Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1900-12-11

@sTHE PRESIDENTS MESSAGE TO CONGRESS o


! equity of which could not be gainsaid
| In order TO cure the defect of the treaty
by removing all possible ground of future
misunderstanding respecting the interpreta-
ton Of its third article, | directed the neg0-
tiatiOn OF supplementary treaty. which
| will be forthwith laid before the Senate,
whereby Spain quits all title and claim of
/ title to the islands named as well To any
and all Islands belonging TO the Philippine
1 archipelago lying outside the lines described
! In said third article, and agrees that all such
| Islands shall be comprehended in the cession
Of the archipelago as fully as il they had
| been expressly included within those lines.
! In consideration of this cessiOn the United
states Is 20 pay TO Spain the sum OF 100000.
| Cur claims upon the government of the
| Sultan for reparation for injuries suffered by
| American citizens in Armenia and elsewhere
give promise of early and satisfactory settle
ment.
Since my last communication to Congress
on this subject special commercial agree
ments under the third section OF the lariff
act have been proclaimed with Portugal.
| with Italy and with Germany. Commercial
conventions under the general limitations of
the fourth section of the same act have been
concluded with Nicaragua, with Ecuador,
| with the Dominican Republic. with Great
Britain on behalf of the Island of Trinidad
and with Denmark on behalf of the Island
of st. Croix.
American Exposition.
The exposition of the resources and prod
ucts of the western hemisphere to be held
at Buffalo next year promises important re-
suits, not only for the United States, but
/ for the other participating countries. 1t Is
gratifying that the Latin-American states
| have evineed the liveliest interest, and the
! fact that an international American con-
gress will be held in the City of Mexico
while the exposition is In progress encour-
ages the hope of larger display at Buffalo
than might otherwise be practicable.
The bureau of the American republics con-
| tinues to discharge with the happiest results
the important work of promoting cordial
relations between the United States and the
Latin-American countries, all of which are
now active members of the international
union.
Testimony Of foreign observers to the COM
mercial efficiency of the consular corps
seems TO be conclusive, and our own manu-
facturers and exporters highly appreciate
the value of the services rendered, not only
in the printed papers but also In the indi-
| vfdual efforts of consular officers TO promote
American trade
Large Revenue Surplus.
1t is gratifying to be able to state that the
! surplus revenues for the fiscal year ended
June 80, 1900, were $79, 527 060.1S For the
| six preceding years we had only deficits, the
| aggregate of which from 1894 TO 1899 In
elusive amounted to 1888. 022, 991 IA. The re-
caipts for the year from all sources. ex-
| elusive of postal revenues aggregated $751;
240, S51.S9, and expenditures for all pur-
poses except for the administration of the
Postal Department, aggregated S4S7, T13,-
| 191.71. The receipts from customs were
1888 164 81. 16, an increase over the proceed
ing year of S27,036, 3S941 The receipts
from internal revenue were $295, 327, 926. 10,
an increase of sd, $50 1925 over 1850. The
| receipts from miscellaneous sources were
S3S 14S, O5391, as against $S6,394, 1882 for
the previous year.
1t Is gratifying also to note that during the
year considerable reduction is shown in
/ the expenditures of the government. The
War Department expenditures for the fiscal
vrna ny NO a rod finn
of 500, 0e6, 1856 60 over those of 1899, In the
Navy Department the expenditures We're
500, 90, or Y for the year 1900, as against
crease of $7,9S9, 026. 3d. In the expenditures
on account of Indians there was decrease
in 1900 over 1899 of 81 $50, 604. IS, and, in the
civil and miscellaneous expenses for 1900
there was reduction of $13, AIS, 965. IA.
Because of the excess of revenues over ex-
penditures the Secretary of the Treasury was
enabled to apply bonds and other securities
to the sinking fund to the amount of $780,
ga, $4,000 The Secretary of the Treasury
estimates that the receipts for the current
fiscal year will aggregate $3.50, 600, 900 and
the expenditures 100000, COO leaving an ex-
cess Of revenues over expenditures of $780,
10000 The present condition of the Treas
ury is one of undoubted strength. The avlii
able cash balance Nov. so $139, 303,-
1880. The cash balance, including the
present gold reserve of $150,000,000 is $780,
300, 794. 90
1t will be the duty as am sure 1t will be
the ulSpOSlIlOH Oh the congress 10 provide
whatever further legislation Is needed to in
sure the continued parity under all condi-
lions between our two forms of metallic
money, silver and gold.
