The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1897-03-12
WHAT HE DESIRES.
THE INAUGURAL ADDRESS OF
PRESIDENT M'KiNLEY.
Our Financial System Needs Revision
International Bimetalism Favored
Protective Tariff Absolutely Neces-
sary-Firm Foreign Policy.

| Fellow citizens: In obedience to the
Will OF the people, and in their presence,
| oath, / assume the irduous and RESPONSE,
| BILE duties of President of the United
States, relying on the support or my coun-
| trymen, ard invoking the guidance or Al
mighty God. our faith teaches us that
there Is no safer reliance than upon the
| God of our fathers. who has so singular
| ly favored the American people in every
national trial, and who will not forsake
us so long as we obey his commandments
and walk humbly in his footsteps.
The responsibilities OF the high trust 10
which / have been called-always or
grave importance-are augmented by the
| prevailing business conditions, entailing
useful enterprises fhe country is suf-
| fering from Industrial disturbances from
which speedy relief must be hau. our
| financial system needs no 4revision; our
| money is all good now, but its value
| must not further be threatened. 1t should
| all be put on an enduring basis, not sub
| ject 10 easy attack, nor its stability TO
doubt or dispute. Our currency should
continue under the supervision of the
government The several forms of our
paper money. offer, In my Judgment,
constant embarrassment 10 the govern
| ment and a safe balance in the treasury.
Therefore, believe II necessary 70 devise
a system which, without diminishing the
! circulating medium, or Offering prem
ium tor its contraction, Will present
remedy for those arrangements which,
temporary in their nature, might well in
| the years OF oar prosperity have been dls-
placed by wiser provisions.
With adequate revenue secured, but not
changes in our laws as win while
ensuring safety and volume TO
our money, no longer impose upon
the government the necessity OF main
with its attendant and inevitable
| temptations TO speculation. Most OF our
| financial laws are the outgrowth OF ex-
! perience and trial, and should not be
amended without investigation, and de-
! monstration Of the wisdom of the pro-
posed changes. We must be both sure
we are right" and make haste slowly"
| IT. therefore, congress in its wisdom shall
deem ii expedient to create a COM
mission TO take under early consideration
the revision of our coinage, banking and
currency laws and give them that ex-
haustiVe, careful and dispassionate exam
ination that their importance demands
| shall cordially concur in such action.
| If such power is vested in the President,
| ii is my purpose to appoint a commits
| sion of prominent, well-Informed citizens
| of different parties, who will command
| public confidence both on account of their
ability and special fitness for the work.
| Business experience and public training
| may thus be combined and the patriot
&c zeal of the friends of the country be
| so directed that such a report will be
| made as to receive the support OF all par
| ties, and our finances cease to be the
subject of mere partisan contention. The
| experiment is, at all events. worth trial,
and in my opinion it can but prove bene-
|
| The question OF international b'metal-
| ism will have early and earnest attention.
| 1t Will be my constant endeaVor TO Sc
| cure IL by cooperation with the other
| great commercial powers of the world.
| Until that condition Is realized, when the
parity between our god ana SILVER money
springs from and is supported by the rel
alive value of the two metals and the
| value of the silver already coined, and of
| that which may hereafter be coined must
| be kept constantly at par with gold by
/ nf ~ M md nn
| credit of the government, the integrity
| OF its currency, and the inviolability of
its obligations must be preserved. This
was the commanding verdict of the peo-
| pie, and 1t Will not be unheeded.
| Economy is demanded in every branch
of the government at all times but es-
/ pecially in periods like the present of de-
preston in business and distress among
the people. The severest economy must
be observed in all public expenditures,
| and extravaganza stopped whenever 1t is
| found, and prevented wherever in the flu
| ture IL may be developed. If the revenues
are to remain as now. the only relief that
| penditures. But the present must not
become the permanent condition of the
| government.
1t has been our uniform practice 10 re-
| tire, not increase our outstanding obliga-
tions, and this policy must again be re-
sumed and vigorously enforced. Our
| revenues should always have been large
enough to meet with ease and prompt
/ ness not only our current needs and the
principal and interest of the public debt,
| but to make proper end liberal provision
| for that most deserving body of public
| creditors, the soldiers and sailors, and the
widows and orphans who are the pen
| sioners of the United States.
| The government should not be permitted
| to run behind or increase its debt, in
times like the present. Suitably TO pro-
| vide against this is the mandate of duty.
| deficiency Is inevitable so long as the
| expenditures of the government exceeds
it's receipts. 1t can only be met by loans,
m nv aV4En lsaNsfr
| annual surplus of revenue may invite
| waste and extravaganza, inadequate rev.
enue creates distrust and undermines pub
lie and private credit Neither should be
| encouraged. Between more loans ano
| more revenue, there ought 10 be but one
| opinion. We should have more revenue
| and that without delay, hindrancc, or
| postponement a surplus in the treas
ury created by loans is not permanent OF
| safe reliance. 1t will suffice while IL lasts.
| but II cannot last long while the OUTLAWS
| of the government are greater than its re-
| ceipts, as has been the case during The
| past two years. Nor must IL be forgot
| ten, however much such loans may tenn
| porarily relieve the situation, the govern
| ment is still indebted for the amount OF
the surplus thus accrued, which it must
not strengthened, but weakened by a con-
| tinued deficit. Loans are imperative in
| great emergencies TO preserve the govern
ment or its credit, but "a failure TO sup
| ply needed revenue in time of peace for
the maintenance OF either has no justif-
/ cation.
The best way for the government 10
| maintain it's credit, is to pay as IL goes
| not by resorting to loans, but by keeping
| out of debt-through an adequate income
| secured by a system OF taxation external
| or internal or both. 1t is the settled pol-
| icy of the government, pursued from tlie
| beginning and practiced by all parties and
| administrations, TO raise the bulk of our
| revenue from taxes upon foreign produc-
| lions entering the United States for sale
and consumption, and avoiding for the
| most part, every form OF direct taxation
/ exce9t in time of war Az
/ The country Is clearly opposed TO any
needless additions 10 the subjects OF in-
| ternaf taxation, and is committed by It's
latest popular utterance to the system OF
| tariff taxation. There can be no misun-
| derstanding, either, about the principle
upon which this tariff taxation shall be
| levied. Nothing has ever been made
palmer at a general election than that the
| controlling principle In the raising OF rev.
enue from duties on imports IS the zeal
Gus care for American interests and Amer
| lean. labor The people have declare,
| that such legislation should be had as
| win give ample protection and encourage
| ment 10 the industries and the develop
| mont OF our country. II is therefore
| earnestly hoped and expected that con
| gress WILL at the earliest practical mo
| n1ent, enact revenue legislation that shall
| be fair, reasonable, conservative and Just
| and which. while supplying sufficient rev
| enue for public purposes. Will still be sig
| oailv beneficial and hplnfuis IN every ecc-