The star. (Reynoldsville, Pa.) 1892-1946, 1897-12-08
PRESIDENTS
MESSAGE.
SPAIN GIVEN Time.
Favorable Developments Of the New Policy
in Regard to Cuba Will be Awaited.
Hawaii May Come In.

It gives me pleasure to extend greet
ing to the fifty-ffth Congress assem-
bled In regular session Mt the seat OF
government, with many of whose sena-
tors and representatives / have been
associated in the legislative service.
Their meeting occurs under felicitous
conditions, justifying sincere congratu-
lation and calling for our grateful ac-
Acknowledgement to a beneiicent Provi-
dence which has so signally blessed
and prbspered us as n nation. Peace
ard good will with all the nations OF
the earth continue unbroken. a mat
ter of genuine satisfaction Is the grow
. ing feeling of fraternal regard and uni
fication of all sections of our country,
the incompleteness of which has too
long delayed the realization of the
highest blessings of the Union The
spirit of patriotism Is universal and Is
ever increasing In fervor. The pubic
questions which now most engross us
are lifted far above either partisanship,
prejudice or former sectional differ
ences They affect every part of our
common country alike and permit OF
no division on ancient lines. Questions
of foreign policy of revenue, the sound
ness of the currency, the inviolability
of national obligations. the improve
ment of the public service, appeal to
the earnest citizen to whatever party
he belongs or in whatever section of the
country he may reside.
The extra session of this Congress
which closed during July last enacted
important legislation. and while Its fun
effect has not yet been realized. what II
has already accomplished assures 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
IL IL q Col,
trial.
THE CURRENCY QUESTION
Tariff legislation having been settled
by the extra session of Congress the
question next pressing for considera-
tion is that of the currency.
The work of putting our finances up
on a sound basis, difficult as IL may
seem, will appear easier when we recall
the financial operations of the govern
ment since 1865. ON the 30th day of
June of that year we had outstanding
demand liabilities In the sum of $72S,-
S6S,441.41 On the 1st of January, 1879.
these liabilities had been reduced to
$443, 3,SS9, ,495.SS OF our interest bearing
obligations, the figures are even more
striking. On July /. 1866 the principal
OF the interest bearing debt of the gov
ernment was s2,332.331. POS. On the LIST
day of July, 1893. this sum had been
reduced to s5S5037 100, or an aggregate
reduction of 81, 1,747 294, ,10S. The interest
bearing debt of the United States on
the LIST day of December, 1897, was $S4I.-
365,620. The government money now
outstanding December u consists of
s346, ,6s1, ,0l6 of United States notes, $l0i.-
193,2SO of treasury notes issued by au-
thority of the law of 1890, s3s4, ,963, ,504 of
silver certificates and SCI, 76l of
standard silver dollars.
With the great resources of the gov
ernment and with the honorable exam
pie of the past before us, we ought not
to hesitate to enter upon a currency re-
vision which will make our demand
obligations less onerous to the govern
ment and relieve our financial laws
from ambiguity and doubt.
The brief review of what was ac-
complished from the close of the war to
1893 makes unreasonable and ground
less any distrust either OF our financial
ability or soundness; while the situa-
tion from 1898 to 1897 must admonish
90 legtslating as to make the return of
the conditions then prevailing impossi-
BILE.
THE REAL EVIL
There are many plans proposed as a
remedy for the evil. Before we can find
the true remedy we must appreciate
the real evil. 1t is not that our cur
rency Of every kind is not good, for
every dollar of II Is good; good be-
cause the governments pledge is out to
keep II so, and that pledge will not
be broken. However the guarantee OF
our purpose to keep the pledge will
be best shown by advancing toward
its fulfillment.
The evil Of the present system is
found in the great cost to the govern
ment of maintaining the parity of our
diffnranf nf ttxat to
keeping all of them at par with gold
We surely cannot be longer needless
OF the burden this imposes upon the
people, even under fairly prosperous
conditions. while the past four years
have demonstrated that II Is not only
an expensive charge upon the govern
ment, but a dangerous means to the
national credit.
1t is manifest that we must devise
some plan to protect the government
against bond issues for repeated re-
demptions. We must either Curtai
the opportunity for speculation, mad,
easy by the multiplied redemption OF
our demand obligations. or increase
the gold reserve for their redemption
We have $500, 900, 900 of currency which
the government by solemn enactmen,
has undertaken to keep at par with
gold. Nobody Is obliged to redeem ir
gold but the government. The banks
are not required to redeem In golt
The government Is obliged to keer
equal with gold all its outstanding
currency and coin obligations, while
Its receipts are not required to be pait
In gold. They are paid In every kline
OF money but gold. and the only mean,
by. which the government can with
certainty get gold is by borrowing. i
can get It In no other way when 4
most needs II. The government with
out any fixed gold revenue Is pledgec
to maintain gold redemption. which i
has steadily and faithfully done, anc
which under the authority now giver
II will continue to do.
THE SALE OF BONDS.
The law which requires the govern
ment, after having redeemed 1t,
United States notes. to pay them ou
again as current funds demands
constant replenlshment OF the golt
reserve. This 10 especially so In time,
OF business panic and when the re
venues are insufficient to meet the ex
penses Of the government. At sucl
t1Snea the government has no othe
way to suppls its dsncit and maintain