The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-12-06

WASHINGTON, Dec. G-Presldent
Mckinley submitted his message 10 the
Fifty-slxth Congress to-day. as follows;
To the Senate and House OF Repre-
sentatIves:-At the threshold OF your
deliberations you are called to mourn
with your country the death of Vice
President Hobart, who passed from
| this iHe on the morning OF November
2l last. His great soul now rests in
eternal peace. His private life was
pure and elevated. while his public ca
reer was ever distinguished by large ca
paclty, stainless integrity, and exalted
motives He has been removed from
the high office which he honored and
dIgnIHed, but his lofty character, his
devotion to duty, his honesty of pur-
pose, and noble virtues remain with
us as priceless legacy and example.
The Flfty-slxth Congress convenes in
its first regular session with the coun-
try 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 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 a billion dollars
our imports and exports combined in
1870. The imports per capita are 20
per cent less than in 1870, while the ex-
ports per capita are IS per cent more
than in 1870, showing the enlarged ca
pacIty Of the United States to satisfy
the wants OF It's own increasing popu-
lation, as well MS to contribute to
those of the peoples of other nations.
Exports Of agricultural products were
S7S4, ,7T6,i42. OF manufactured products
we exported in value $SS9,592,146, being
larger than any previous Sear. 1t is a
noteworthy fact that the only years in
all our history when the products, of
our manufactures sold abroad ex-
ceeded those bought abroad were 1898
and 1899
Government receipts from all sources
for the fiscal year ended June 30, 1899.
Including $l1,79S,Sl4 u, part payment of
the Central Pacific railroad indebted
ness, aggregated $61O.sS2,OO4 So. Gus
toms receipts were S2O6l2S,4sl 75, and
those from Internal revenue $2IS.4S7.-
16l 81.
For the fiscal year the expenditures
were s7OO,O9S,56l o., leaving deficit of
SSS,1l1,559 67.
The secretary of the treasury estI-
mates that the receipts for the current
FISCAL year will aggregate S64O,95S.1l2,
and upon the basis of present nppropri-
atoms the expenditures will aggregate
$500. .95S, ,l12, leaving surplus of s4O,-
100000.
For the tlscaT year ended June 30. 1923.
the internal revenue receipts were in
creased about $lOO,OOOOOO.
The present gratifying strength of
the treasury is shown by the fact that
on December /. 1899. the available cash
balance was %27s,OO4, ,SS7 7g, of which
323s ,744 sos Sc was in gold coin and bull
lion. The conditions of confidence
which prevail throughout the country
have brought gold into more general
use and customs receipts are now al
most entirely paid in that coin.
Strong Condition of the Treasury.
The strong condition of the treasury
with respect to cash on hand and the
favorable showing made by the reve-
nues have made 1t possible Cor the
secretary of the treasury to take action
under the provisions OF section S,694.
Revised Statutes, relating to the sink
ing fund. Receipts exceeded expendi-
lures for the first I'VE months of the
current fiscal year by $tS,4fSSSs 81, and,
as mentioned above, the secretary OF
the treasury estimates that there will
be surplus II approximately Ao'O0O.-
900 at the end OF the year. Under such
conditions It was deemed advisable and
proper to resume compliance with the
provisions OF the sinking fund law,
which for eight years has not been
done because Of the deficiency in the
revenue. The treasury department
therefore offered to purchase during
November S25,OOO,cOO of the per cent
loans of 1904, or, the per cent funded
loan Of 1907, ut the current marke,
price. The amount offered and pur
chased during November was S1S,4Os,6oO.
The premium paid by the government
on such purchases was $2,263,52i. and
the net saving in interest was about
Ss,SS5,OOO. The success of this operation
was sufficient to induce the government
to continue the ofrer to purchase bonds
TO and including the 2Srd day Of De-
cember, inst, unless the remainder ot
the Sg5. 900, 900 called for should be pre-
scented in the meantime by redemption,
Increased activity in Industry with its
welcome attendant-a large employ
ment OF labor at higher wages, gives to
the body of people larger power to
absorb the circulating medium. 1t is