Santa Fe daily New Mexican., 1897-12-06
SPIRIT OF PATRIOTISM is UNIVERSAL
Urgent Need of a Prompt and Thor
Ough Revision Of the Federal Cur
rency System Dispassionately
and Ably Discussed.
TIE EVILS OF TBE EXISTING SYSTEM
Spanish Cuban Situation Calmly Con-
sidered and Conservative Action
mmended-Hawaiian An
nexation Favored-Atten-
tion Given to the Navy.

Washington, Dec. 6.-President McKin.
ley's first annual message to congress
opens with congratulations upon the
ssfehcitous conditions" under which the
legislative bodies of the country assemble.
FraternaI Regard and UnificatiOn.
The president continues: "a matter of
genuine satisfaction is the growing feel
ing of fraternal regard and unifcation of
all sections of our country, the incom
pleteness of which has too long delayed
the realization of the highest blessings of
union. The spirit of patriotism Is uni
versal and is ever increasing in fervor.
The public questions which now most
engross us are lifted far above either par
tisanship, pref judice or former sectional
differences. They affect every part of our
common party alike and permit no divis-
ion on ancient lines.
"The extra session of this congress en-
acted important legislation, and, while its
full effects have not yet been realized,
what has already been accomplished as.
sures us of its timeliness and wisdom. To
test it's permanent value further time will
be required, and the people, satisfied with
its operation and results thus far, are in
no need to withhold from it a fair trial.
Urgent Need Of Currency Revision.
With the great resources of the gov
ernment and the time honored example
of the past before us, we ought not to
hesitate to enter upon currency revision
which will make our demand obligations
less onerous to the government and re-
lieve our financial laws from ambiguity
and doubt. brief review of what was
accomplished from the close of the war
until 1898 makes unreasonable and
grouhdless any distrust of either our
financial ability or soundness; while the
situation from 1898 to 1897 must sdmon.
ish congress of the immediate Necessity
of 80 legislsting as to make a return of
the conditions then prevailing possible.
"There are many plans proposed as
remedies for the evil. Before we can find
the true remedy we must appreciate the
real evil. 1t is not that our currency of
every kind is not good, for every dollar
Of it is good; good because the govern
ment's pledge is out to keep it 80, and
that pie ige will not be broken. However,
the guaranty of our purpose to keep this
pledge will be best shown by advancing
toward It's fulhllment.
EVILS OF THE PRESENT SYSTEM.
"The evil of the present system is
found in the great cost to the govern
ment of maintaining the parity of our
different forms of money, that is, keep
ing all of them at par with gold. We
surely cannot be longer needless of the
burden this imposes on the people even
under fairly prosperous conditions, while
the past four years have demonstrated
that it is not only an expensive charge
upon the government, but dangerous
menace to the national credit
ut is manifest that we must devise
some plan to protect the government
against bond issues for repeated redemp.
tlons. We must either ourtail the oppor-
multiplied redemptions of our demand
obligations, or increase the gold reserve
for their redemption.
1.-THE law, whioh requires the govern
ment, after having paid it's notes, to pay
them out again as current funds, demands
the constant replenishment of the gold
reserve. This is especially so in times
of business panic and when the revenues
are insufficient to meet the expenses of
the government. At such times the gov
ernment has no other way to supply its
deficit and maintain resumption but
through an increase of it's bonded debt.
MAINTENANCE OF GOLD RESERVE.
"With our revenue equal to our sx.
penses, there would be no deficit requir-
ing the issuance of bonds, but, if the
gold reserve falls below 800, ,O00, 900, how
will IL be replenished except by selling
more bondsi Is there any other way
practicable under existing lawf The
serious question is: Shall we continue the
policy that has been pursued in the past;
that is, when the gold reserve reaches the
point OF danger, Issue more bonds and
supply the needed gold, or shall We pro-
vide other means to prevent these 70.
curing drains upon the gold reservei
II fno further leglslation is had, and the
policy OF selling bonds is to be continued,
then congress should give the secretary