Phoenix weekly herald., 1897-12-09
PRESIDENTS MESSAGE Has an Urgent and Business
 Like Tone. THE CURRENCY PROBLEM, Cuban Question and Many Other Important Matters Under
 Consideration.

To the Senate and House Of Rspre | sentstivse: It gives me pleasure to ex
 tend greetings to the 55th Congress- as
 semb bied in regular session at the sea
 of government. The meeting occur under fslicitious conditions j1stifyiDl
 sincere congratulations and calling fo
 a grateful acknowledgement to bene
 fiosnt providence. which has so sigusll!
 blessed and prospered the nation. 4 matter of genuine satisfaction is
 the growing feeling of frsternal regard and ratification in all sections of oul
 country. The public questions whict
 now most sagFoss us are lifted far ebovs either pertisisuship, preiudics or for
 mer sectional feeling. The effect is
 felt in every part of cur common
 country.
 The tariff legislation having beer
 settled by the extra session of Con
 grsss ths question next pressing is the
 currepoy. Government money HOW out
 standing Decsm Der 1 consists of S346,
 6Sl016 Of United States notes, Sl07.
 793, ,28O treasury notes, S384 ,963, ,504 sil-
 yer certificates. and 561 ,2S0, 761 standard silver dollars. fhe interest bearing de5t of the United States Dscember l
 vac s847, ,365. .62O.
 With the great resources of the Gov ernraeos and the time -hopoFed example or sh~ Governmsut before Us we ought not hesitets to enter upon the currency revision, which will make our demsnd obligations less enormous and relieve our faaaoial laws from ambiguity and doubt TheFe sre many plans proposed ss remedy for the evil. Before ws cen
 find the true remedy we must appFe- eiate the real evil. Every dollar of our currency is good bscaGse the Govern ment plsdgs IS out to keep it so. How ever, she bsst gusrsntee of our purpose to keep is so will be advaucing toward tbe [ AlImeus of our pledge.
 The evil of the present system is governed is she great cost of the gov ernment n maintaining the parity of four different forms Of money that is keeping all et psF with gold and it is mnnifesb that We must devise some plan to protect the government against bond issues for repeated re- We must either cuFtail the opportunity for speculation, made easy by multiplied redemption of our ds- usnd obligations, or increase the gold reserve foe Fesum psion We have S900.- 100000 of currency which She govern ment has undertaken to keep at psr with gold. Banks SITS not required to redeem gold. The receipts of the Gov s7nment are not required paid in gold and the only means the Government csu gst gold is by borrowing
 4 serious question is, shall we con- binue the policy when the gold reserve sseches the danger point ot issuing more bonds to supply the needed gold. or to provide means to prevent re curing demand on the gold reserve 1 earnestly recommend that when ths receipts o5 the Government are quite sufficient to pay ths expenses of the thsb when any of the Uaited States notes ars presented for in gold and are redeemed l n gold, such notes shall be kept and 1 set apart and only paid cut in exchange For gold. In my vlew it is of the utmost that she Government should | Oe relieved from the business of pro 7iding foF all gold required for ex- changes and export. The whole strain | # gold redemption rests npon the Gov This ought ts be stopped T. | Te ara to have an CTS of prosperity | ve may fesl no embarrassment from 'uF present currency, but the danger till exists and will be eveR present as oug as the existing system exists.
 The Secretary of the Treasury h4e & plan in great desail. To shie 'lsn invite careful consideration and
 concur with ths Secretary in his re- that national banks viii be allowed to issue notes to the ece value of the bonds which hey hsve deposited for circulating totes secured hy depoaib of such bonds, ,e reduced to ons-haIf of one per cent 'er snnum. I also pin she recommends ion that authority bs given for the Of national backs with B minimum of 525,O capitsl, I recon nsud that the issue of national bank lotes be restricted to 8 deuomins ion os BIO and upwards. I recon nsnd shat national banks be required o redeem their neses in gold.
 The most important problem this f3vsroment is oslled upon to deal with 'ereeining to foreign relations is the
 uty toward Soetn and the Cuben in- Hrrection. These conditions cannot 'ut 6ll she G5vernmenb and the Ame-i- an people wish graveet approximations. hers is no desire to profit by the mis- 0ctunes of Spain. Oar only desire Is to eA 5hs Ouhane prosperous and epj yioR hat measure of sslf-control which is he ineljebls right of man. The crusl oi:ey Of coaeentcetion was initiated by o2in, February 16. 1896. Is has ut sTly failed as 8 wsF measure It ie not ivilizsd warfare l. wss exbsrmins- cn. Against this I have felt coz trained on repealed acc asions to enteF
 firm protest. The instructions of our Tiaieser to Spain dirscted him to i'm ress upon Snain the sincere wish Of the Tai5ed S.aseH to lend it's aid toward ading tbs var by peaoefu means and 'F peacefot resu.ts. N solution vss EoDosed Which would humiliate Spain