Evening journal., 1897-12-07
.MKTNLEY'S MESSAGE

Ing to the Fifty-fifth congress assem-
bled in regular session at the seat OF
government, with many Of whose sena-
tors and representatives have been as
sociated In the legislative service Their
meeting occurs under felcitious condi-
tions, Justifying sincere congratulation
and calling for our grateful achnowl-
edgment TO a benefcent Providence,
which has so signally blessed and pros
pered US as nation. Peace and good
will with oil the nations OF the earth
continue unbroken.
A matter OF genuine satisfaction is
the growing feeling of fraternal regard
and unlfcation Of all sections of our
country. the completeness Of which has
too long delayed realization Of the high
est blessings Of the Union. The spirit
of patriotism Is universal and is ever
increasing in fervor. The public ques-
tions which now most engross 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 inviolability Of national
obligations. the Improvement OF the
public service, appeal TO the individual
conscience of every citizen 10 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 It's full
effect has not yet been realized. what
Il has already accomplished assures us
OF its timeliness and wisdsm. 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 IL
fair trial.
THE CURRENCY
Tariff legislation having been settled
by the extra session OF congress- the
question next pressing for consideration
a. that of the currency
The work Of putting our finances up
on a sound basis difficult as II may
seem, win appear easier when we recall
the financial operations of the govern
ment since 1866 on June 30 of that
year we had outstanding demand La
bilities in the sum OF S72S, ,S6s, ,44ZH. on
Jan. 1, 1879, these liabilities had been
reduced 10 S443. .SS9. 495.SS. OF our in
terest bearing obligations the figures
are even more striking. on July ],
1866, the principal of the interest bear
ing debt OF the government was S2332,
33i. .20S on July /. 1893, this sum had
been reduced TO S5S5 O87 100. or an ag-
gi egate reduction Of $1.747. .294 10S The
interest bearing debt OF the United
States on Dec. l. 1897 was SSi7 S65. 620
The government money now outstand-
ing CDec ID consists OF $8i6, .0l6 OF
United States notes. SlO7. 79S $50 OF treas
ury notes issued by authority of the
o. % nlN a ...Ntn
Gates and S631, $50, 161 Of standard silver
dollars.
with the great resources Of the gov
eminent and with the honorable exam
pie of the past before us. we ought not
TO hesitate TO enter.upon a currency re-
vision which win make our demand OBJ
legations less onerous to the govern
ment and relieve our financial laws
from ambiguity and doubt.
CONFIDENCE AND ADMONITION.
The brief review of what was accom-
plished from the close of the war to
1898 makes unreasonable and ground
less any distrust either of our financial
ability or soundness, while the situation
from 1898 to 1897 must admonish con-
gress Of the immediate necessity OF so
legislating 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
the true remedy we must appreciate
the real evil. II IS not that our curren-
cy OF every kind Is not good, for every
dollar of il is good, good because the
governments pledge Us out to keep il
so, and that pledge viii not be broken
However. the guarantee Of our purpos,
to keep the pledge viii be best showr
by advancing toward its fulnllment.
The evil of the present system Il
found in the great cost TO the govern
ment Of maintaining the parity of ou
different forms of money-that is. keep
ing all of them at par with gold. W.
surely cannot he longer needless O
theehurden this imposes upon the peo
pie even under fairly prosperous condi
tions. while the past four years hav
demonstrated that Il is not only an ex
pensive charge upon the government
but dangerous menace to the nation
al credit.
II Is manifest that we must devils
some plan 10 protect the governmen
against bond issues for repeated re
demptions We must either curtail tn
opportunity for speculation made cas-
by the multiplied redemptions Of on
demand obligations OF increase the gol
reserve for their redemption. We hav
$500. 600 900 of currency which the gov
ernment by solemn enactment has un
dertaken TO keep at par with gold.
GOVERNMENT AND BANKS.
Nobody is Obliged to redeem in gol
but the government. The banks are nc
required to redeem in gold The govern
ment is obliged TO keep equal with goi
all its outstanding currency and col
obligations. while its receipts are nc
required to be paid in gold. They al
paid in every kind of money but gol'
and the only means by which the gov
ernment can with certainty get gold
by borrowing. 1t can get IL in no oth'
way when it most needs IT, The govern
ment without any fixed gold revenue
pledged to maintain gold redemption
which il has steadily and faithful
done and which under the authorii
now given it will continue 10 do.
The law which requires the goveri
ment after having redeemed its Unit,
states notes TO pay them out again
current funds demands constant r.
plenishmcnt OF the gold reserve. This
especiallyS-so in times OF business pan
I'm f.afa