Birmingham state herald., 1897-03-05

will of the people and in their presence by the authority vested in me by ms oath, I assume the arduous and responsl- ble duties of president of the United States, relying in the support of my countIymen and invoking the guidance of Almighty God. Our faith teaches that there is no safer reliance than upon our Father who has so singularly fayored the American people in every natlonal trial, and who will not forsake us so long as we obey His comma ndments ana walk humbly in His footsteps. The respons1- bilities of the high trust to which have been called, always of grave importance, are augmented by the prevailing busi- ness conditions, entailing idleness upon willing labor and loss to useful enter prise. The country is suffering from in- dustrial disturbances from which speedy relief must be had.
 OUR FINANCIAL SYSTEM
 needs some revision; our money Is all good now, but its value must not be further threa tened. Our currency should continue under the supervision of the government. The several forms of our paper money offers in my judgment a constant embarrassment to the govern ment and a safe balance in the treasury Therefore I believe It necessary to de- wise a system which without diminish ing the circulating medium or offefdng 6 premium TOT 1lS COntTdCliOH VIII pre- sent remedy for those arrangements which, temporary in their nature, might we'll in the years of our prosperity have been displaced by wiser provisions. With adequate revenue secured, but not until then, we can enter upon such changes in our fiscal laws as will, while insuring safety and volume to our money, no longer impose upon the government the necessity of maintaining so large a gold reserve, with its attendant and ineyit- able temptations to speculation. Most of our financial laws are the outgrowth of experience and trial and should not be amended without investigation, and demonstration of the wisdom of the pro- posed changes We must be both sure we are right and make haste slowly. If then, congress in it's wisdom shall deem 1t eXped1ent to create a commission to take under carly consideration the re- vision of our coinage, banking and cur rency laws, and give them that eX- haustive, careful and dispassionate ex- animation that their importance de- mands, I shall cordially concur in such action.
 If such power fs vested in the president it is my purpose to appoint commission of prominent, well informed citizens of different parties who wiu command pulp lie confidence both on account of their ability and special fitness for the work. Business experience and public training may thus be combined and the patriotic zeal of the friends of the country be so directed that such report will be made as to receive the support of all parties and our finances cease to be the subject of mere partisan contention. The ex- pertinent is at all events worth trial and in my opinion it can but prove beneficial to the entire country. The question of
 INTERNATIONAL BIMETALLISM will have early and earnest attention, 1t will be my constant endeavor to secure it by cooperation with the other great commercial powers of the world. Until that condition is realized when the parity between our gold and silver money springs from and Is supported by the relative value of the two metals, the value of silver, already coined and of that which may hereafter be coined must be kept constantly at par with gold by every resource at our command. The credit of government the integrity of its cur rency and the inviolabiity of it's ob1iga- commanding verdict of the people and it will not be unheeded.
 ECONOMY IS DEMANDED
 in every branch of the government at all times, but especially in periods like the present of depression in business and dis tress among the people. The severest economy must be observed in all public expenditures and extravaganza stopped wherever it is found and prevented wherever in the future it may be develop ed. If the revenues are to remain as now the only relief that comes must be from decreased expenditures.
 But the present must not become the permanent condition of the government. It has been our uniform practice to re- tire, not to increase our outstanding ob- legations, and this policy must again be resumed and vigorously enforced. Our revenues should always be large enough to meet with ease and promptness, not only our current needs and thee princi- pal and interest of the public debt, but to make proper and liberal provisions for that most deserving body of public cre- ditors, the soldiers and sailors and the widows and orphans who are the pension CTS of the United States. The govern ment should not be permitted to run behind nor increase it's debt in times like the present Suitably to provide against this Is the mandate of duty; the certain and easy remedy for most of our finan- table so long as the expenditures of the government exceed its receipts. It can only be met by loans or increased reve- nue. While a large annual surplus of revenue may invite waste and extrava- gance, inadequate revenues create dis trust and undermine public and private credit. Neither should be encouraged. Between more loans and more revenue there ought to be one opinion.
 WE SHOULD HAVE MORE REVENUE and that without delay hindrance or postponment. surplus in the treas ury created by loans is not a permanent or safe reliance. It will suffice while it lasts, but it cannot last long while the outlays of the government are greater than its receipts, as has been the case during the past two years. Nor must 1t be forgotten that however much such loans may temporarily relieve the situa- ton, the government is still indebted for the amount of the surplus thus accrued which it must ultimately pay while its sta bility to pay is not strengthened, but weakened by continued deficit Loans arc imperative in great emergencies to preserve the government of its credit, but a failure to supply needed revenue in times of peace for the maintenance of either has no Justification The best way for the government to maintain it's credit is to pay as it goes, not by re- sorting to loans, but by keeping out of debt, through an adequate income se- cured by system of taxation, external or internal. or both.
 It is the settled policy of the govern ment, pursued from the beginning and practiced by all parties and admnistra-