The leader., 1897-03-10


constitution ana enforce the laws Of the United
states. and Presidents Mckinley delivered his
address
President McKiniey's inaugural Address
rrLSow-crrrzESs, In obedisnce to the viii
OF the peopic, and on thelr presence by the au-
thority vested In me BY this oath, ! assume the
hrtuous and rosponsiole duties OF president of
tho unI.sd sss;es relips On the ,ppg spgost sf Ky
mighty God Our faith tcaehes that there Is no
safer reliance than upon the God o. our fathers,
who has 50 sinsuissly fav9red the An,ercaa ,, ana
torsake US so long es we obey His command
meuts and walk hurnhly In HIS Footsteps
The responsibility Of the high trust to which
are augmented by the prevailing business con-
ditions, entailing idleness upon willing labor
and loss to useful enterprises. The country Is
suffering from Industrial disturbances from
which speedy relief must be had. Our financial
system needs some revision; our money Is all
good now bat its value must not further be
inT basis. not subject TO easy attack, nor its
stability open 10 doubt or dispute. Our cur.
rency should continue under the supervision OF
the government The several @ forms OF ,a, our "a,
embarrassment 70 the government and safe
balance IN the treasury. Therefore, 1
EitSo, sssgs dimnshns the SS circulsts medium or
offering premium for its contraction, will pre-
sent q remedy for those arrangements which,
temporary In their nature might well in the
years Of our prosperity have been displaced by
wiser provisions With adequate revenue Sc
cured, but not until then, we can enter upon
such changes In our fiscal laws as will, while
ensuring safety and volume to our money, no
longer impose upon the government the necessi-
ty OF maintaining so large gold reserve, with
It's attendant and inevitable temptations to
speculation. Most OF our financial laws are the
outgrowth OF experience and trial, and should
not be amended without investigation and
demonstrations Of the wisdom Of
be be- both Sure we arc fight" and
make haste slowly IF, therefore, congress in
It's wisdom shall deem It expedient to Great q
commission TO take under early consideration
the revision of our coinage, banking and cur
fency laws, and give them that exhaustive care
ful and dispassionate examination that their
Importance demands, shall cordially concur In
such action. II such power is vested in the
president, 1t Is my purpose to appoint commits.
Sion Of prominent, well-informed citizens OF
different parties, who will command public con-
fdence both on account OF their ability and spe-
cial 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 a report viii be made
as to receive the support Of all parties, and our
finances cease to be the subject OF mere partisan
contention The experiment Is, at az events,
beneficial to the entire country.
The question OF international bimetallism
will have early and earnest attention. It will
be my constant endeavor to secure 1t by Cos
operation with the other great commercial
powers Of tho 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 the silver already coined and OF that which
may hereafter be coined, must be kept CONSTANT
ly at par with gold by every resource at our COM
mtnf The credit Of the government the In
teerlty OF its currency and the inyiolability OF
Its obligations must be preserved This was the
commanding verdict OF the people, and 1t Will
not be unheeded.
Economy Is demanded in every branch Of the
governments at all times, but especially in pc
RODS like the present OF depression In business
economy must be observed In all public expen-
Qitures and extravaganza stopped whenever II
1t may be developed. II the revenues are to re-
main as now, the only relief that can come must
be from decreased expenditures But the pres
ent must not become the permanent condition
of the government. 1t has been our uniform
practice to retire, not to increase, our outstand
Ing obligations. 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 the principal and interest OF the public debt,
PH 9 Se make mos hna o o
creditors, the soldiers and sailors, and the wild
ows and orphans. who are the pc nsioners Of the
United States. The government should not be
times like the present Suitably to provide
against this. Is the mandate Of duty-the GER
tain and easy remedy for most OF our financial
as the expenditures of the government exceed its
receipts, 1t can only be met by loans or an In
crease OF revenue. While large annual sur
quate revenue creates disaster and undermines
public and private credit. Neither should be
encouraged. Retween more loans and more
2pinion We sheald have more revenue,
and that without delay, hfndrance, OF
postponeement A surplus in the treasury
snee y y w saoo ne It ss
not last long while the outlays of the govern
ment are greater than Its receipts, as has been
1t be forgotten, however much such loans may
temporarily relieve the situation, the govern
ment is still indebted for the amount of the
surplus thus accrued, which it must ultimately
pay, which its ability to pay Is not strengthened
but weakened by continued deficit, Loans
are imperative In great emergencies to preserve
the government or It's credit, but failure to
supply needed revenue in time Of peace for the
maintenance Of either has no justification.
The best way for the government to maintain
its credit Is to pay as 1t goes-not by resorting
to loans, but by keeping out Of debt-through
an adequate income secured by q system of
taxation, external or internal or both. 1t is the
settled policy OF the government, pursued from
the beginning aud practiced by all parties and
administrations. to raise the bulk of our
revenue from taxes upon foreign productions
entering the United States for sale and con-
sumption, and avoiding, for the most part, every
form Of direct taxation, except in time Of war.
The country is clearly opposed to any needless
addition to the subjects Of internal taxation,
There to oan the system s no OF
either, about the principle upon which this tariff
made palmer at general election than that the
controlling principle in the raising Of revenue
from duties on imports. is zealous care for
American interests and American labor. The
people have declared that such legislation should
be had as will give ample protection and en-
couragement to the industries and the develop
ment Of our country 1t Is therefore earnestly
hoped and expected that congress will, at the
earliest practical moment, enact revenue legis-
lation that shall be fair, reasonable, conserva-
tive and just, aed which, supplying sufficient
beneficial and helpful to every section, and
every enterprise of the people. To this policy,
the voice of the people, power vastly more
potential than the expression of any political
platform. The paramoun+ duty of congress is
TO stop deficiencies by the. restoration OF that
the firmest prop OF the treasury. The passage
Of such law or laws would strengthen the
credit OF the government both at home and
upon the gold reserve held for the redemption
of our currency which has been heavy and we'll
nigh constant for several years.
In the revision OF the tariff, special tiOn
should be given to the re-enactment and exten-
sion Of the reciprocity principle of the law Of
1890, under which so great a stimulus was given
to our foreign trade in new and advantageous
markets for our surplus agricultural and manu-
factured products. The brief trial given this
legislation amply justifes further experiment
and additional discretionary power In the max
ing Of commercial treaties, the end in view al
ways to be tho opening up of new markets for
the products of our country, by granting con-
eesStonS to the products OF other lands that we
need and can not produce ourselves, and which
do not involve any loss of labor to our people,
but tend to increase their employment.
The depression of the past four years has
fallen with especial severity upon the great
body of toilers of the country, and upon none
more than the holders of small farms. Agri-
culture has languished and labor suffered. The
revival OF manufacturing will be a relief to
both. No portion of our population Is more de-
voted to the institutions of free government,
nor more loyal to their support, while none
bears more cheerfully or fully its proper share
In the maintenance of the government, or Is bet
ter entitled to its wise and liberal care and pro-
lection, Legislation helpful to producers Is
beneficial to all. The depressed condi-
tion of industry on the farm and In the
mine and factory has lessened the
ability Of the people to meet the demands upon
them, md they rightfully expect that not only
system of revenue shall be established that
will secure the largest income with the least
burden, but that every means will be taken to
decrease, rather than increase, our public cx-
penditures.
Business conditions are not the most promis-
ing 1t will take time to restore the prosperity
of former years. If we can not promptly attain