New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-27
TIRE PRESIDENTS CURRENCY MESSAG


President Mckinley has discharged what he
considers his duty TO large NUMBER Oh HIS
su, ,orters in calling the attention of Congress
TO the need of Improvement in the correhc!
laws He did this on Saturday at the earnest
moment when the step could no longer endan-
ger or delay the passage or the farm Dlii'
which he had from the first pronounced the
chief business Of the extra session 1t may De
especially noticed that in his message the freSi-
dent does not commit himself in the slightest
degree TO any form of change. nor Indicate
leaning toward any, The splenddly disciplined
and loyal House, without an hours delay,
passed a measure conforming TO the sugges-
ton of the President, simply authorizing the
appontment Of a committee 10 investigate ana
report upon the subject. but In the bill also
there was no leaning toward any particular
form of action. The Senate did nothing as the
President must have known beyond question
that il would do nothing If there was any
dlscouresy in failing TO act on the subject al
this session. it was one which the President
obviously must have anticipated when his mes
sage was sent on the last day of the session.
1t il not to be lightly inferred that the mes
sage Is useless. although 1t recommended step
which could not possibly be adopted. The bill
and the occasion for it die with the extra SEES
sion. for at the regular session Congress VIII
inevitably take up the subject for itself. But
the President made his message vehicle Tor
certain most emphatic declarations whch are
Of value. Backed by the instant acqulescehce
of the strongly Republican popular branch OF
Congress. these prove that by no possibility can
any measure become law. for the next TWO
wears az least. which will weaken the monetary
system or expose the currency to any FISK OF
debasement The President declares: "Our
money is all good now but its value must not
further be threatened Nothing was set
tiled more clearly at the late National election
ethan the determination upon the part or the
"people TO keep their currency stable in value
"and equal 10 that of the most advanced nation
"of the world. The soundness OF our currency
'is nowhere questioned. No loss can occur TO
"its holders" These declarations have a direct
and practical value in their bearing upon the
financial confidence required to sustain fun
revival Of industry and trade. Beyond doubt
they will strengthen that confidence, and with
the President and House acting together in the
line Of these declarations financial unsOundness
will be rendered impossible for years 10 come
no matter what the Senate may do. There Is
not the slightest probability that the over
whelmlng Republican preponderance in the
House. magnifcently organized and ably led.
can be broken down at single election by II
dlsorganlzed aud divided foe so far as 10 over,
come the veto of the President
In effect, the message and the action OF Con
gress make one thing certain. that no impair
ment of the currency can take place until after
President Mckinleys term ends IN 1901. Re
speeding the measures OF Improvement. how
ever the President expresses but one idea. IN
his inaugural he had said: The several forms
'.of our paper money offer. in my Judgment, Il
constant embarrassment 10 the Government.
land mperIl safe balance in the Treasury
In The special message he said: 1T is the sys-
item which should be slmpllfed and strength
''ened. keeping money just good as 1t Is
NOW, with less expense 10 the Government
and the people" These statements give
no indication whatever of the character OF
change which the President would favor. nor
would such an indication have been entirely in
harmony with the proposal that a commission
should he created for investigation Of tha; lues-
ton. The reference 10 The indianapolis con
ventiOn 4, will be noticed. mentions only lis
recommendation that q commission should be-
appointed, but significantly refrains from any
reference whatever TO the resolutions adopted