The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1899-12-06
The PRESIDENTS MESSAGE.
To the Senate and House of Representa-

ives.
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 dignifed, but his lofty
character, his devotion to duty his
honesty of purpose, and noble virtues
remain with us a priceless legacy and
example.
The Flfty-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-
ceeded by more than $1,000 900 our
The imports per capita are 20 percent
less than in 1870 while the exports per
capita are IS percent more than in 1870,
showing the enlarged capacity of the
United States to satisfy the wants Of it's
own increasing population, as well as to
contribute to those of the peoples of
other nations.
Exports Of agricultural products were
Il q
we exported in value 1899, 592 146, being
larger than any previous year. 1t is
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 S11,79S,31A14. part payment
of the Central Pacific railroad indebted
ness, aggregated $61O,9S2 ,oO4.95. Gus
toms receipts were $2O612S, 4S1.75, and
those from internal revenue 1913 437,-
1851
For the fiscal year the expenditures
were $500, O93 564O2, leaving a deficit of
$50 lii 559.67.
The secretary of the treasury esti-
mates that the receipts for the current
and upon the basis of present appro-
priations the expenditures viii aggre-
gate 5000, ,112, leaving a surplus of
$4O,O00,O00.
For the fiscal year ended June 80, 1899,
the internal revenue receipts were in
creased about $10OOOO,OOO.
The present gratifying strength Of
the treasury is shown by the ia that
hp aNroi1o l11a oh hal
ance was $27S, 004, S3172, Of which $780,
744,9O5.36 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
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-
nues have made it possible for the sec
rotary Of the treasury to take action I'M
der the provisions of section 1904, re-
vised statutes, relating to the sinking
fund Receipts exceeded expenditures
for the first five months of the current
fiscal year by $13, 413, 3S9.91, and, as men
toned above, the secretary of the
treasury estimates that there will be {
surplus of approximately $40,000000 a.
, the end of the year. Under such condi
lions, it was deemed advisable and prop
er 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 to purchase during November $25,
100000 of the percent loan of 1904, o
the percent funded loan of 1907 at tn
current market price. The amount of
fered and purchased during Novembe
| was SIS, 40S 600. The premium paid b.
[ the government on such purchases wa
| s2.263,521, and the net saving in interes
n was about $2,SS500O.
The success of this operation wa
lsufficient to induce the government
continue the offer to purchase bond
to and including Dec. %, instant unles
the remainder of the $4,000, 900 calle
for should be presented in the meantim
for redemption.
Increased activity in industry, wit
its welcome attendant--a larger en-
ployment for labor at higher wages
gives to the body of the people large
power to absorb the circulating medium
1t Is further true that year by year, VIII
large areas Of land under cultivation, TT
Increasing volume of agricultural proc
ucts, Gotten, corn and wheat, call for
larger volume Of money supply. Tn
is especially noticeable at the crop-ha
vesting and crop-movng period.
In it's earlier history, the nations
banking act seemed to prove reason
able avenue through which needful az
ditions to the circulation could fro
time to time be made, Changing cond
lions have apparently rendered 1t no
imperative to that end The high ma
gin in bond securities required, result
ing from large premiums which goYer
ment bonds command ia the market
the tax on note issues, or both operatii
together, appear to be influences whit
impair its public utility,
The attention Of congress is respec
fully invited to this important matte