Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1897-03-10
INAUGURAL ADDRESS.
President McKinley's Speech
on Taking the Oath.
Announces that He will Call a Special
Session.


Washington, D. c., March 4.-Follow-
ms is the address delivered by President
Mckinley on taking the oath of office:
| Fellow Citizens: IN obedience to the will
! of the people and in their presence, by the
authority vested i'll me by this oath, I as
sumo the arduous and responsible duties of
| President Of the United States, relying on
! the support of my countrynen and invok-
| ing the guidance of Almighty God. Our
faith teaches that there is no safer reli-
! ance than upon the God of our fathers,
! who has so singularly favored the Amer
| lean people in every national trial and who
| will not forsake us so long as we obey His
| commandments and walk humbly in His
| footsteps.
The Responsibilities Of the high trust to
which 1 have been called-always Of grave
! importance-are augmented by the prevail
| ing business conditions, entailing idleness
| upon willing labor and loss to useful enter
| prises. The country is suffering from in
| dustrial disturbances from which speedy re-
| lief must be had. Our financial system
| needs some revision; our money is all good
now, but it's value must not further be
| Threatened. 1t should all be put upon an
! enduring basis not subject to easy attack,
| nor its stability to doubt or dispute. Our
| currency should continue under the super
vision Of the government. The several
| forms Of our paper money offer, IN my Judg-
| ment a constant embarrassment to the
| government and q safe balance III the treas
! ury. Therefore | believe it necessary to
II.
| ing the circulating medium, or offering a
| premium for it's contraction, will present
remedy for those arrangements, which,
| temporary in their nature, might we'll III
| the years of our prosperity have been dis
placed by wiser provisions. With adequate
revenue secured, but not until then, we
can enter upon such changes in our tscal
laws as will, while insuring safety and vol
ume to our money, no longer impose upon
the government the necessity Of maintain
ing SO large gold reserve, with It's at
| fAT, do nd q
ulation. Most of our financial laws are
the Outgrowth of experience and trial. and
should not be amended without lnyestlSas
ton and demonstration OF the wisdom or
the proposed changes We must be both
sure we are right and make haste slowly"
A Currency Commission.
If therefore, Congress in its wisdom shall
deem it expedent to create commission
vision of our coinage, banking and cur
rency laws. and give them that exhaustive,
careful and diSpaSslOnate examination that
their Importance demands, shall cordially
concur in such action If such power is
vested in the President, it is my purpose
to appoint commission of prominent we'll
informed citizens OF different parties, who
will command public confidence both on ac-
count of their ability and special fitness
for the work Business experience and
public training may thus be combined ana
the patriotic zeal of the friends of the
country be so directed that such report
will be made as to receive the support or
the subject of mere partisan contention.
The experiment is, at all events worth
trial, and, in my opinion, 1t can but prove
beneficial to the entire country.
The question of international bimetalllsm
will have early and earnest attention. 1t
will be my constant endeaVor TO secure 1t
by cooperation with the other great com
niercial powers of the world. Until that
condition is realized, when the parity re-
tween our gold and silver mohe ~, spr li
of the two metals, the value OF the silver
already coined and of that which may here
after be coined must be Kept constantly AT
par with gold by every resource at our
command. The credit Of the government,
the integrity of its currency and the in
volatility Of its obligations must be pre-
served This was the commanding verdict
of the people and it viii not be unheeded.
Economy is demanded in every branch or
the government at all times. but especially
in PERIODS like the present depression of
business and distress among the people.
The severest economy must be observed IN
all public expenditures and extravaganza
stoDDpd wherever it is found and prevented
wherever in the future it may be deyel-
oped. If the revenues are TO remain as
now the only relief that can come must
be from decreased expenditures. But the
present must not become the permanent
condition of the government. 1t mas id Deen
orr outstanding Obligations, and TINS poNcy
must again be resumed and vigorously en-
forced Our revenues should always be
large enough to meet with ease and prompt
ness not only our current needs and the
principal and interest of the public dept,
but to make proper and Iberal provision
for that most deserving body Of public
creditors the soldiers and sailors ana the
widows and orphans who are the pension
er The % government row should not be permitted
to run behind nor Increase ITS dept III
times like the present. Suitably to pro
vide against this is the mandate OF duty
the certain and easy remedy for most of
our financial difficulties. a deficiency is
inevitable so long as the expenditures OF
only be met by loans or an increased reYe-
nue. While a large annual surplus OF reYe-
inadequate revenue creates dlstrust ana I'M
dermines public and private credit Neither
should be encouraged Between more loans
and more revenue there ought to be but
one opinion; we should have more revenue,
and that without delay, hindrance or post
ponement. A surplus in the treasury ere
reliance. 1t will suffice while it lasts but
it cannot last long while the OUTLAWS OF
the government are greater than its re,
past two years. Nor must it be forgotten
that however much such loans may tenn
porarily relieve the situation the govern.
inent is still indebted for the amount OF
the surplus accrued, which it must ult1-
mateIy pay, while it's ability, to pay IS not
strengthened but weakened by continual
deficit. Loans are imperative in great
emergencies to preserve the government
or its credits, but failure to supply needed
revenue in time of peace for the m2lnten-
ance of either has no Justification.
Pay as We Go.
The best way for the government to
maintain it's credit is to pay as it goes,
not by resorting to loans but by keeping
out of debt through an adequate income
secured by Il system of taxation, external
and internal or both. 1t is the settled pol
icy of the government, pursued from the
beginning and practiced by all parties and
administrations, to raise the bulk of our
revenue from taxes upon foreign produc-
lions entering the United States for sale
and consumption and avoiding for the most
part every form of direct taxation except
in time of war. The country is clearly op.
posed to any needless additions to internal
taxation, except in time of war, and is
committed by it's latest popular utterance
to the system of tariff taxation.
There can be no misunderstanding, either,
about the principle upon which this tariff
taxation shall be levied. Nothing has ever
been made palmer at general election
than that the controlling principle is the
raising of revenue on imports in jealous
care for American interests and American
labor. The people have declared that such
legislation should be had as will give ample
protection and encouragement to the indus
tries and the development of our country.
1t is therefore earnestly hoped and ex
pected that Congress will at the earliest
practicable moment enact revenue legisla-
ton that shall be fair, reasonable, con-
sentative and just and which, while sup
n sufficient for public