The Monte Vista journal., 1897-12-11

rhs Prcsldsst Bslieves In Conservative
curroney ksforu-Not Ready 70 Inter
fsrs VITA CaAa. si-7s1'
Washington. Dec. 1.-The Presidents
nessaRe.. which was submitted to Con-
Rress to-day. was as follows:
To the Senate and House Of Rcpresen-
tativeS: :slt5,.a1sE s.
1t gives me pleasure to extend greet
leg to the Fifty-fifth Congress assem-
bled In regular session at the seat Of
government, with many Of whose SEN
ators and representatives ] have been
associated In the legislative service.
The meeting occurs under felicitous
conditions, justifying sincere congratu-
lntions and calling for ever grateful
acknowledgment TO Il beneticent Provi-
dence, which has so slgnnily blessed
and prospered us as a nation. Peace
nnd good will with NIL the nations or
the earth continue unbroken.
A matter Of genuine satisfaction is
the growing feeling OF fraternal regard
and unificntion OF all sections OF our
country, the incOmpleteness OF which
has too long delayed realization OF the
highest blessings of the Union. The
spirit of patriotism Is universal and Is
ever increasing In favor. The public
questions which now most engrOss us
are lifted far above either pnrtisanship
prejudice or former sectional diner
ences. They affect every part OF our
common country alike and permit OF
no division on ancient lines.
Questions Of foreign policy. the
soundness OF the currency. the invloln-
bility Of national obligations. the I'm
provement Of the public service. appeal
to the individual conscience of every
earnest citizen OF whatever party he
belongs or In whatever section OF the
country he mny reside.
The extra session OF Congress which
closed during July last enacted i'm
portnnt Legislation. and while Its full
effect has not yet been realized. what
II has already accomplished assures us
Of its timclincss and wisdom. To test
! its permanent value. further time will
be required. and the people. satisfied
with Its operation and results thus TAR.
are In no mind to withhold from II n
fair trial. Tariff legislation having been
settled. the question now pressing FOR
consideration In that Of the currency.
The work Of putting onr finances up
on n sound basis, difficult ns II mny
cnll the financial operations Of the gov
ernment since 1866. on the 30th day
Of June OF that year we had outstnnd-
ing demand liabilities in the sum OF
| &T2S. SIS. .ii7.i1. On the lst day OF jan
unry. 1897 these had been reduced to
S443, $50. .ia3.RS. Of our intercst-bearing
obligations the figures are even more
striking. On July J. 1896. the princi-
pal was So. 332 III .2Ds. On the LIST day
/ OF July. lSa3. this sum had been re-
/ duccd to SlS5.O31. 100 The interest
1 hnrinc debt of the United States on
| the LIST day Of Dccemisr, 1897. was
I $S47 .3G,.620.
With the great resources Of the gov
| ernmcnt, and with the honorable exam
plc Of the past before us. we ought not
! 20 hesitate to enter upon currency
revision which will make our demand
obligations lesx onerors. and relieve our
financial lnws Of ambiguity and doubt.
The brief review Of what was accom-
plishcd from the closc of the war to
ls9a makes unreasonable nny distrust
Of our financial ability and sounlncss.
while the situation from lsies to 1897
must ndmonish Congress OF the imme-
diair necessity Of legislafing TO make
the return OF tho conditions then pre-
vailing impossible.
| Evn "f the Financial syst~m.
There are many plans proposed ms n
remedy for the evil Before we can find
the true remedy we must appreciate
the true evil. II is not that our cur
rcncy of every kind is not good. for
every dollar Is good, because the gov
errmen,'s pledge IL ont "a keep II SO.
nnd that pledge will not be broken. The
evil of the present system Ii found In
the great cost of maintaining the par.
l'ity OF our different forms OF money.
that IL. keeping all Of them At rar with
gold. II IL manifest We must devise
some plan 10 protect the government
ngnins, bond issues for repeated re-
demption. We must either curthL the
opportunity FOR SPECULATION. nnde easy
by the multiplied redemption Of our
OBLIGATORY. or Increase the gold re-
serve. We have &9O0.O0O. 400 current.
which the government by solemn en-
actmcn,. has undertaken 10 keep at
BAR. Nobody Is Obliged 10 redeem In
gold hut the government. The hanks
are not required to rsiecm IN GOLD
Tho government is Obliged TO keep
equal with gold all ita outstanding cur
Sency. while It's receipts are not re-
0nircd To be paid IN gold. They arr
paid In every Kind Of money. but the
only uicuns hy which the government
can get gold il by borrowing. This IN
especially so In times OF fusincss panic.
~ during the administration 0f my
predecessor, when the pto~.cds OF
&289 ,3ij.tOo of bonds were issued TO
/ pay the expenses OF the government In
excess Of the revenues. and sustain the
gold reserve. With the rcvcpucs equal
20 our expenses ihcre would bc no
deficit requiring the issue Of bonds. hnf
II the gold reserve falls hr9qw 300.
ON. .0O0. how will II le rrplcnishesi cx-
ccpt By selling more liQndsf d.
Is thrrc any othfr practicable wny
under existing hwf n M further lcs.
islation n had. md the policy Of scll.
inE bonds contipuea, then Congress-
shoulii give The sccrrtnry Of the treas.
ury authority To scN l,onds hearing n
less rate Of iu,crcsa than now susllor,
ixcti. rFff. I.
earnestly recommend a4 sx,ou ms
tho receipts Of The government nrr
sufficient 10 pay ita expenses that
when my United StAtcs notes nrc ~.
deemed In gold s,rh notes shah b.
kept npnrt and only paid out In ex.
charge for gold. This II an obvious
duty. If they arr put out In amy other
way tl'~y niny return again. 10 bs fol.
lowell by nno,hre hcssd issue TO rctSS<,h
then. another intsssest.thsArIng driH 10
retf,ssn q non.inisrest. bearing dsbt.'
II We arc 10. i,ays an.ssn II prDst,s,r,
ltr We hiny f"c1p no Embarrassment
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