Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-12-07
Saws the President, But Urges
No Radical Steps.
''Endless Chain" Should Be Broksn--
Spain Should Have Time.


otives-1t gives ME pleasure to extend
greeting to the fifty-fifth Congress, as
0ombled in regular session at the seat OF
government. with many Of whose sena-
fers and representatives l have been as
Isolated I'm the legislative service. Their
0eeting occurs under felicitous condi-
dOns, jussifying sincere congratulation and
calling forth our grateful acknowleds
H6ent to beneficent providence, which
has so signally blessed and prospered us
- a nation.
Peace and good will. with all the ma
lions of the earth. continue unbroken. A
matter OF genuine satisfaction is the
growing feeling of fraternal regard and
unihcation Of all sections of our country,
the incompleteness of which has too long
delayed realization of the highest bless
ings OF the union. The spirit of patriot
ian IL universal and is ever increasing in
4eryor The public questions which now
m0st ensross us are lifted far above
either partisanship. prejudice or former
sectional differences. They affect every
part of our common country alike, and
permit Of no division on ancient lines.
Questions OF foreign policy. of revenue.
the soundness of the currency, the invio-
liability of national obligations, the i'm
provement OF the public service, appeal
to the individual conscience of every ear
nest 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 full
eject has not yet been realized. what
4 has already accomplished assures us
Of Its timeliness and wisdom. To test
Its permanent value further time will
b required. and the people, satisfied
with its operation and results thus far,
are in no mind to withhold from it a
fair trial. Tariff legislation having been
settled by the extra session of Congress.
the question next pressing for consd-
grafton Is that of the currency.
SOUND BASIS FOR CURRENCY.
The work of putting our finances upon
abeound basis. difficult as it may seem.
wiz appear easier. when we recall the
financial operations of the government
since 1866. On the S0th day of June Of
that year We had outstanding demand
liabilities in the sum OF s72s s6s. 447.41. On
the. first Of January, 1879. these liabilities
had been reduced to Sab $780, 1885,. OF our
! interest bearing Obligations. the figures
NE even more striking. On July 1. 1856
The principal of the interest-bearing debt
Z the government was $2i3S2. 331 2OS. On
the first day of July, 1898. this sum had
been reduced to 1856. 037 100. or an aggre-
eate reduction of $1.747.294,10 The inter-
'est-bearing debt of the United States on
the first day Of December, 1897, was $S47.-
H.S20. The government money now out
Standing (Dec. y consists of $346. 6Sl, 016
Of United States notes. $1O7. 1913 $50 of treas
ury notes issued by authority of the law
Of 1880. 1884. 963.504 Of silver certificates.
and Se31, $50, 761 of standard silver dollars.
With the great resources of the govern
ment and with the honorable example
Of the past before us. we ought not to
hesitate to enter upon a currency re-
vision which will make our demand obli-
cations less onerous to the government
and relieve our financial laws from am
biEuity and douba
The brief review of what was accom-
pltshed from the close of the war to
LBS makes unreasonable and groundless
any distrust either of our financial
Aonfty or soundness; while the situation
from 1893 to 1897 must admonish Con-
6feesS Of the immediate necessity of so
Iesislatlng as to make the return of the
conditions then prevailing impossible
There are many plans proposed as a
remedy for the evil. Before we can find
ne true, remedy we must appreciate the
ted evil It Is not that our currency OF
every kind is not good. for every dollar
q 1t is good-good because the govern
n0eA's pledge is out to keep it so. and
thAt pledge will not be broken. However
@s: guaranty of our purpose TO keep the
'easdge will be best shown by advanc-
ug towards its fulfillment.
The evil OF s,.e present system is found
nsthe great cost to the government OF
maintaining the parity of our different
t0rms of money. that is. keeping all OF
them at par with gold. We surely can
~ be longer needless of the burden this
IMPOSES upon the people. even under
iaariy prosperous conditions. while the
PAST four years have demonstrated that
Ills not only an expensive charge upon
Me government. but a dangerous menace
y the national credit. 1t is manifest thai
We must devise some plan to protect the
sovernment against bond issues for re.
mated redenptions. We must either cur
uil the opportunity for speculation made
Easy by the multiplied redemption of ouI
demand obligations or increase the gol6
reserve for their redemption. We have
900 OF currency, which the govern.
ment, by solemn enactment has under
seKen to Keep at par with gold. Nobody
y obliged to redeem in gold but the
government. The banks are not required
70 redeem In gold. The government I.
obliged to keep equal with gold all it.
outstanding currency and coin obliga
uens, while its receipts are not required
20 be paid In gold. They are paid II
every kind of money but gold, and the
only means by which the government car
with certainty get gold is by borrowing
~ can get Il no other way when It must
needs 1t. The government. without an,
sv Soio revenue Is pledged to maintain
1ola redemption. which 1t has steadily ant
Isunfully done. and which. under the au
snority now given it, it will continue t.
Inc law which requires the govern
n. after having redeemed its United
C.ates notes. to pay them out again a!
current funds, demands constant replsn
..nment of the gold reserve This is es
pscaiiy SO in times Of business panic
o when the revenues are insufficien
meet the expenses Of the government
~ ~ such times the government has n,
"Mer way to supply its deficit ant
saantain redemption but through tn,
~ sase OF Its bonded debt, as durinf
Le ADMINISTRATION Of my predecessor
- aen s2e2. 81, 400 Of 1-2 per cent bond:
N.Y." issued and sold, and the proceed.
snsN. 70 pay. the expenses Of the govern
sssn IT. m excess of the revenues and sus
I'm the gold reserve. While it is tru,
Me Greater part of the proceeds o.
ciSmt ponds were used to supply den
revenues, considerable Dortfor
s~rv. required to maintain the gold re
our revenues equal to our ex
-. -----aa A.
pshses there would be no deficit reouir,n.