435 Gus
toms receipts were $20612S, ,4S1 10. and
those from internal revenue s27S.437,-
s6l51.
For the fiscal year the expenditures
were S70o,O93, 564.02, leaving q deficit of
ss9,1l1. .55e67.
The secretary OF the treasury esti-
mates that the receipts for the current
fiscal year will aggregate s64O 95s.1l-.
and upon the basis of present appro-
priations the expenditures will aggre-
gate s60o.95S,112, leaving a surplus OF
$40, ,0O0, 900
For the fiscal year ended June 80, 1899,
the internal revenue receipts were in
creased about 800. 600 000.
The present gratifying strength Of
the treasury is shown by the fact that
on Dec. /. 1899. the available cash bal
ance was $27S,Ooi,S3772. OF which $685.
74i 905.36 was i'm sald-eeiH- and bullion.
The conditions or confidence which pre-
vail throughout the country have
brought gold into more general use, and
customs receipts are now almost entirely
paid in that coin
AS TO FINANCE.
The strong position OF the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nues have made it possible for the Sec
rotary of the treasury TO take action un-
der the provisions OF section 1854, re-
vised statutes, relating 10 the sinking
fund. Receipts exceeded expenditures
for the first five months OF Tho current
fiscal year by slS.4i3,3 $50 .ei. and. as men
toned above. the secretary of the
treasury estimates that there will be "A
surplus OF approximately $4,000 600 at
the end Of the year. Under such condi-
tions. IL was deemed advisable and prop
er TO resume compliance with the pro-,
visions of The sinking fund law. which
for eight years has not been done he
cause OF deficiencies in the revenues.
The treasury department, therefore. Of
fered TO purchase during November sos
100000 Of the 5 percent loan OF 1904 or
the percent funded loan OF 1907. at the
current market price. The amount Of
fered and purchased during November
was SIS, ,i0S. coo. The premium paid bv
the government on such purchases was
s., 2G3 52l, and the net saving I'm interest
was about s2.SS5.00O.
The success OF this operation was
Sufficient TO induce the government 10
continue the offer 20 purchase bonds
20 and Including Dec. %. instant. unless
the remainder of the $4,000 900 called
Tor should be presented in the meantime
fOr redemption.
Increased activity in Industry. with
its welcome attendant--a larger en-
ployment for labor at higher wages
gives to the body Of the people larger
sower 10 absorb the circulating medium.