The Monticellonian., 1899-12-15
FINANCIAL CONDITION.
Our Commerce shows Great Increase , Recommends the Gold Standard.

The country is in condition of unusual prosperity, of universal good will among 91e people at home and in relations of NaceStnd friendship with every govern rtent in the world. our foreign commerce has shown great increase. Combined iIn- ports are the largest ever shown by a siu- gle year in all our history. For 1S99 aloue they exceeded by more than $i00t,O09 2e1 our imports and exports combined in lSt5. Of manufactured products we exported $53e 592, li6 The only years in all our his tory when the products of our manu- factories sold abroad exceeded those bought abroad were lS9S and iSJ9
 Government receipts, including $'l 79S,3l4.H, part payment of the Central Pa eitie railroad indebtedness, aggregated s6lo,962 V0435. Customs receipts We're S2GJ,- l2S, 4S1. f5, and those from internal revenue were S2i3 437 161 .51.
 For the fiscal year the expenditures were S.O6, 595, i92, leaving deficit of $sJ,- III .5J961.
 The secretary of the treasury estimates that the receipts for the current fiscal year will leave q surplus of Si0, 1000 For the year ended June %, 1889, the internal revenue receipts were increased about $l60 eN0 GOO.
 The present gratifying strength of the treasury is shown by the fact that on De cember l. 1899. the available cash bal tnCe was S21S. S.004. S3G72, of which $239 Hi. .901. .36 was in gold coin and bullion. Customs re- cetpts are now almost entirely paid fin gold
 Receipts exceeded expenditures for the first five months of the current fiscal year by $lI, iI3t t3o9s31, and the secretary ot the treasury estimates that there will be i surplus of $i0,010 GOO at the end of the year. It was deemed advisable to resume com pliance with the sinking fund law, ig nored for eight years because of dencicn- cies The treasury department purchased during November SiS, ,4ts 600 of bonds, ma turing 1901 and 1907.
 The premium paid 5, 253. .52l, and the net saving in interest was about B SS5. g0o
 Increased activity in industry, with is welcome attendant larger employment for labor at higher wages, gives to the body of the people d larger power to a5- sorb the circulating medium. Congress Is invited to ascertain whether OF not such reasonable notifications can be made in the national banking act as will render its service more responsive to the peoples needs The president again urges that na- tional banks be authorized to organize with capital of S2j,o9J, and that To support the existing gold standard and 10 maintain the parity in value of the coins of gold and silver and the equal power ot every dolth in the market and in the ps.y- ment of detbs.' the secretary of the treas sd e %4 snd t6 ag e@PoI a9 to srh r 6 @ effC ctiVe means as may be necessary =to these ends. While there Is now no com mercial fright, the present is the most fitting time to make adequate provision To insure the continuance of the cuuideHc" ill the ability and purpose of the govern meHt to meet uiI its obligations in tIe money which the civilized world recas- nizes as the best.
 "The financial transactions of the gov eramcHt are conducted upon e5ll basis, the president says. fMe receive gold when We sell United States bonds and use gold for their payment We are maintaining the parity of all the money issued or coined by authority of the gov ernment We are doing these things w.tn the means at hand, Happily, at the pres ent time, are not compelled to resort ta loans to supply gold II may have had to be done in the future. Ii hrhooves Us. therefore, to provide at once the besi means to meet the emergency when it arises. Those now authorized have th" virtue neither of directneSs nor economy
 t'ln this connection, l repeat my former recommendation that a portion of the gold holdings shall be placed in trust fund. from which grecnbacks shall be redeemed upon presentation, but when once re deemed shall not thereafter be paid out except for gold.
 The value of an American merchant ma rne to the extension of our commercial trade and the strengthening of our power upon the sea invites the immediate action of congress.
 The past year has recorded exceptional activity in our ship yards. Our coast trade shows results for the past year uEequaled in our records or those of any other power. We shall fail to realze our opportunities, however, if We blind ourselves to the necessity of securing our share in the valuable carrying trade or the world.
 Last year American vessels transported smaller share of our exports and i'm ports than during any former year in ail our history. the president says. and the measure of our dependence upon foreign shipping was painfully manifested to our people. The other great nations have not hesitated to adopt the required means to develop their shipping factor in national defense. and, as one of the sureSt and speediest means of obtaining for their producers share in foreign markets Like vigilance and effort on our part can not fail to improve our situation. which is regarded with humiliation at home and with surprise abroad. Even the seem ing sacrifices which at the beginning may be involved will be offset later by more than equivalent gains. l am satisfied the Judgment of the country faVors the policy of aid to our merchant marine