The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1897-03-24
InauguraIAddress
President Mckinley Clearly Defines
His Policy as Chief Executive.

w dSHluBJOn, march al eAdCtly
lis p. m. President Mckinley took the
oath of Office and forthwith delivered
his inaugural address as follows:
Fellow Citizens: In obedience to the will
of the people and In their presence, by the
authority vested In me by this oath, 1 as
sumo the arduous and responsible duties of
president of the United States, relying on
the support of my countrymen and invok-
ing the guidance of Almighty God Our
faith teaches that there is no safer reliance
than upon the God of our faith, who has
singularly favored the American people In
every national trial and will not forsake us
so long as we obey His commandments and
walk humbly In His footsteps.
The responsibilities of the high trust to
which I have been caled--always Of grave
importance--are augmented by the prevail
Ing business conditions, entailing idleness
upon willing labor and loss to useful en-
terprises. The country Is suffering from
Industrial disturbances from which speedy
relief must be had. Our financial system
needs some revision; our money Is all good
now, but Its value must not be further
threatened. 1t should be put upon an en-.
during basis, not subject to easy attack,
nor its stability to doubt or dispute Our
currency should continue under the super
vision of the government The several
forms of our paper money offer, In my judg-
ernments keeping safe balance In the
treasury. Therefore believe It necessary to
devise a system which, without diminish
Ing the circulating medium or Offering a
premium for its contraction, will present a
remedy for those arrangements which, tenn
porary in their nature, might well in the
years of our prosperity have been displaced
enue secured, but not until then, we can
enter upon such changes In our fiscal laws
as WILL while insurng safety and volume
to our money, no longer impose upon the
government the necessity of maintaining
so large gold reserve, with its attendant
and inevitable temptations to speculation.
Most of our financial laws are the out
growth of experience and trial. and should
not be amended without investigation and
demonstration of the wisdom of the pro-
posed changes. We must be both 'sure we
are right and "make haste slowly" II,
therefore, congress in its wisdom shall
deem IL expedient to create commission to
take under early consideration the revision
OF our coinage banking and currency laws,
and give them that exhaustive, careful and
dspasslonate examination that their i'm
portance demands, l shall cordially concur
In such action. If such power Is vested in
the president, IL Is my purpose to appoint
commission of prominent well informed
citizens of different parties, who will COM
mand public confidence both on account of
their ability and special fitness for the
work. Business experience and public
training may thus be combined, and the
patriotic zeal Of the friends of the country
lie so. directed that such report will be
made as to receive the support of all par
ties, and our finances cease to be the sub
feet Of mere partisan contention. The ex-
pertinent Is, at all events, worth trial,
and, in my opinion Ii can but prove bene-
fetal 20 the entire country
The question of international bimetallism
will have early and earnest attention. lt
will be my constant endeavor to secure II
by cooperation with the other great CON-
mercial powers of the world. Until that
condition is realized when the parity be-
tween our gold and silver money springs
from and is supported by the relative value
OF the two metals the value Of the silver
already coined, and of that which may
hereafter be coined, must be kept con-
stantly at par with gold by every resource
OF our command. The credit of the govern
ment. the integrity of its currency and the
nylolabiity of Its obligations must be pre-
served. This was the commanding verdict
OF the people and IL will not be unheeded.
Economy Is demanded In every branch OF
the government at all times, but especially
In periods like the present Of depression In
business and distress among the people.
The severest economy must be observed
In all public expenditures and extravaganza
stopped wherever IL Is found, and prevent
ed wherever In the future Ii may be deyei'
Oped. III the revenues are to remain as
now the only relief that can come must be
from decreased expenditures. But the
present must not become the permanent
condition of the government. 1t has been
our uniform practice to retire, not Increase,
our outstanding obligations, and this policy
must again be resumed and vigorously en-
forced Our revenues should always be
large enough to meet with ease and prompt
ness not only our current needs and the
principal and interest of the public debt
but to make proper and liberal provision
for that most deserving body OF public
creditors, the soldiers and sailors and the
widows and orphans who are the pension
ers of the United States.
The government should not be permitted
TO run behind or increase its debt In times
like the present. Suitably to provide
against this Is the mandate of duty-the
certnin and easy remedy for most OF oul
financial difficulties. A deficiency Is inev
liable so long as the expenditures OF tht
government exceed Its receipts. 1t can only
be met by loans or an Increased revenue
While a large annual surplus OF revenue
may invite waste and extravaganza, mad
eouate revenue creates distrust and under
mines public and private credit. Neither
should be encouraged. Between more loans
and more revenue there ought 10 De Ou
one opinion. We should have more reye
nue.. and that without delay, hindrance oil
postponement. A surplus In the treasur,
created by loans Is not a permanent or saf'
reliance. 1t Will suffice while II lasts, bu
II can not last long while the outlays Of
the government are greater than Its re
cefpts, as In the past two years Nor mus
It be forgotten that while such loans ma,
temporarily relieve the situation the gov
eminent Is still Indebted for the amount Of
the surplus thus accrued, which IL mus
ultimately pay, while its ability to pay II
not strengthened but weakened by con
tinued deficit. Loans are imperative II
great emergencies TO preserve the govern
ment or its credit, but failure to supply
needed revenue In time of peace for TN
, maintenance of either has no justification
The best way for the government u
maintain Its credit Is to pay as IL goes-no
by resorting TO loans, but by keeping GU
OF debt-through an adequate income Sc
cured by a system OF taxation, external o.
Internal, or both. 1t IL the settled pollc'
of the government, pursued from the De
ginning and practiced by all parties AM
administrations. TO raise the bulk OF on
revenue from the tax upon productions en-
terlng the United States for sale and con
sumption. and avoiding for the most par
every form Of direct taxation, except u
time OF war The country Is clearly op
posed TO any needless additions TO the sub
1ects of Internal taxation, and Is committee
by Its latest popular utterance to the sys
TEN OF tariff taxation. There can be n
misunderstanding either, about the prinel
pie upon which this tariff taxation shall b
levied. Nothing has ever been made plaine
ut general election than that the control
ling principle IL v)S raising or revenu
from duties on imports Is jealous care 70
American interests and American labor