Middletown transcript., 1897-12-11

| SS---sE9 houses. A synop
$s'sgGg RfF fFsEsg Inssf@f sis follows:
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gives me pleasure to extend greet
ing to the ,ifth-fifth Congress Assem-
bled in red lar session at the seat OF
governnrd with many of whose sena
tors andSc Asentativss | have been
associate. the legislative service.
Their meesllg occurs under felicitioui
circumstances justifying sincere con.
graduation I'd calling for our grateful
acknowledgment TO beneficent ProTi-
dence which hSs SO signally blessed and
prospeled us asa nation. Peace and good
will, with all tls nations Of the earth
continue unbrd
A matter of uine satisfaction is
| the growing fed of fraternal regard
and unifcation Rll sections Of our
country, the in letness of which
has too long della salization of the
highest blessings he Union. The
spirit of patrietisi universal and is
ever increasing il yor. The prblic
questions which n! most engross US
are lifted far above sher partisanship,
prejudice or former sectional differen-
ces. They affect every part OF our
common country alike and permit Of no
division on ancienC lines. Questions of
foreign policy, of revenue, the sound
ness of the currency, the inviolability
of national Obligations, the improve
ment Of the public sevice. appeal to
the individual conscience OF the earn
est citizen, to whatever party he be-
longs or in whatever section nf the
country he may reside.
The extra session of thii Congress
which closed during July last enacted
important legislation. and willie its full
effect has not yet been realizei, what it
has already accomplished assures us of
its timeliness and wisdom. 70 test its
permanent value further lime will
be required and the people satisfied
with its operation and results thus far,
are in no mind to withhold FROM it y
fair trial.
QUESTION OF CURRENCY REFORM.
Tariff legislation having been settled
by the extra session of Congress, the
question next pressing for considers
tion is that Of the currency.
The work Of putting OUT finances
upon sound basis, difficult IS IL may
seem, will appear easier wheF we recall
the financial operations Of tho govern
ment since 1866. On the thirtieth day
OF June of that year we had outstand-
ing demand liabilities in the sum OF
S728 1868, ,447. Al. On the first of January.
1879 these liabilities had been reduced
to $443,880, ,495.S8. OF our interest
bearing obligations, the figures are even
mole striking. On July |, 1856, the
principal Of the n:erest-bearing debt
Of the government was 81, 332, 81 ,2GS.
On The first day Of July, 189d, this
sum had been reuuctd to $685., OFT, lOO,
OF an aggregate reductions Of $l,747,
294 ,10S. The interest bearing debt OF
the United States on the first dAy OF
December, 1897, was 1914. .365 $40. Tie
government money now outstanding
December 1)consists Of $346, ,681. ole o.
United States notes, $107, 793 2Sp of
treasury notes issued by anthori j Of
the Law Of 1890, $685. 1858, ,504 OF sitv T
certificates and SOL $50. .781 OF standard
silver dollars.
With the great resources OF the gov-
ernment and with the b ,n0rable exam
pie Of the past before us, we ought rot
to hesitate TO enter upon currency re.
vision which will make our demand OBJ
legations less onerous to the government
and relieve our financial laws from ann
biguity and doubt.
The brief review of what was at-
complished from the close of The wsr
to 1898 makes unreasonable and ground
less any distrust either Of our financial
ability or soundness;while the situation
from 1898 to 1897 must admonish Com.
gress of the Immediate necessity OF 30
legislating as to make The return OF the
conditions then prevailing impos-
sible.
There are many plans proposed as a
remedy for the evil, Before we can
find the true remedy We must appre-
ciate the real evil. Il is noe that our
currency of every kind is not good, for
every dollar of it is good; good because
the governments pledge is out to keep
it SO and that pledge will not be
broken. However the guaranty Of our
purpose to Keep the pledge will be best
shown by advancing toward its fulfill.
ment.
The evil of the present system 10
found in the great cost to the govern
ment Of maintaining the parity OF our
different forms Of money, that is, keep
ing ell OF them at par with gold, We
surely can not be longer needless OF the
burden this imposes upon the people
even under fairly prosperous conditions, 1