The times., 1899-12-06
To The Senate aud House of Repre-
SeUT3ffVeS.

To The Senate aud House of Repre-
seHfaHVes:
At the threshold OF your deliberations
you are called to mourn with your coun-
trymen the death Of Vice President Hobart.
who passed from this life on the morning
Of November p 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 ca
pacity, stainless integrity, and exalted mo-
tives. He has been removed 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 as a priceless legacy and
example
The Fifty-siXth Congress cOuvenes in
It's first regular session with the country
in condition Of unusual prosperity, Of
universal good viii 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 exports for the year
are the largest ever shown by q single year
in all our history. Our exports for 1889
alone exceeded by more than a billion dol
lars our imports and exports combined in
1870. The imports per capita are 20 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 20 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,l76.142. OF manufactured products we
exported in value $3.50 $50, ,146. being larger
Than any previous year. II is a noJewoT-
thy fact that the only years in all our his
tory when the products Of our manufactO-
ries sold abroad exceeded those bought
abroad were 1898 and 1899.
The Years budget.
Government receipts from all sources
for the fiscal year ended June 80, 1899,
including 81. .T9S, ,3lAl4. part payment Of
The Central Pacific Railroad Indebtedness,
aggregated $50, $50. .00435, and those from
internal revenue $273, ,437, 1851
For the fiscal year the expenditures
We're 500 0s3, ,56A02 leaving a defcit Of
ss9, III. .559.5T.
The Secretary Of the Treasury estimates
that the receipts for the current fiscal
year VIII aggregate S640, ,95S.ll2, and upon
the basis Of present appropriations the
expenditures VIII aggregate $500, ,s5S, ,Il2,
Vaving a surplus Of $50 100000.
For the fiscal year ended June 80, 1893,
the internal revenue receipts were IN
creased about $1O0, 00o, 600
The present gratifying strength Of the
Treasury is shown by the fact that on
December !. 1899. the available cash bal
snoe was S2IS. .004. .S3772, OF which $3.50
Fl.- % coli anfr frrff lion
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.
The strong position Of the Treasury with
respect 10 cash on hand and the favorable
showing made by the revenues have made
Il possible for the Secretary Of the Treas
urv 10 take action under the provisions
Of section 3 3.694 Revised Statutes, relating
10 the sinking fund. Receipts exceeded
expenditures for the first FIVE months OF
the current fiscal year by 13, 4l3 3s9-I, and,
as mentioned above, the Secretary Of the
Treasury estimates that there viii be a
surplus Of approximately $40. .OO0, 600 at the
end Of the year. Under such conditions IL
was deemed advisable and proper 10 re-
sumo compliance with the provisions Of
the sinking fund law, which for eight
years has not been done because Of de-
fciencies IN the revenues. The Treasury
Department therefore offered 10 purchase
during November So GOO, 600 of the per
cent loan Of 1903 or the 4 per cent funded
loan Of 1907 at the current market price.
The amount offered and purchased during
November was SIS, ,40S 600 The premium
paid by the Government on such purchases
was 81 263 521 and the net saving in inter
est was about 81 SS5, 600. The success OF
this operation was sufficient 10 induce the
Government to continue the offer 10 pur-
chase bonds to and including the twenty
third day Of December instant, unless
the remainder Of the SO 0,000 called for
should be presented in the meantime for
redemption.
The National Banking Law.
Increased activity in industry, with lis
welcome attendant larger employment
for labor at higher wages-gives TO the
body OF the people larger power TO alb
sorb the circulating medium. Il is fur
ther 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-
ciaIy noticeable at the TOp-harvesting
and crOp-moving period.
II its earlier history the National Bank
ing Act seemed 10 prove q TeasonaUle ave-
nue. through which needful additions To
The circulation could from tine TO time be
made. Changing conditions have appar-
emily rendered il now imperative TO that
end The high margin in bond securities
REQUIRED. resulting from large premiums
which Government bonds command in the
market. or the tax on note issues, or both
operating together. appear 10 be the iuhu-
ences which impair it's public utility.
The attention Of Congress is respectfully
invited 70 this important matter with tho
view OF ascertainiug whether or not such
reasonable notifications can be made I
the National Banking Act as viii render SIS
service in the particulars here referred e
more responsive 10 the peoples needs.
again urge that national banks be author
fzed 10 organize with a capital OF So 900.
FIaf-Footed Recommendation Tha
II BE Established.