The news & observer., 1897-03-05


.,,;r of the neople. and in their presence,
hv tb,a authority vested in me by this oath,
7 assume the arduous and responsible
dpties of President of the United states
relving ON the support OF my country
mon and invoking the guidance OF Al
,,;ghtv Cod. Our faith teaches that there
a. M safer reliance than upon the God OF
opr fathers, who has singularly favored
the American people in every nauonm
trial and who will not forsake US so
long rs we obey his commandments ana
walk humbly in his footsteps
,rv,e responsibilities of the high trust TO
r-b;cb have been called-alWays OF
grave importance-are augihehueu
nv the prevailing business conui-
tions. entailing idleness upon VIII,
inc l,bor and loss to useful
antaynrises The country is suffering
from industrial disturbances, from when
Snaodv relief must be had. Our f1nanclal
ststem needs some revision; our mon
ev Is all good now, but its value must not
further be threatened. 1t should all De
mt upon an enduring basis. not SUBJECT
IA nssy attack, nor its stability to DOUBT
or DISPUTE. Our currency should continue
under the supervision of the government
The several forms of our paper Nancy Of
fer, in my Judgment, a constant enioar-
rassment to the government land a safe
balance in the treaSury0 Inerefore,
believe ii necessary to devise system
which. without diminishing the clrculat-
ing medium. or offering premium for lts
contraction will present a remedy Tor
those arrangements which, temporary IN
their nature, might well in the years OF
our prosperity have been displaced by
wiser provisions.
With adequate revenue secured, Dut
not until then, we can enter upon such
changes in our fiscal laws as WILL Whlle
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 lnev-
liable temptations to speculation. MOST
OF our financial laws are the outgroWt th
of experience and trial and should not
be amended without investigation, ana
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 it expedient to create COM
mission to take under early consideration
the revision Of our coinage, bank
ing and currency laws and give
them that exhaustive, careful ana
dispassionate examination that their
Importance demands, shall cordially con-
eur in such action. IF such power is vest
ed in the President, it is my purpose TO
oppojnt 4 commission of prominent, we'll
Uniformed citizens of different parties,
who will command public confidence. both
on account of their ability and special
fitness for the work. Business experience
"a ~
bined, 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 experiment is, at all
events. worth a trial, and, in my opinion
it can but prove beneficial to the entire
country.
INTERNATIONAL AGREEMENT.
The question of international bimetall-
ism will have early and earnest atten-
tion. 1t viii be my constant endeayor
to secure it by cooperation with the 9TH
sr great commercial powers of the world.
Until that condition is realized when
the parity between 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 coin
ed, must be kept constantly at par with
gold by every resource at our command
The credit of the government, the integri-
ty of its currency and the inyiolablllty
of its Obligations must be preserved. This
was the commanding verdict of the peo-
pie and it viii not be unheeded.
ECONOMY AND PENSIONS.
Economy is demanded in every branch
of the government at all times but espec-
ially in periods like the present of depres-
sion in business and distress among the
neonle. The seyerest economy must be
observed in all public expenditures and
extravaganza stopped wherever it is
found and prevented, wherever in the
future it may be developed. If the rev.
enues are to remain as now, the only
relief that can come must be from de
creased expenditures. But the present
become the permanent condition or the
government. It has been our uniform
practice to retire, not increase, our out
standing obligations and this policy must
again be resumed and vigorously en-
forced. Our revenues should always be
large enough to meet with ease and
promptness not only our current needs
and the principal and interest OF the
public debt, but to make proper and lib
eral provision for that most deserving
body Of public creditors, the soldiers and
sailors and the widows and orphans who
are the pensioners of the United States.
MORE REVENUE NEEDED.
The government should not be permit
ted to run behind, or increase its debt
IN times like the present. Suitably to
provide against this is the mandate of
duty, the certain and easy remedy for
most of our financial difficulties. A def
cheney 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 a large
annual surplus OF revenue may invite
waste and extravaganza, inadequate rev.
enue creates distrust and undermineS
public and private credit. Neither
should be encouraged. Between more
L