Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1899-12-06
The PRESIDENTS MESSAGE.
10 the Senate and House OF Representa-

tlStS.
At the threshold OF your deliberations
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. q 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 priceless legacy and
example.
The Fifty sixth congress eonyenes in
It's first regular session with the coun-
try in condition OF unusual prosperity,
of universal good Will among the people
at home md 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 single year in all our his
tory. Our exports for 1899 alone ex-
coded by more than 81 900. 900. 900 our
imports and exports combined in 1870
The imports per capita are 20 percent
less than In 1870. while the exports per
capita are IS percent more than In 1870
showing tho enlarged capacity of the
United States to satisfy the wants OF its
own increasing population. as well as to
contribute to those OF the peoples OF
other nations.
Exports Of agricultural products were
s7S4.5,6.i42. or manufactured products
we exported in value s3ga, 592.l46, being
larger than any previous year. lisa
noteworthy fact that the only years in
all our history when the products OF our
manufactures sold abroad exceeded
those bought abroad were lS9s and 1899.
Government receipts from a. sources
for the fiscal year. ending juno 30. 1899.
including St1. S.2iA14. part payment
OF the Central Pacific railroad Indebted
ness, aggregated S5io. 9S2 0oi3j. Gus
toms receipts were $266. is. ISIS, and
those from internal revenue S.. AZ
1871.
For the fiscal year the expenditures
were 500. 1893, 5si-o2. leaving deficit OF
sse.lil. 5.967
The secretary OF the treasury esti-
mates that the receipts for the current
fiscal year VIII aggregate G4095S. 1i2.
and upon the basis OF present apprn-
priations the expenditures viii aggrc-
gate $500 95s.ii2. leaving surplus %
SO. 900 900
For the fiscal year ended June 80. IS9o.
the internal revenue receipts were in
creased about 400 ooo. 600.
The present gratifying strength eff
the treasury is shown by the fact that
on Dec. l. 1899. the available cash bal
ance was SIS cot ss7.52. OF which S939.-
4i.9o5.c6 was In gold coin aud bullion.
The conditions of confidence which pre-
vail throughout the country have
brought gold into more general use and
customs receipts are now almest entirely
paid in that coin.
AS TO FINANCE
Tho strong position OF the treasury
with respect to cash on hand and the
favorable showing made by the rev,
nues have made il possible FOR the Sc
rctary OF the treasury 10 take action an
der the provisions Of section 1894. re
vise1 statutes, relating TO the sinking
fund Receipts exceeded expenditures
for the FIRST I'VE months OK The current
fiscal year by 81. 4lc, $50 ~. and as men
toned above. the secretary ~ tn,
treasury estimates that there VIII be a
surplus os approximately $50, 00o 600 at
the end al the year, Under such eoud!-
tons, # Was deemed advisable and prop
err to resume compliance with the pro-
visions Of the sinking fund law. which
for eight years has not been done. be-
cause OF Deficiencies in the revenues
The treasury department. therefore Of
fered 10 purchase during November 80
900 .0oo Of the percent loan 81 loot or
the percent funded loan Of 1907, AT the
current MAJ ket price. The amount Of
fered ana purchased during November
was SIS. 4aS GOO The premium paid by
the gov 2rnment on such pure bases was
s.. 2G3. SCI. and tho net saving in Interest
was about $2.s>5."0j
The success Of this oUevat!on was
sufficient to induce the government TO
continue the Offer to purchase bonds
To and including Dec. ., instant unless
the remainder of the $-5.oulouo called
for should b. pres sutvd IN tn" meantime
for redemption.
Increased activity in Industry, with
its welcome attvudant-a larger en-
ploymeut FOR labor at higher wages
gives to the body OF the people a larger
power 10 t5sorb the circulating medium
1t is further true that year by year, with
large a rcas Il land under cultivation, tn
increasing volume OF agricultural prod
ucts. Gotten. corn and wheat, call for a
larger volume of money supply. THIS
is especially noticeable at the crop-har-
vesting and crop-moving period.
In it's earlier history the national
banking act seemed To prove a reason
able avenue through which needfui ad-
ditions to the circulation could from
time To Zinc be made. Changing condl-
lions have apparently rendered 1t no"
imperative TO that end. The high mar
gin in bond securities required, result