dignified, but his lofty character, his devotion to duty,
his honesty of purpose, and noble virtues remain with us as a priceless
legacy and example.

The Fifty-sixth Congress convenes in its first regular session with the
country in a condition of unusual prosperity, of universal good will
among the people at home, and in relations of peace and friendship with
every government of the world. Our foreign commerce has shown great
increase in volume and value. The combined imports and exports for the
year are the largest ever shown by a 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 58 per cent
more than in 1870, showing the enlarged capacity of the United States
to satisfy the wants of its own increasing population, as well as to
contribute to those of the peoples of other nations.

Exports of agricultural products were $784,776,142. Of manufactured
products we exported in value $339,592,146, being larger than any
previous year. It is a noteworthy fact that the only years in all our
history when the products of our manufactories sold abroad exceeded
those bought abroad were 1898 and 1899.

Government receipts from all sources for the fiscal year ended June 30,
1899, including $11,798,314.14, part payment of the Central Pacific
Railroad indebtedness, aggregated $610,982,004.35. Customs receipts were
$206,128,481.75, and those from internal revenue $273,437,161.51.

For the fiscal year the expenditures were $700,093,564.02, leaving a
deficit of $89,111,559.67.

The Secretary of the Treasury estimates that the receipts for the
current fiscal year will aggregate $640,958,112, and upon the basis of
present appropriations the expenditures will aggregate $600,958,112,
leaving a surplus of $40,000,000.

For the fiscal year ended June 30, 1899, the internal-revenue receipts
were increased about $100,000,000.

The present gratifying strength of the Treasury is shown by the
fact that on December 1, 1899, the available cash balance was
$278,004,837.72, of which $239,744,905.36 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 t