The state herald., 1897-12-10
MIR. M'KINLEY'S IDEAS.
HIS MESSAGE TO CONGRESS.
Tho President Believes In u Conservative
Currency Rcform-Not Ready to Inter
fere With Cuba,

| fere with Cuba.
Washington, Dee. G.-'1he Presidents
message. which was submitted to Con
grcss to-day, was as follows:
To the Senate and House of Represen-
tntiveS:
1t gives me pleasure to extend greet
ing to the F'lfty-tifth Congress assem-
bled In regular session at the seat OF
government, with many of whose SEN
ators and representatives | have been
associated In the legislative service.
The meeting occurs under felicitous
conditions, justitying sincere congrat'i-
lations and calling for ever grateful
acknowledgment to n beneiicent Provi-
dcnce. which has so sgnally blessed
and prOspcrcd us as II nation. Peace
and good will with all the nations of
the earth continue unbrokcn.
a matter of genuine satisfaction IL
the growing feeling of fraternal regard
and unificatiOn of all sections OF our
country. the incompletcncss of which
has too long delayed realization OF the
highest blessings of the Union. Inc
spirit of patriotism is universal and Is
ever increasing in favor. The public
questions which now most engross us
are lifted far above either partisanship
prejudice or former sectional diner
cnces. They affect every part OF our
common country alike and permit OF
no division on ancient lines.
Questions of foreign policy, the
soundness of the currency, the invioln-
bility OF national obligations, the i'm
provement of the public service. appeal
30. 81 t,,1 al N
earnest citizen of whatever party he
belongs or In whatever section OF the
country he may reside.
The extra session of Congress which
closed during July last enncted i'm
portant legislation, and while its full
effect has not vet been realized, what
II has already accomplished assures us
of It's timelness and wisdom. To test
Its permanent value, further time Will
be required. and the people, satisfied
with its operation and results thus far,
are in no mind to withhold from 1t n
fair trial Tariff legislation having been
settled, the question now pressing for
consideration is that of the currency.
The work of putting our finances up
on a sound basis, difficult ms 1t may
seem. will appear easier when we re-
crnment since 1866. ON the 30th day
of June of that year we lad outstand-
ing demand liabilities in the sum of
SIPS. .SliS. .44T.i1. ON the LIST day of jan
uary. 1897. these had been reduced to
s4i3. $50. 4a;I. IS. OF our lnterest-benring
obligations the figures are even more
striking, on July |. 1866, the princi-
nal was s.. 332 33l .2OS ON the list day
of July. 1893 this sum had been re-
duccd To SIS, ,G3T, 100. The interest
bearing debt Of the United States on
the lst day of December, 1897, was
SSiT .3Gl. 800.
With the great resources of the gov
ernment. and with the honorable exam
plc Of the past before ms, we ought not
TO hesitate To enter upon n currency
revision. which will make our demand
allegations less oncrors. and relieve our
financial laws of ambiguity and doubt.
The brief review Of what was accom-
pllshcd from the close of the war to
lSp3 makes unreasonable any distrust
of our financial ability and soundness.
while the situation from 1898 10 1897
must ndmonish Congress OF the iinme-
diatc necessity Of legiSlntlng To make
the return OF the conditions then pre-
vailing impossible,
Eyn Of the financial system.
There are many plans proposed as n
remedy for the evil. Before we can find
the trur remedy we must appreciate
the true evil. II Is not that our cur
rcucy of every kind Is not good, for
every dollar Is good, because the gov
crnmenIs pledge Is ont 10 keep II so,
and thnt pledge will moi he broken. The
evil of the present system Is found In
the great cost 0f maintaining the par.
Iiy OF our different forms OF money.
that Is. Keeping all of them at par with
gold II X manifest we must devise
some plan to protect the government
against bond issues for repeated ~.
demptlon. We must either curtnil tile
opportunity FOR speculation made easy
hy the multiplied redemption of our
obligations. or increase ilc gold rc.
serve We have sp0D.o00,OOo current.
which the government, hy solemn en-.
ncimcnt. has undertaken To keep mt
par Noholy Is obliged to redeem In
gold but the government The banks
arc not required to redeem IN gold.
The government Is Obliged To keep
cnual with gold nll It's outstanding cur
rency. while its receipts are not rc.
1uIrcd to bc paid In gold. They are
paid In every kind Of money. but the
only means by which the government
can get gold Is 10y borrowing. This is
especially 80 IN times Of business panic.
as during the administration Of my
predecessor, when the proceeds OF
S2r9aia.iuO Of bonds were issued 10
pay the expenses Of the government In
excess OF the revenues. and sustain the
gold reserve. With the revenues eaunl
to our expenses there wonld be no
deficit requiring the issue of bonds, hut
II tho gold reserve falls below 500
100000. how VIII n be- rcnlrnishcd cN.
ccpt by selling more hondSI
H. there any other practicable wn,
under existing lnwf II no further leg.
lsuiinn Is had, aud the policy of sell.
lng bonds continues then Congress
should give the secretary of the trons.
ury authority Ia sell bonds hcnrlng n
less rate Of interest thnn now author.
izcd
earnestly recommend NJ soon ms
| the receipts Of the government nrc
sufficient tu pny itH expenses TINT
when my United states notes nro re-.
deemed IN gold puch notes shall bo
| kept apart nni only pnid uut IN cx.
chnngc for gold. This II nn obyious
duty, lf they nr" put out In any other
wny they mny return again. to bc fol.
Lowell hy mother boud issue 10 redeem
thrnl- another interest. bearing debt 10
redeem n un,inirrcft.bcnrins debt,
] lf "" are To hnvo an oin of prosper.
NY We mny feel nu embarrassment
from our present currency, hui the
danger Fiill exists mud will hn .,,,,.