The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-07
M'KlNLEY'S ANNUAL MESSAGE
CURRENCY REFORM GIVEN THE
LEADING PLACE.

Present System Too Hurdensome on
the Government to Maintain-Rec-
ommends That United states Notes
BE Paid Out Only For. GOId-Right
10 Issue short Term Low Interest
Rate Bonds Nceded-RecOgnitiOn of
UeIIigcrcncy of the Cubans De-
cIared Not Justified Under Exist
ing Conditions Under the Law of
NatiOns-Intervcnti by Force
Promised should the Future Make
1t Necessary.
Washington, Dec 6-Followiug is the
VeNt of the first annual message of Presi-
dent Mckinley, sent to congress to-day:
TO the Senate aud House Of Representa-
tyes-It gives me pleasure 10 extend
greeting to the Fifty-ffth congress, as
sembed in regular session at the seat of
government, with many of whose sena-
tors and representatives I-have been assoc
ciated with in the legislative service. Their
meeting occurs under felicitous condi-
lions, jusufying sincere congratulation and
calling for our grateful acknowledgment
to a beneficial providence, which has so
sgnally blessed and prospered US as a
nation Peace and good will with all the
nations of the earth continue unbroken.
\ matter of great satisfaction is the
growing feeling of fraternal regard and
uni1cation of ell sections of our country,
the incompleteness of which has too long
delayed realization of the highest bless
ing of the union The spirit of patriotism
is universal and is ever increasing in fer
vor. The public questions which now
most angross us are lifted far above eth
er partisanship, prejudice or former sec
tioual differences. They effect every part
of our common country alike and permit
of no division on ancient lines. Questions
of foreign policy, of revenue, the sound
ness of the currency, the invioluability Of
national obligations, the Improvement of
the public service, appeal to the ndivid-
ual conscience of every earnest citizen to
whatever party he belongs or in whatever
section Of the country he may reside.
The extra session of this congress, which
closed during July last, enacted important
legislation. and while its full effect has
not yet been realized, what it has already
accomplished assures us of its thickness
and wisdom. To test its permanent value
further time win be required, and the peo-
pie. satisfied with its operation and re-
suits thus far, are in no mind to withhold
from it fair trial
Tariff legislation having been settled by
the extra session of congress, the ques-
ton next pressing Tor consideration IS
that of the currency.
The work of putting our finances upon
sound basis, difficult as it pay seem, VIII
appear easier when we recall the imam
cial operations of the government since
1866. on the thirtieth day of June of that
H.
ties in the sum of $72S.S68, 447 Al On the
first of January, 1879. these liabilities had
been reduced to $443,SS9 1888. OF our in
terest bearing obligations, the figures are
even more striking. On July ], 1856, the
principal of the interest bearing DEBT or
the government was So 1872 S31, 203. On July
!, 1888, this sum had been reduced to
$685., 037 100, or an aggregate reduction of
$1.747 294 10S. The interest bearing debt of
the United States on Dec. l, 1887, was
$S47,365 620. The government money now
outstanding (Dec. d consists of $Sl6,6Sl ,Ol5
of United States notes, $107, go of treas
ury notes issued by authority of the law
of 1890, 1884 1853, 504 of silver certificates, ant
ST.. $50 761 of standard silver dollars.
With the great resources of the govern
ment and with honorable example of the
past before us, we ought not to hesitate
to enter upon a currency revision which
will make our demand obligations less
onerous to the government, and relieve our
financial laws from ambiguity and doubt.
The brief review of what was accomplish
ed from the close Of the war to 1893 makes
unreasonable and groundless any dlstrust,
either of our financial ability or soundness;
while the situation from 1898 TO 1887, must
aduonish congress of the immediate nee
essity of so legisiating as to make the re-
turn Of the conditions then prevailing i'm
possible.
There are many plans proposed as a
1tr bn
the true remedy we must appreciate the
real evil 1t is not that our currency Of
every kind is not good, for every dollar
of it is good; good because the govern
menCs pledge is out to keep it so, and that
pledge will not be broken. However, the
guaranty of our purpose 70 keep the
pledge Will be best shown by advancing
toward its fulfllment.
The evil of the present system is found
i'm the great cost to the government of
maintaining the parity of our different
forms of money, that is keeping all Of
them at par with gold We surely can
not be longer needless of the burden this
imposes upon the people even under fair
ly prosperous conditions, while the past
four years have demonstrated that it is
not only an expensive charge upon the
government, but a dangerous menace to
the national credit.
1t is manifest that we must devise some
plan to protect the government against
bond issues for repeated demands. We
must curtail the opportunity for specula-
ton made easy by the multiplied redemp-
TONS of our demand Obligations, or in
crease the gold reserve for their redemp-
ton We have 100000 000 Of currency
which the government by some legal en-
az ment has undertaken TO keep at par
with gold Nobody is obliged to redeem
IN god but the government. The banks
are not required 70 redeem in gold The
government is obliged to keep equal with
gold all its outstanding currency and coin
outstanding while its receipts are not re-
quired to he paid in gold They are paid
On every kind Of money but gold, and the
only means by which the government can
with certainty, get gold is by borrowing
Tt can get il in no other way when it most
needs it The government without any
liked gold revenue Is pledged to maintain
gold redemption, which it has steadily and
faithfully done and which under the au-
tlority now given It will continue to do.
The law which requiles the government
Vnce having redeemed its United States
notes to pay them out again as current