The Chanute times. [volume] (Chanute, Kan.) 1897-1913, 1897-12-17
M KINLEY ON THE QUES-
TONS OF THE DAY.
CURRENCY REFORM-CUBA.
Prompt Legisla tlon to Correct Financial
Complications Urged - Greenbaoks
and Goid-Gage's Plans Com
mended - Grants Cuban
Declaration Quoted
Annexation-Indian
WASHINGTON. Dec, Following is

WASHINGTON. Dec. b.-Following /
the Presidents message to Congress-
TO the Senate and House of Representa-
tives: 1t gives me pleasure 10 extend greet
ing to the Fifty-hfth Congress assembled II
regular session at the seat of government
with many of whose Senator's and Represen
tativeS Ihave been associated in the legiS
lative service. Their meeting occurs under
tclicitious conditions, justifying sincere
congratulation and calling for our grateful
Acknowledged ent to a benefcent Provi'
dcncc which has SO slgnally blessed and
proSpered us as nation.
Peace and good will with all the nations
of the earth remain unbroken.
matter of genuine satisfaction Is the
growing feeling of fraternal regard and uni
hcatiol of all sections of our country. the
incomp.etencss of which has too long de-
layed realization of the highest blessings
of the Union. The spirit of patriotism is
universe! and is ever increasing in fervor.
The public questions which now most en-
gross US are lifted far above either PARTISAN
ship, prejudice or former sectional defferen-
ceS. 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 involability of national Obligations
the improvement of the public service, APP
peal to the individual conscience of every
earnest citizen, TO whatever party he be-
longs or in whatever section OF tn country
he may reside.
The extra session of this Congress which
closed during July, last enacted important
legislation, and, while its full effect has not
yet been realized, what 1t has already &C
complished assures US of its timeliness and
wisdom To test its permanent value FUR
Their time will be required and the people,
satisfied with its operations and results
thus far, are in no mind to withhold from
It a fair trial.
Currency Reform Urged.
Tariff legislation having been settled by
tn. extra session of Congress, the question
next pressing for consideration is that OF
the currency
The evil of the present system is found In
the great cost to the government OF main
tanning the parity of our diff rent forms of
money, that Is, 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 tour years have
demons trated that it is not only an eXpen-
sive charge upon the government, but
dangerous menace to the national credit
1t is manifest that we must devise some
plan 70 protect the government against
bond issues for repeated redemption We
must either curtail the opportunity for
speculation made easy by the multiplied
redemption of our demand obligations, or
increase the gold reserve for their redemp-
ton. We have 5000 100000 of currency
which the government by solemn enact
ment has undertaken to keep at par with
gold. Nobody Is obliged to redeem in gold
but the government The banks are not re-
quired 10 redeem in gold. The govern
ment is obliged to keep equal with gold
all its outstanding currency and coin
obligations, while its receipts are
not required to be paid in gold.
They are paid in every kind of money but
gold, and the only means by which the gov
eminent can with certainty get gold is by
borrowing, 1t can get it in no other way
when il most needs it
II no further legislation Is had and the
policy of selling bonds is to be continued
then Congress should give the Secretary of
the Treasury authority to sell bonds at long
or short periods, bearing less rate of in
terest than is now authorized by law
Iearnestly recommend as soon as the re-
Ceipts of the government are quite sufficient
to pay all the expenses of the government
that when any of the United States notes
are presented for redemption in gold ard
are redeemed in gold, such notes shall be
kept and set apart and only paid out in ex-
change for gold.
This is an obvious duty. If the holder of
the United States note prefers the gold and
gets it from the government he should not
receive back from the government United
States note without paying gold in exchange
for it The reason for this is made all the more
apparent when the government issues an
interes! bearing debt to provide gold for
the redemption OF United States nOtes-a
non-intcrest bearing debt Surely it should
not pay them out again except on demand
and tor gold II they are put out in any
other way they may return again to be fol-
lowed ly another bond issue to redeem
them-aEother interest bearing debt to re-
deem a LOa-lnterest bearing debt.
In my y eW if Is of the utmost i'm nort1nca
that the government should be relieved
from the business of providing all the gold
for exchanges and export This RESPONSE
bilty is alone borne by the government
without any of the usual and necessary
banking powers to help itself The banks
do not feel the strain Of the gold redemp-
ton. The whole strail rests upon the gov
eminent and the ST. of the go reserve
in the treasury has come to be, with or
without reason, the signal of danger or of
security. This ought to be stopped.
The secretary of the treasury has out
lined plan in great detail for the purpose
OF removing the threatened recurrence of a
depleted gold reserve and save US from fu-
ture embarrassment on that account To
this plan invite your careful considera-
ton
1 concur with the secretary of the treas
ury in lis recommendation that national
banks be allowed to issue notes to the face
value OF the bonds which they have depos-
Tied for circulation, and that the tax on
circulating notes secured by deposit of such
bonds be reduced to one-half of / per cent
per annum.
also Join him in recommending that an
thority be given for the establishment of
pational banks with minimum capital of
$4,000. This will enable the smaller Villages
and agricultural regions of the country to
be supplied with currency to meet their
needs.
recon mend that the issue of national
bank notes be restricted to the denomina-
ZION of ten dollars and upwards
If the suggestions 1 have herein made
shall have the approval of Congress then 1
would recommend that national bank, be
required 10 redeem their notes in gold
The Conflict In Cuba
The most important problem with which
this government is now called upon to deal
pertaining to its foreign relations concerns
is duty toward Spain and the Cuban insur-
rection.
The present insurr ection broke out in
February, 1895. 1t is not my purpose at
Shis time to recall its remarkable increase
or to characterize its tenacious resistance
against the enormous forces massed against
b by Spain. The civilized code of war has
been disregarded. no less by the Spaniards
than by the CubanS