Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1897-12-13
THE PRESIDENTS MESSAGE.

The length of the message forbids
that we give anything more than the
most important portions Of it:
The President first alludes to the
fact that many of the members of the
house and senate have been his COM
panion congressman in times past and
he has a word of friendly greeting.
He acknowledges benificent prov1-
dence in the prosperity of the nation.
He speaks of the friendly relations of
all parts of the country and all her
people. He remarks that the extra
session of congress enacted tariff
law. which he thinks was timely and
wise and which he assumes is the end
of the matter for the present. He
next discusses the currency question
to a considerable length, showing
what the debt, interest and non inter-
est bearing has been at times past and
is now. He assumes that a country
which has paid an enormous debt IN
a comparatively short time can pay
the balance without difficulty. The
evil and disadvantage of the present
system, is that the government is COM
PEELED to keep all kinds of national
currency, silver, paper, etc. at parity
with gold. He says this is expensive
for the government, while it is men
ace to stability in general financial
affairs. We have 5000, 900 in cur
rency, which we must keep at parity
with gold. Nobody else is obliged to
redeem pledges in gold, while govern
ment obligations are paid in every
thing called money but gold. Hence
the government must borrow gold
when it is needed. The law which re-
quires the government, after having
redeemed United States notes, to pay
them out again as current funds de-
mands a constant replenish of the
treasury When funds are needed the
government must issue bonds, as IN
the Cleveland administration and bor-
row the money. He deprecates the
condition.
I earnestly recommend, as soon as
the receipts 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 and are re-
deemed in gold, such notes shall be
kept and set apart, and only paid out
in exchange for gold. This is an OBJ
vious duty. If the holder of the
United States note prefers the gold
and gets it from the government, he
should notreceived back from the gov
ernment a United States note without
paying gold in exchange for it.
In my view it is of the utmost i'm
portance that the government should
be relieved from the burden of pro-
viding all the gold required for ex-
changes and export. This RESPONSE
bility is alone borne by the govern
ment, without any of the usual and
necessary banking powers to- help
itself. The banks do not feel the strain
of gold redemption. The whole strain
rests upon the government.
The secretary of the treasury has
outlined plan in great detail for the
purpose of removing the threatened
recurrence of depleted gold reserve
and save us from future embarrass-
ment on that account. To this plan
invite your careful consideration.
concur with the secretary OF the
treasury in his recommendation that
national banks be allowed to issue
notes to the face value of the bonds
which they have deposited for circula-
tion. and that the tax on circulating
notes secured by deposit of such
bonds be reduced to one-half of one
per cent per annum. I also join him
in recommending that authority be
Given for the establishment of nation
al banks of minimum capital stock
of s25, ,OOO."
The next subject treated upon is
that of Cuba, which is made to occur
at least one third of the message.
The most important problem with
which this government is now called