Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-06
MESSAGE SENT IN,
Presidents Views on Affairs
Domestic and Foreign
THE PHILIPPINE PROBLEM.
Islands Ours by Every Title Of Law
and Equity.
CUBAN PROMISE MUST BE KEPT.
Independence to he Given To the
West India Island as Soon rs
CUBAN PROMISE MUST DE KEPT
The Presidents message to Congress,

The Presidents message to Congress,
sent in yesterday is as follows:
ITO the Senate and House Of Represen-
tatives: At the threshold Of your delibe-
rations you are called to mourn with
your countrymen the death OF Vice-Pres-
! ident Hobart who passed from this life
on the morning Of November Dist last.
| His great soul now rests in eternal peace.
His private life was pure and elevated,
while his public career was ever distin-
guished by large capacity. stainless integ-
rity, and exalted motives. He has been
removed from the high office which he
honored and dignined, but his lofty char
acter. his devotion to duty, his honesty
Of purpose, and noble virtues remain
with us as priceless legacy and exam
| pie.
"The Fifty-sixth Congress cOnvenes in
its first regular session with the country
in 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 commence has shown
| great increase i'm volume and value The
combined imports and exports for the
I wear are the largest ever shown by a
single year I'm all our history. Our OK
ports for 1893 alone exceeded by more
than billion dollars our imports and
| exports combined in 1870. The imports
per capita are % per cent. less than in
1870. while the exports per capita are IS
per cent more than in 1870, showing the
enlarged capacity of the United States
TO satisfy the wants of its own increas-
ing population, as well as 10 contribute
to those Of the peoples of other nations.
1.-THE exports of agricultural products
were $7Sb77G142. OF manufactured pro-
ducts We exported in value S339,5Sz,1i6.
being larger than any previous year it
is a 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 1893.
DEFICIT OF SS911l ,55967.
"The government receipts from all
sources for the fiscal year ended June
80. 1899, including $l1.7sgA414, part pay
ment of the Central Pacific railroad in
debtedness. aggregated S6lO.sS2 Opi.35. The
customs receipts were S2D0. l2s iSl.i5, and
those from internal revenue S213. 49, .l6l.5l.
For the fiscal year the expenditures
We're 500 09S, yClO2, leaving deficit of
$Sy11l 1891
THE Secretary Of the Treasury esti-
mates that the receipts for the current
fiscal year will aggregate S6i09jS,1l2. and
upon the basis of present appropriations
the expenditures will aggregate 500 95S.1l2,
leaving a sAplus OF SiOCoO,00O For the
fiscal year Nded June So 1899 the inter
nal revenue receipts were Increased about
SINO0OO,O1y
"ihe present gratifying strength of the
Treasury is shown by The fact that on
December l. 1899, the available cash bal
ance was $27S OOf, SS7.72. of which S239,7l,-
0j.56 was In gold coin and bullion. The
conditions of confidence which prevail
throughout the country have brought gold
into more general use. and customs re-
celpts are now almost entirely paid in
that coin.
PURCHASE OF BONDS.
"The strong position Of the Treasury
with respect 70 cash on hand and the
favorable showing made by the revenues,
have made il possible for the Secretary
of the Treasury 10 take action under the !
provisions of section 1891 Revised
Receipts exceeded expenditures for the |
first five months Of the current fiscal year
by $l3,H33 s9.9l. and. as mentioned above |
the Secretary Of the Treasury estimates
that there will be a surplus of approx !
mately Si0,OOOO00 at the end Of the year. |
Under such conditions il was |
deemed advisable and proper to re-
sumo compliance with the proyis- !
ions of the sinking-fund law, which !
for eight years has not been |
done because of deficiencies in the reVe- |
nue.. The Treasury Department therefore |
offered TO purchase during November S25- |
100000 Of the 5 per cent. loan of 1904, or
the per cent. funded loan of 1907, at the
current market price. The amount offer
ed and purchased during November was
SIS 40S 500 The premium paid by the gov
eminent on such purchases was s.. 263 ~,
and the net saving in interest was about .
$2.SS5.0O0. The success of this operation
was sufficient TO induce the government to
continue the offer to purchase bonds TO
and including the I'D day of December
instant, unless the remainder of the So.
OOO,0 coo called for should be presented IN
the mean time for redemption.
Increased activity in industry. with its
welcome Attendant larger employment
for labor at higher wages-gives 10 the
body OF the people a larger power to alb
sorb the circulating medium. 1t Is fur
then true that year by year, with larger
areas of land under cultivation. the in
creasing volume OF agricultural products,
cotton, corn, and wheat calls for larger
volume of money supply. This is espe-
cially noticeable At the crop-haryestlng
and crop-moving period"
BANK-ACT AMENDMENTS.
The President refers TO the national
banking act. and urges that national
banks be authorized to organize with
capital Of $500 He says that IN It's
earlier history the national banking act
seemed TO prove a reasonable avenue
through which needful additions 10 the
could from time 10 time be
made. Changing conditions have appa-
renily rendered IT now imperative to that
end The high margin in bond securities
required resulting from large premiums
which government bonds commanded IN
market or the tax on note Issues or
both, operating together, appear To be
the influences which impair its public
utility. The attention of Congress rs IN
yited TO this important matter, with the
view OF ascertaining whether or not such
M. l..sf 1