Daily independent. [volume] (Elko, Nev.) 188?-1915, 1897-12-07
THE PREstDENT,s MESSAGE.

annual message to Congress Monday.
1t is very lengthy document and
deals thoroughly! with all the i'm
portaht affairs of the Government.
The President congTatulates the
people that the Nation is at peace
with all the world and that prosper
ity, harmony and good viii reign su-
preme within our borders.
After taking shy at the Dingley
tariff law in which he says its full
effects have not yet been realized,
the President tales up the currency
question and discusses it from the
standpoint Of the powers that elected
him. Below will be found his re-
Communications on this and other i'm
portant questions now before the
people:
AZ earnestly recommend as soon as
the receipts of the government are
quite sufficient to pay all the ex-
penses Of the government, that when
any of the 'UDited States notes are
presented for redemption in gold and
are redeemed in gold, such notes
shall be kept and set apart, and only
paid out III exchange for gold. This
Is an obvious duly. If the holder of
the United States note prefers the
gold and ge's it f;Om the government
he should receive back from the Gov
ernmert United SAFES note without
paying gold in exchange for it. The
reason for this is made all the more
apparent when the government is
sues an interest bearing debt to pro
vide gold for the redemption Of Unit
ed Sta.es notes. no lin terest bear
ing debt. Surely, it should not pay
them out aga1n %cePt on demand and
for gold. If they are put out in any
other way they may return again to
be followed by another bond issue to
redeem them~-anotLer interest bear
ing debt to redeem a non-interest
bearing debt.
"ln my view it il of the utmost i'm
portance that tho government should
be relieved of the business of pro.
viding for all the gold required for
exchanges and exports. This respon-
sibility is alone borne by the govern
ment without any of the usual and
Necessary banking powers to help Il.
self. The banks do not feel the Strain
of the gold redemption. The whole
strain rests upon the government, and
the size OF the gold reserve in the
treasury has come to be, with or with
ont reason, the signal of danger or
seed ;ity., This ought to be stopped.
"Jf We are to have an era of pos
perity in the country, with sufficient
receipts for the expenses OF the gov
eminent, wa may feel TO immediate
embarrassment from our present cur
rency; but the danger still exists and
will be ever present menacing US as
long as the existing system coDtin-
ues. And besides, it is in times Of
adequate revenues and business tran
guilty that the government must pre-
pare for the worst. We canuot avoid
without serious consequence, the
wise consideration and prompt soIu-
ton of this question.
"rhe Secretary of the Treasury has
outlined plan in great detail for the
purpose Of removing threatened re-
currepce Of debted gold reserve and
save us from future embarrassment
on that account. To this plan ! in
vite your, ca reful' consideration.
al 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 circu-
lation, and that the tax on circulating
notes secured by deposit of such bonds
be reduced to one half ono per cont
per annum. l also join him in recon-
mending that authority be given for
the establishment of national banks