The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1899-12-15
THE PRESIDENTS MESSAGE.

ttonS you are called to mourn with you
cOuntrymen the death of Vice Presiden
hobart, who passed from this life on tn,
morning of Nov. 81 last. His great sou
now rests in eternal peace. His privat,
life was pure and elevated, while his pub
lie career was ever distinguished by large
capacity, stainless integrity and exalted
motives. He has been removed from the
high Office which he honored and digni
fed, but his lofty character, his devotion
to duty, his honesty of purpose and no
bic virtues remain with us as priceless
legacy and example"
The president then plunges into a re.
view of the prosperous conditions which
have prevailed throughout the country
since his last message was delivered. He
finds that the exports of agricultural
products were 1854, 1851 and of man
-nfActured products $3.50, 592, 146, larger
than any previous year. Government re-
ceipts from all sources for the fiscal year
ended June 30, 1899, aggregated nearly
$611 100000. Customs receipts were
over $206, 100000 and those from inter-
nal revenue about $274,000,000 For the
same period the expenditures were $780,
1864, leaving a deficit of a little over
$89,000,000.
The secretary of the treasury estimates
that the receipts for the current fiscal
year will aggregate nearly $641 100000
and the expenditures about $G01 900 900.
Mr.. Mckinley then turns his atten-
ton to the. condition of the treasury,
which, he says, is most gratifying. The
available cash balance on Dec. l, 1885,
was $27S,O00,O00, of which over $685.
100000 was in gold coin and bullion, and
he remarks that the conditions of conf
dence which prevail throughout the coun-
try have brought gold into more general
use, and customs receipts are now al
most entirely paid in that coin.
THE BOND OFFER.
The recent action of the secretary of
the treasury ir offering to purchase $780,
100000 of bonds is referred to in the fol-
lowing terms:
'NThe strong position of the treasury
with respect to cash on hand and the
favorable showing made by the revenues
have made it possible for the secretary
of the treasury to take action under the
provisions of section 1854, Revised Stat
utes, relating to the sinking fund. Re-
ceipts exceeded expenditures for the
first five months of the current fiscal
year by $13,413, 3S9.91, and as mention
ed above, the secretary of the treasury
estimates that there will be a surplus
of approximately $40000,000 at the end
of the year. Under such conditions it
was deemed advisable and proper to re-
sumo compliance with the provisions Of
the sinking fund law, which for eight |
years has not been done because of de-
ficiencies in the revenues. The amount |
off nd .l,oc ,hnT
was $1S, 40S,600."
Mr.. Mckinley says the net saving in
interest on the amount purchased was
over 100000.
The president finds that under the rap
id development in the industries of the |
country the national banking act is not
sufficient avenue through which needful |
addition to the circulation can from time
to time be made. He therefore asks con- |
gress to take up this matter with the |
view of ascertaning whether or not such |
reasonable notifications can be made as
will render the acts service in the par
ticulars referred to more responsive to
the peoples needs. He urges that ma
tional banks be authorized to organize
with capital of $4,000.
THE MONEY STANDARD
President Mckinley then proceeds to
discuss the standard of money and says:
II urgently recommend that to support
the existing gold standard and to main
tain the parity in value of the coins of
the two metals gold and silver and the
equal power of every dollar at all times
in the market and in the payment of
debts the secretary of the treasury be
given additional power and charged with
the duty to sell United States bonds and
to employ such other effective means as
may be necessary to those ends. The au-
thority should include the power to sell
bonds on long and short time as condi-
tons may require, and should provide for
a rate of interest lower than that fixed
by the act of Jan. Il, 1879. While there
is now no commercial fright which with
draws gold from the government but, on
the contrary, such widespread confidence
that gold seeks the treasury demanding
paper money in exchange, yet the very
situation points to the present as the
most fitting time to make adequate pr0vi
sion to insure the continuance of the gold
standard and of public confidence in the
ability and purpose of the government to
meet all its obligations in the money
which the civilized world recognizes as
the best.
1.-The financial transactions of the gov
eminent are conducted upon gold ba
sis. We receive gold when we sell Unit
ed States bonds and use gold for their
payment We are maintaining the parity
of all the money issued or coined by au-
thority of the government. We are doing
these things with the means at hand
Happily at the present time we are not
compelled to resort to loans to supply
gold. 1t has been done in the past, how
ever, and may have to be done in the fu-
ture 1t behooves us, therefore, to pro-
vide at once the best means to meet the
emergency when it arises, and the best
means are those which are the most GER
tain and economical. Those now author
lied have the virtue neither of directness
nor economy. We have already eliminat-
ed one of the causes of our financial
plight and embarrassment during the
years 1893, 1894, 1895 and 1896
RECEIPTS EQUAL EXPENDI-
TURES.
"Our receipts now equal our expendi-
lures. Deficient revenues no longer Gre
ate alarm. Let us remove the only re-
manning cause by comforting the full and [
necessary power on the secretary of the {
treasury and impose upon him the duty {