The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-06
TEXT OF THE DOCUMENT.
what the Chief Executive Suggests and
Recommends.

Recommends.
Washington, Dec. 5.-The presidents
message is as follows:
To the Senate and House of Repre-
sentatives: At the threshold of your
deliberations you arc called to mourn
with your countrymen the death of
Vice President Hobart, who passed
from this life on the morning of
Nov. 81 last His great soul now
rests in eternal peace. His private
life was pure and elevated, while
his public career was ever dis
tinguished by large capacity, stainless
integrity and exalted motives. He has
been removed 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 as a priceless
legacy.
Unusual Prosperity.
The Fifty-sixth congress convenes in
Fits first regular session with the coun-
try in condition Of unusual prosperity,
of universal good will among the peo-
pie at home and it's relations of peace
land friendship in 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-
ceeded by more than a million dollars
our imports and exports combined in
1870. The imports per capita are 20
per cent. less than in 1870, showing the
enlarged capacity of the United States
ito satisfy the wants of its own increaS-
ing population. as we'll as to contribute
to those OF the peoples of other nations.
Exports of agricultural products were
1854, 7T6,142. OF manufactured products
we exported in value $S29,5s2, l46 being
larger than any previous year. 1t is
a noteworthy fact that the only years
in all our history when the products OF
our manufactu sold abroad exceeded
those bought abroad were 1898 and 1899.
Government receipts from all sources
for the fiscal year ended June so, 1892,
including s11,79s, 314.14, part payment of
the Central Pacific Indebtedness, ag-
gregated S610, 9S2 00435. Customs re-
ceipts We're $2o6, 4S1.75, and those
from internal revenue so7S, 431 1851.
For the fiscal year the expenditures
were 500, oa3, 640.o2, leaving a deficit of
sSs, Iii, $50, 642. The secretary of the
treasury estimates that the receipts for
the current fiscal year will aggregate
S640, 95S,112 and upon the basis OF the
present appropriations the expenditures
will aggregate 5000, 95S,1l2, leaving S40,-
100000 For, the fiscal year ended June
30, 1899. the, Internal revenue receipts
were increased about 10000, 900. The
conditions of confidence which prevail
throughout the country have brought
gold into more general use and Gus
toms receipts are now almost entirely
paid in that coin.
The Sinking Fund.
The strong condition 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 acton
under the provision of section 1854 re-
vised statutes, relating to the sinking
fund. Receipts exceeded expenditures
for the first five months of the current
fiscal year by $l3,413, 3S991. and as
mentioned above, the secretary OF the
e. trea sury estimates that there will be a
surplus Of approximately s4o.oGoooo at
sthe end of the year. Under such condl-
lions it was deemed advisable and
proper to resume compliance with the
provisions of the sinking fund law,
which for eight years has not been done
because of the deficiencies in the rev.
enues. The treasury department there
fore offered to purchase during NoVem-
Der 5000, 900 of the per cent. loan OF
1904 or the per cent. funded loan OF
1907 at the current market price. Ine
amount offered and purchased during
November was s1S.40S, 600 The pre-
MUM paid by the government on such
purchases was 81 .2G3,521 and saving IN
net interest was about S2,SS5ooo: Inc
success of this operation was SUFFICIENT
to induce the government to continue
the offer to purchase bonds to and in
Guiding the sd day of December, unless
the remainder of the 25.000,000 called
for should be presented in the mean
time for redemstion
Increased activity in industry with is
welcome attendant-larger employment
for labor at higher wages-gives to the
body of the people a larger power to
absorb the circulating medium. 1t is
further true that year by year, with
larger areas of land under cultivation.
hhe increasn volume of agricultural
products, cotton, corn and wheat. calls
for q larger volume of money supply.
This is especially noticeable at the crop
harvesting and crop moving period.
In its earlier history the national
banking act seemed to prove a reason
able avenue through which needful ad-
fitions to the circulation could from
time to time be made Changing condi-
tons have apparently rendered it now
imperative to that end. The high
margin in bond securities required re-
sulting from large premiums which
government bonds command in lhe
market or the tax on note issues, OF
both. operating together. appear 10 be
the influence which impair its public
utility.
The attention of congress is respect.
fully invited to this important matter
with the view of ascertaining whether
or not such reasonable modihca tions
ran be made in the national banking
act as will render its service in the par
ticulars here referred to more respon-
sive to the peoples needs. | again
urge that national banks be authorized
20 organize with a capital OF s25,ooo.
Tho Gold Standard.
I urgently recommend that to sup
port the existing gold standard and to
maintain the parity in value of the
coins OF the two metals (gold and sill
ver) and the equal power of every dol
lar at all times in the market and In
the payment of debts, the secretary o!
the treasury be given additional power
Rnd charged with the duty to sell
United States bonds and to employ
such other effective means as may be
necessary to these ends. The authority
should include the power to sell bonds
900 el,n ,.f tY,ro