Our surplus revenues have permitted the
Secretary of the Treasury since the close of
the fiscal year TO call in the funded loan of
1891 continued at per cent, In the sum of
S25 364 500. TO and including Nov 30 S23-
4s5S 100 of these bonds have been paid
The law of March IA, 1900, provided for
refunding into. per cent thirty,year bonds,
payable, principal and interest, in gold coin
of the present standard value, that portion
of the public debt represented by the per
bonds of 1908, the per cents of 1907 and the
per cents of 1904, of which there was out
standing at the date of said law $3.50, 149, $50
The holders of the old bonds presented them
for exchange between March II and Nov 80
to the amount of 1854 ,943,7oO. The net saw
ing to the government on these transactions
aggregates So log, 1866 Another effect of the
operation. stated by the Secretary, is to
reduce the charge upon the Treasury for the
payment of interest from the dates of re-
funding to Feb. Il 1904, by the sum of more
than $7,000000 annually
Growth of National Banks.
The beneficial effect of the financial act Of
1900. as far as Ii relates to the modification
of the national banking act, is already ap
parent. The provision for the incorporation
OF national banks with a eapitai of not less
than SO COO in places not exceeding 1000 m
habitants has resulted in the extension of
banking facilities TO many small commnnl-
with banking institutions under the ma
tional system. There were organized from
the enactment of the law up to and includ-
ing Nov. 80 800 rational banks, Of which 266
were with capital less than $4,000 and lob
with capital of $4,000 or more.
recommend that the Congress at its pres
ent session reduce the internal revenue taxes
imposed to meet the expenses of the war with
Spain in the sum of thirty millions Of doll
| lars ! specially urge that there he in-
ciVded In Whatever reduction Is made the
leTaey tax, beqHests for public uses of a
Literary, educational or charitable charac-
ter.
Ala for Merchant Marine.
Americas vessels during the past three
years have carried about 3 per cent of our
exports and iFaperts. Foreign ships should
American trade. Besides realizing proper
national aspiration this will mean the estab-
lishment and healthy growth along all our
coasts of distinctive national industry, ex-
panding the field for profitable employment
of labor and capital. In agaiz urging I'M
mediate action by the Congress o. measures
to promote American shipping ass foreign
trade. / direct attention TO the reC1s2men-
dation on the subject in previous messages.
and particularly TO the opinion expressed X
the message Of 1899:
II am satisfied the judgment Of the coun-
try favors the policy of aid to our merchant
marine, which will broaden our commerce
and markets and upbuild our sea-carrying
capacity for the products of agriculture and
I
Regulation of Trusts.
In my last annual message TO the Congress
called attention TO the necessity for early
action to remedy such evils as might be
found to exist In connection with cOmbina-
lions OF capital organized into trusts. and
again Invite attention TO my discussion of
the subject at that time, which concluded
with these words:
1T Is apparent that uniformity of legisla-
ton upon this subject in the several States
Is much to be desired. 1t Is to be hoped that
such uniformity, founded in wise and 5ust
discrimination between what Is Injurious
and what IS useful and necessary In business
operations, may be obtained. and that means
may he found for the Congress. within the
limitations Of its constitutional power. so to
supplement an effective code of State legis-
latIon as TO make a complete system Of laws
throughout the United States adequate 10
compel a general observance of the saiutary
rules TO which have referred.
The whole question is so far-reaching that
l am sure no part OF Ii will be lightly con-
sidered. hut every phase of ii with have the
studied deIiheration OF the Congress, result
ing In wise and judici0us action. Restraint
upon such combinations are Injurious.
and which are within Federal Jurisdiction
should be promptly applied by the Congress.
Affairs in Philippines.
In my last sPnual message | dweit at
some length upon the condition Of affairs in