The Denison review. [volume] (Denison, Iowa) 1867-current, 1899-12-08
NJ KINLEY' MESSAGE.
Features of the Annual State
Paper of the President.
FUTURE OF THE PHILIPPINES.

FUTURE OF THE PHILIPPINES.
(, President Places the Matter In Hands of
Congress-.Suggest1ons as to Government
of Porto Rico-First Steps Toward Free
Cuba-Tinancial Legislation.
WASHINGTON, Dec. 5.-The presidents
message was read in congress today. In
part it is as follows:
40 the Senate and House of Representatives:
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. 81 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-
tiyes. He has been removed from the
high office which he honored and digni-
lied, but his lofty character, his devotion
TO duty, his honesty of purpose and noble
virtues remain with us as priceless leg
acy and example.
The Fifty sixth congress convenes in it's
first regular session with the country in a
condition of unusual prosperity, of uni
versal good will among the people at
home and in relations of peace and friend
ship with every government of the world.
Our foreign commerce has shown great
increase in volume and value. The COM
bined imports and exports for the year
are the largest ever shown by single
year in all our history. Our exports for
1899 alone exceeded 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 exports
per capita are So per cent more than in
1870, showing the enlarged capacity of the
United States to satisfy the wants of it's
own increasing population, as we'll as to
contribute to those of the peoples of other
nations
Exports of agricultural products were
1854, 776, 142. OF manufactured products,
we exported in value 1899, 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 1898 and 1899.
Government receipts from all sources
tor the fiscal year ended June 30, 1899, in
Guiding S11 79s, 314.14. part payment of the
Central Pacific railroad Indebtedness, ag-
gregated S610,9s2 ,004.35. Customs receipts
were s206, 12S,4sl.75 and those from in
ternal revenue s273, 437, 1851
For the fiscal year the expenditures
were 500, G93, 564 .02, leaving a deficit of
$685. III ,559.67.
The secretary of the treasury estimates
that the receipts for the current fiscal year
will aggregate $640, 112, and upon the
basis of present appropriations the ex-
penditures will aggregate $500, 95s, 112,
leaving surplus OF $40,OO0,OOO.
For the fiscal year ended June &c. 1899,
the internal revenue receipts were in
creased about s1O0,000O0O.
The present gratifying strength of the
treasury is shown by the fact that ON Dec.
!, 1899, the available cash balance was
e27S, 004. 1877 72, of which $3.50 IA, SOC. SO was
u 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.
Treasury's Good Showing.
The strong condition of the treasury
with respect to cash on hand and the
favorable showing made by the revenues
have made it possible for the secretary of
the treasury to take action under the pro
visions Of section 1894, revised statutes,
relating to the sinking fund. Receipts
exceeded expenditures for the first five
months of the current fiscal year by 3d.
41S,360.91, and, as mentioned above, the
secretary of the treasury estimates that
there will be a surplus of approximately
$4,000, COO at the end of the year Under
such conditions it was deemed advisable
and proper to resume compliance with
4 ,favn vyicin Of e3~,
which, for eight years has not been done
because of deficiencies in the revenues.
The treasury department. therefore offered
TO purchase during November $25, 200 900
Of the per cent loan of 1904 or the 4 per
cent funded loan of 1907, at the current
market price. The amount offered and
purchased during November was $1s,4O8.
600. The premium paid by the govern
ment on such purchases was $780, 21.
and the net saving in interest was about
t2,sS5, 600
Increased activity in industry, with Its
welcome attendants larger employment
Tor labor at higher wages-gives to the
body of the people 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 espec-
Tally noticeable at the crop-harvesting
and crop moving period.
In it's earlier history the national bank
Ing act seemed to prove reasonable ave-
nue. through which needful additions to
the circulation could from time to time
be made. Changing conditions have ap-
parently rendered 1t now imperative to
that end. The high margin in bond Sc
curities required, resulting from large
premiums which government bonds com
mand in the market, or the tax on note is
sues, or both operating together, appear
to be the influences which IL pair it's pub
lie utility.
The attention of congress is respectfully
invited to this important matter with the
view of ascertaining whether or not such
reasonable notifications can be made in
the national banking act as will render
its service in the particulars here referred
TO more responsive to the peoples needs.
again urge that national banks be au-
thorized to organize with q capital of
es)s nOn