Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1899-12-11
THE PRESIDENTS MESSAGE.
To the Senate and House of Representa-

you are called to mourn with your coun-
trymen the death of Vice President Ho-
bart, who passed from this life on the
morning of Nov. y 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 dignified, but his lofty
character, his devotion to duty, his
honesty of purpose, and noble virtues
remain with US a priceless legacy and
Example.
The Fifty-sixth congress convenes in
its first regular session with the coun-
try in a condition of unusual prosperity,
of universal good will among the people
at home and in relations Of peace and
Friendship with every government of the
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-
ceaded by more than $1,000, 100000 our
imports and exports combined in 1870.
THE imports per capita are 20 percent
capita are So percent more than in 1870,
showing the enlarged capacity of the
United States to satisfy the wants of it's
own increasing population, as we'll as to
contribute to those of the peoples of
other nations.
Exports of agricultural products were
1874, 776 142. OF manufactured products
we exported in value 1898, 500, 145, being
larger than any previous year. 1t is q
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
for the fiscal year. ending June 80, 1899,
Including $11, 79S, 314.14, part payment
of the Central Pacific railroad indebted
ness, aggregated O,9S2, O04.35 Gus
toms receipts were $2O6, 12S, 481.75, and
those from internal revenue $273, 437,-
16151
For the fiscal year the expenditures
were $500, O93, 564.O2, leaving a deficit of
$50, III, 559.67.
The secretary of the treasury esti-
mates that the receipts for the current
Fiscal year will aggregate 500, 958, 112,
and upon the basis of present appro-
priations the expenditures will aggre-
gate $780, 95S, 112, leaving a surplus of
sac, OOO 900.
For the fiscal year ended June 80, 1899,
the internal revenue receipts were in
Creased about 800, 600, 900.
The present gratifying strength of
The treasury is shown by the fact that
On Dec. 1, 1S99 the available cash bal
ance was $27S, O04. S37.72, of which $685.
744, 9O536 was in gold coin and bullion.
The conditions of confidence which pre-
vail throughout the country have
Brought gold into more general use, and
customs receipts are now almost entirely
u 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-
3nues have made it possible for the sec
4retary of the treasury to take action I'M
der the provisions of section 1894, re-
8vised statutes, relating to the sinking
#fund. Receipts exceeded expenditures
for the first five months of the current
5fscaI year by S13, Ala, 3S9 81, and, as men
#tioned above, the secretary of the
Mtleasury estimates that there will be q
Surplus of approximately 100000 600 ct
the end of the year. Under such condi-
IL to resume compliance with the pro-
Visions of the sinking fund law, which
Tor eight years has not been done, be
eause of deficiencies in the revenues.
Tho treasury department, therefore, Of
&ered to purchase during November $685.
DOC, 900 of the percent loan of 1904 or
Die percent funded loan of 1907 at the
Nutrient market price. The amount Of
Rered and purchased during November
|4yaS SIS, HOS, 800. The premium paid by
The government on such purchases was
|#2, 263, 521, and the net saving in interest
|MF vas about $2,SS5 900.
8 The success of this operation was
ufficient to induce the government to
continue the offer to purchase bonds
I'D and including Dec. %, instant, unless
Die remainder of the s25, 900, 900 called
E or should be presented in the meantime
III Tor redemption.
M Increased activity in industry, with
Hts welcome attendant-a larger en-
'# loyment for labor at higher wages
lives to the body of the people a larger
pwer to absorb the circulating medium
8Mt is further true that year by year, with
large areas of land under cultivat ton, the
~ creasing volume of agricultural prod
Nets, cotUCn, corn and wheat, call for a
hrger volume of money supply. This
|B especially noticeable at the crop-har-
testing and crop-moving period.
E In its earlier history, the national
anking act seemed to prove a reason
BILE avenue through which needful ad-
itions to the circulation could from
me to time be made. Changing condi-
ions have apparently rendered it now
Imperative to that end. The high mar
in in bond securities required, result
hg from large premiums which govern
bent bonds command in the market or
he tax on note issues, or both operating
bgether, appear to be influences which
ZnDair its public utility.