The daily morning journal and courier., 1899-12-06
PRESIDENTS MESSAGE >1 ~&ssnnaaun~~ Continued from page six)

were $700 O93, 564,O2, leaving a deficit c
 $S9, Ill, ,559 67.
 The secretary of the treasury esti
 mates that the receipts for the curren
 fiscal year will aggregate $640 95S IF
 and upon the basis of present appropri
 ations the expenditures will aggregat
 s6OO95S,1 ,112, leaving a surplus of $4So0o,
 GOO.
 For the fiscal year ended June 30, 1S9
 the internal revenue receipts were in
 creased about $10O,00O,o00.
 The present gratifying strength of tn
 treasury is shown by the fact that or
 December 1, 1899, the available cash
 balance was s27S, ,0o4, ,S3772, of which
 $239, TAI, ,9O5.36 was in gold coin and bull
 lion. The conditions of confidence
 which prevails throughout the coun-
 try have brought gold Into more genera
 use and customs receipts are now al-
 most entirely paid in that coin.
 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 se-
 cretary of the treasury to take action
 under the provisions of section S694,
 revised statutes relating to the sink ing fund.- Receipts exceeded eXpendl-
 lures for the first five months of the
 current fiscal year by SIS, ,413,3 3S9.91, and as mentioned above, the secretary of the treasury estimates that there will
 be surplus of approximately $4o,-
 900 00O at the end of the year. Under such conditions it was deemed adVlsa- ble and proper to resume compliance with the provisions of the sinking fund
 law, which for eight years has not been done because of deficiencies in the rev. enues. The treasury department,
 therefore offered to purchase during November 25,ooo,Ooo of the 5 per cent loan of 1904 or the 4 per cent. funded loan of 1907 at the curernt market price. The amount offered and purchased during November was SIS, ,40S,600. The premium paid by the government on such purchases was S2,263521 and the net saving in interest was about $2, ,3S5,- 900. The success of this operation was suffcierlt to Induce the government to continue the offer to purchase bonds to and including the 23d day of December instant. unless the remainder of the $25, 1000 called for should be present. ed in the meantime for redemption.
 Increased activity In industry, with its welcome attendant and a larger em- ployrnent for labor at higher wages gives to the body of the people larger power to absorb the circulating medi- um. It Is further true that year by year, with larger areas of land under cultivation, the increasing volume of a perI-ir1ItJ1rn1 yrO1f1hfG Int tnr, n1T wheat calls for larger volume of mon- ey supply. This Is especially noticea- ble at the crop harvesting and crop moving period.
 In it's earlier history the National Banking Act seemed to prove reason ble avenue through which needful ad- | ditions to the circulation could from time to time be made.
 Changing conditions have apparently | rendered it Imperative to that end The | high margin In bond Aecuritles required, resulting from large premiums which government bonds command in the market, or the tax on note Issues, or both operating together, appear to be the influences which impair it's public utility.
 fl6 dlletlelOll Ul COilS eSS fS IeSpcCl- fully Invited to this important matter with the view Of asceralning whether or not such reasonable notifications can be made in the national banking act as will render it's service in the particulars here referred to more re- sponslve to the peoples needs. I again urge that national banks be author ized to organize with capital of $25,- 900.
 urgently recommend that to support the existing gold standard and to main tain "The parity in value of the coins of the two metals (gold and silver) and the equal power of every dollar at all times in the market and ln the pay ment of debts" the secretary of the treasury be given additional power and charged with the duty to sell U. s. bonds and to employ such other effec- tive means as may be necessary to those ends. The authority should Include the power to sell bonds on long and short time, as condition may require, and should provide for a rate of inter- est lower than that fixed by the act of January IA, 1875. While there is now no commercial fright which withdraws gold from the government, but, on the such widespread confidence that gold seeks the treasury demanding paper money in exchange yet the very points to the present as the , most fitting time to make adequate provision to insure the continuance Of = the gold standard and of public conf1d- = enc In the ability and purpose Of the < government to meet all It's obligations . In the money which the civilized world =, recognized as the best. The financial 4 of the government are con- = lucted upon. a gold basis. We receive = ,old when we sell United States bonds =, and use gold for their payment. We 1 Ire maintainning the parity of all the money Is used or coined by authorty of :, he government We are doing these :, hings with the mean. at hand Hap Al oily at the present time we are not < compelled to resort to loans to supply s, gold. It as been done in the past, however, and may have to be done In = he future It behooves us, therefore o provide at once the best means to 2, meet the emergency when it arises aud /. he best means are those which are the "
 o11d oonnnn1iao1 Those l U