Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-05
E;X.1'R A!
THE PRESIDENTS MESSAGE
OnezanDled Prosperity Throughout the
Entire Country.
lNSOLAR GOVERNMENT DISCUSSED At LENGTH
Financial Legislation Suggested and Trusts
Referred to.
MANY OTHER SUBJECTS TREATED
NSULAR GOVERNMENT DISCUSSED At LENGTH
MANY OTHER SUBJECTS TREATED

The President tcday transmitted his an
! rual message to Congress 1t is as follows:
| To the Senate and House of Representa-
tives:
At the thresh Did of your deliberations you
| are called to mourn with your countrymen
| the death Of Vice-President Hobart who
| passed from this life on the morning of
| November 2lst 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 beea removed from the high office
which he hoaored and dignifed. but his
| lofty character, his devotion to duty, his
honesty of purpose, and noble virtues re-
main with US as a priceless legacy and
example.
The Fifty-sixth Congress convenes in its
first regular session with the country in Il
condition of unusual prosperity, Of uni
versal good will among the people at home,
| and in relations of peace and friendship
with every government of the word. our
| foreign commerce has shown great increase
in volume and value. The combined i'm
! ports and exports for the year are the
largest ever SuONll ny d SlIS4S SSdI 4l4 SNi'
our history. Our exports for 1889 alone
exceeded by more than billion dollars 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 to
satisfy the wants of its own increasing
population, well as TO contribute TO those
of the peoples of other nations.
Exports of agricultural products were
s1s4, ,776, 142. OF manufactured products we
exported in value s339, 592 146, being larger
than any previous year. 1t is a noteworthy
fact that the only years in all our history
when the products of our manufactures
sold abroad exceeded those bought abroad
were 1895 and 1899.
Receipts and Expenditures.
Government receipts from all sources for
the fiscal year ended June 30, 1899, includ-
ing S11, 79s, BAH, part payment of the Cen
tral Pacific Railroad Indebtedness. aggre-
gated $610,9S2,O04.35 Customs receipts
We're $2o6, lbs, ,4s1. IS, and those from inter-
nal revenue S273, 3,437 1851.
For the fiscal year the expenditures were
500, O,095, ,564.o o. leaving a deficit OF Ss9,111,-
559.67.
The Secretary of the Treasury estimates
that the receipts for the current fiscal year
will aggregate S640,95S, 112, and upon the
basis of present appropriations the expen-
ditures will aggregate $60095s, ,112, leaving
a surplus of $40 900 900.
For the fiscal year ended June 80, 1899,
the internal-revenue receipts were increas-
ed about 500, 0,U00,0 900.
The present gratifying strength of the
Treasury is shown by the fact that
December l. 1883, the available cash bal
ance was SITS, S,004, ,S37.12, of which S2}9, Ii4,-
9t5. .36 was in gold coin and bullion. The
conditions of confidence which prevail
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 to cash on hand and the favorable
showing made by the revenues have made
1t possible for the Secretary of the Treas
ury to take action under the provisions of
section 1864. Revised Statutes, relating to
the sinking fund Receipts exceeded ex-
penditures for the first five months of the
current fiscal year by S13,413, ,;}S991, and,
as mentioned above, the Secretary of the
Treasury estimates that there VIII be a
surplus of approximately $40, 900, 600 at the
end of the year. Under such conditions IL
was deemed advisable and proper to resume
compliance with the provisions Of the sink
ing-fund law, which for eight years has not
been done because of deficiencies in the
revenues The Treasury Department there
fore offered to purchase during November
SD 900 600 of the per cent loan of 1901 !
or the per cent funded loan OF 1907, at the
current market price. The amount offered
and purchased during November was SIS
40S GOO The premium paid by the Gov
ernment OH such purchases was 81 26352l |
and the net saving in interest about |
50 SS5, ,000. The success of this operation |
was sufficient to induce the Government to |
and including the 25d day of December |
instant, unless the remainder of the S25.- |
GO0, 600 called for should be presented in |
the meantime for redemption.
To Uphold the Gold Standard. |
Increased activity in industry. with its |
welcome attendant-a larger employment |
for labor at higher wages-gives to the |
body of the people a larger power to alb |
sorb the circulating medium 1t 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 a larger |
volume Of money supply. This is espe- |
cially noticeable at the crop-harvesting and |
crop-moving period. |
In Its earlier history the National Bank
Ing Act seemed to prove reasonable ave-