The Holly chieftain., 1900-12-07
PRESIDENT M'KINLEY SENDS
HIS MESSAGE TO CONGRESS.

I enues over expenditures the secretary
Of the treasury was enabled 10 apply
! bonds and other securities 10 the sink
ing fund to the amount of s.o.JA,-
5000 The details OF the sinking fund
are set forth in the report of the sec
I retnry Of the treasury. TO which l In
! vite attention. The secretary OF the
treasury estimate that the receipts
{ for the current fiscal year will aggre-
gate $3.50 0G0. 600, & nd the expenditures
I $500 600. 900. leayiHg an excess Of rev.
enues over expenditures of Ssu.Oo0.OO.
Z The present condition OF the treasury
is one Of uudoubted strength The
available cash balance November 3Oth
was S139. 300. .794.5o
THE beneficial effect OF the financial
act of 1900, SO far as il relates TO the
modification Of the national banking
act, is already apparent The provis-
/ ion for Incorporation Of national banks
/ with capital of not less than S25-uO
/ in places not exceeding 1900 inhabir-
ants has resulted in the extension OF
/ banking facilities TO many small COM
munities hitherto unable to provide
< themselves with f,anking institutions
under the national system There
/ We're organized from the enactment of
I the Law up 10 and Including November
3oth. 1863 national banks of which 269
I We're with a capital less than $4,000.
and 103 with q capital of $4,000 or
more.
"It Is worthy Of mention that the
greater number OF banks being organ
( lied under the new law are in sec
I tions where need of banking facilities
has been most pronounced. Iowa
stands first with thirty banks of the
1 smaller class. while Texas, Oklahoma.
I Indian Territory and the middle and
western sections Of the country have
also availed themselves largely of the
privileges under the new law.
I'm my last message 10 Congress l
called attention 10 the necessity for
early action TO remedy such evils as
( might be foand 10 exis; in connection
with combinations of capital organized
i into trusts. and again invite attention
/ 10 my discussion Of the subject at that
Z time. which concluded with these
/ words: 1t is apparent that uniformity
I of action upon this subject in several
( states is much 10 be desired 1t is to
4 be hoped that such uniformity. found
ed in a wise and just discrimination
/ between what is Injurious and what is
useful and necessary in business oper-
atoms. may be obtained, and that
means may be found for Congress.
within limitation Of Its constitutional
power. so TO supplement an effective
code of state leg ation as TO make
complete system Of laws throughout
the Uniged State adequate to compel
general 0bserylnce of the salutary
| rules to which.I lave referred
81 ,s..I
to sS49.94l.1 .1s4. and an increase over
1899 OF s152. 20. .695. This increase is
largely In materials for manufacture,
! and is in response to the rapid develop
ment of manufacturing in the United
{ States. While there was imported for
use in manufactures in 1860 material
to the value of $40, ,7Gs, ,9T2 in excess OF
1 1899. it is reassuring to observe tha!
1 there is n tendency toward decrease in
the importation of articles manufactur
ed ready for consumption; which i'll
I 1860 formed 15.1 per cent. Of the total
| imports. against 1854 per cent. in 1899
and 21.U9 per cent. in 1896.
Il recommend that Congress at its
| present session reduce internal revenue
taxes imposed TO meet expenses of war
with Spain in the sum of $50. 900. 900.
| remission of those taxes which expert
ence has shown to be most burden
some to the industries of the people.
| specially urge that there be included In
whatever reduction is made the legacy
tax bequest for public uses of a liter
! ary, educational or charitable charac-
| ter.
IN my inaugural address I referred
to the general subject of lynching in
athese words: 'Lynching must not be
tolerated in great and civilized coun.
try like the United States. Courts, nor
| mobs, must execute the penalties Of
law. The preservation of public order,
right of discussion. integrity Of courts
and orderly administration of justice
| must continue forever. This is the
rock of safety upon which our govern
ment securely rests This most urg.
emily reiterate and again invite the at
tentiOn Of my countrymen to this re-
proach upon our ciyiliZatiaon.
1.-The all-important matter Of an in
ter-oceanic canal has assumed new
phase. Adhering TO its refusal to re-
open the question of forfeiture Of con-
tract of the Maritime Canal Company,
which was terminated for alleged non
execution in October, 1899, the govern
ment Of Nicaragua has since supple
mented that action by declaring the So
styled Eyre -Cragin option void for nom
payment Of the stipulated advance.
Protests In relation TO these acts have
been filed in the state department and
are under consideration.
'1The Nicaraguan government shows
disposition to deal fairly with the Gu
nal question. either in the way of ne
gotiations with the United States or
by taking measures to promote water
ways.
'overtures for convention to effect