The advocate., 1896-12-09
HIS LAST MESSAGE.
(COnttnued from page 81

seven months before the close of the fiscal
year, that the secretary Of the treasury fore
told deficiency Of SlTOOO,OO0 The great and
increasing apprehension and timldity In busi-
ness circles and the depression in oil activities
intervening since that time, resulting from
causes perfectly well understood and entirely
disconnected with our tariff law or operation,
seriously checked the imports we would have
otherwise received and readily account for the
difference between this estimate OF the secre-
tary and the actual deficiency as we'll as for
continued deficit
believe our present tariff law, II allowed
fair opportunity, will in the near future yield
a revenue which, with reasonably economical
expenditures, will overcome all dif1culties.
In the meantime no deficit that has occurred
or may occur need excite. or disturb us.
To meet such deficit we have in the treasury,
In addition TO o gold reserve OF Sl00,OO0,0O0, o
surplus Of more than 1925, col, 900 applicable to
payment Of expenses OF the government and
which must, unless expended for that purpose,
remain o useless hoard, or, II not eXtraVagantly
wasted, must in any event be perverted from the
purpose OF It's eXactiOn from our people, the
payment therefore, OF any deficiency In the
revenue from this fund is nothing more than
It's proper and Legitimate USE 1t Is immeasur-
ably better to appropriate our surplus to the
payment Of justiaable expenses than to allow
1t to become an invitation TO reckless sppro-
pFistions and extravagant expenditures
suppose 1t will not be denied that under the
present law our people obtain the neceSsaries
Of a comfortable existence at a cheaper rate
than formerly. This is matter Of supreme
Importance since 1t is the palpable duty OF
every just government to make the burdens Of
taxation as light as possible. The people
should not be required to relinquish this
privilege OF cheaper living except under the
stress OF their governments necessity made
plainly manifest
Our Financial MethO DIS.
This reference TO the condition and PROS
poets OF our revenues naturally suggests an
RlluSion to the weakness and vices Of our inan-
eial methods They have been frequently
pressed upon the attention OF congress in pre-
vious executive communications and the in
evitable danger Of their continued tOleration
pointed out Without now repeating these de-
tails I cannot refrain from again earnestly
presenting the necessity Of the prompt reform
Of system opposed to every rule OF sound
finance and shown by experience to be fraught
with the grsvest peril and perplexity. The
terrible civil war which shook the foundations
Of our government more than 30 years ago
brought In its train the destruction of property,
the wasting Of countrys substances, and the
eStrangement Of brethren. These are now
past and forgotten Even the distressing loss
Of life the conflict entailed Is but q sacred
memory, which fosters patriotic sentiment and
keeps alive tender regard for those who
nObly died, and yet there remains with US to-
day, in full strength and activity as an Incl
dent OF that tremendous struggle, q feature of
It's financial necessity not only unsuited to our
present circumstances, but manifeStly o dis
turbing menace to business security and an
ever present agent Of monetary distress.
Because we may be enjoying temporary re-
lief from its depressing influence this should
not lull US into false security nor lead us to
forget the suddenness Of past visitation. am
more convinced than ever that we cannot have
assured financial peace and safety until
the government obligations upon which gold
may be demanded from the treasury are with
drawn from circulation and collected This
might be done, as has been heretofore recon-
mended, by their exchange for long term bonds
bearing low rate Of interest, or by their re-
demption with the proceeds OF such bonds,
Even II only the United States notes known as
greenbacks were thus retired, it Is probable
that the treasury notes issued in payment Of
silver purchases under the act OF July a. 1890,
now paid In gold when demanded, would not
create much disturbance. as they might from
time to time, when received in the trea sury by
redemption In gold or otherwise be gradually
and prudently replaced by silver coin.
This plan Of issuing bonds for the purpose Of
redemption certainly appears to be the most
elective and direct path to the needed reform.
In default Of this, however, it would be a stem
In the right direction il currency obligations
are redeemable In gold whenever so redeemed
should be cancelled instead OF being reissued.
This operation would be a slow remedy, but 1t
would improve present conditions.
National ~banks should redeem their own
notes. They should be allowed to issue circu.
lation to the par value Of bonds deposited as
security for It's redemption and the tax ON
their circulation should be reduced TO one.
fourth Of one per cent
In considering projects for the retiremant y,