The Chanute times. [volume] (Chanute, Kan.) 1897-1913, 1897-03-12
THE INAUGURAL ADDRESS.
Financial Reform and More Revenue
Urgently Needed-PrOtectiOn and
Reciprocity-Arbitrn Strong
ly Favored - Immigration
Laws Mood Improving
Extra Session.

office by Chief Justice Fuller, was as
follows:
Fellow Citizens In obedience to the win
of the people and in their presence, by The
authority vested in me by this oath. / as
sumo the arduous and responsible duties of
President of the United States, relying on
the support of my countrymen and invoking
the guidance of Almighty God. Our faith
teaches that there is no safer reliance than
upon the God of our fathers. who has so sim
gularly favored the American people in
svery national trial, and who will not for
FAKE US so long we obey His command
nents and walk hurlbly in His footsteps.
1.-The responsibilities of the high trust to
which have been called-alwayS of grave
importance-are augmented by the prevail
eng business conditions, entailing idleness
s.oon willing labor and loss to useful enter
prises The country is suffering from indus
trial disturbances from which speedy relief
must be had.
Our financial system needs some revis-
ion; our money is all good now, but its value
must not further be threatened. 1t should
all be put upon an enduring basis, not sub
ject to easy attack nor its stability to doubt
or dispute. Our currency should continue
under the supervision of the government.
The several forms of our paper money offer.
in my judgment, a constant embar-
raSsment to the government ana a
safe balance in the treasury. Therefore
believe it necessary to devise system
which, without diminishing the circulating
medium, or Offering pre- mium for its con-
traction, will present remedy Tor those
: arrangements, which. temporary in their
nature, mi ght we'll in the years of our pros
perity have been displaced by wiser provis-
ions
For a Currency Commission.
"With adequate revenue assured, but not
until then, we can enter upon such changes
In our fiscal laws as will, while insuring
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, snd 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 If,
therefore, Congress in its wisdom shall deem
1t 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 dispassionate examination that
the i'm portance demands, | shall cordially
concur in such action If such power is
vested in the president it is my purpose to
informed citizens of different parties who
will command public confidence both on
account of their ability and special At
ness for the work. Business experience
and public training may thus be combined,
and the patriotic zeal of the friends of the
country be so directed that such a report
will be made as to receive the support of all
parties, and our finances cease to be the
subject of mere partisan contention The
experiments at all events, worth trial,
and, in my opinion, ii can but prove bene-
ticial to the entire country
Credit Upheld Economy Urged.
'The question of international bimetalism
will have early and earnest attention. 1t
will be my constant endeavor' to secure it
by cooperation with the other great COM
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 silver al
ready coined. and of that which shall here
after be coined must be kept constantly at
par with gold by every resource at our COM
mand The credit of the government tho
integrity of its currency and the invioi-
ability of its obligations must be preserved.
This was the commanding verdict of the
people and 1t will not be UNDECIDED.
Economy is demanded in every branch
Dt the government at all times, but espe-
cially in periods like the present dc preston
of business and distress among the people.
The severest economy must be observed in
all public expenditures and extravaganza
stopped wherever 1t is found. and prevented
wherever in the future 1t may be developed
II the revenues are to remain as now, the
only relief that can come must be from de-
creased expenditures But the present must
not become the present condition of the
government 1t has been our uniform prac-
tice to retire. not increase, our outstanding
obligations, and this policy must fain be re-
sumed and vigorously enforced.
Increase of Debt Opposed.
Our revenues should always be large |
enough TO meet with ease and promptness
not only our current needs and the prlnci- |
pal and interest of the public debt, but to |
make proper and liberal provisions for that |
most deserving body of public creditors, the |
soldiers and sailors and the widows and or |
phans, who are the pensioners of the United |
States. The government should not be per-
mitted to run behind or increase its debt |
in times like the preSenn Suitably to pro- |
vide against business depression is the |
mandate of duty, certain and easy rem |
edy for the most of our financial difficulties. |
A deficiency is inevitable so long as the ex- |
penditures of the government exceed Its |
receipts. 1t can only be met by loans or an |
increased revenue. While large annual |
surplus of revenue may invite waste and |
extravaganza. inadequate revenue creates
distrust and undermiHes public and private
credit Neither should be encouraged.
Between more loans and more revenue,
there ought to be but one opinion. We should
have more revenue, and that without delay
hindrance or postponement A surplus In
the treasury created by loans is not per-
manent or safe reliance. 1t will sufnce
while It lasts, but 1t cannot last long while
the OUTLAWS of the government are greater
than its receipts, as has been the case dur
ing the past two years. Nor must 1t be for
gotten at however much such loans may
relieve the situation the gov
eminent is still indebted for the amount of
the surplus thus accrued, which it must I'LL
timately pay. while its ability to pay is not
strengthened but weakened, by continued
deficit Loans are imperative in great
to preserve the government or
Its credit, but failure to supply needed
in time of peace for the mainten-
ance of either has no justification.
For Revenue and Protection.
"The best way for the government to
maintain its credit is to pay as it goes-not
by resorting to loans. but by keeping out of
debt-through an adequate income secured
by a system of taxation external or inter-
nal or both. 1t is the settled policy of the
government pursued from the beginning,
and practced by all parties and admins 4