El Paso daily herald. (El Paso, Tex.) 1881-1901, 1897-12-06
PRESIDENTS
MESSAGE.
1t Proves to be a Great State
Paper.
VERY SENSIBLE VIEWS.
Many Good Suggestions on the Finan-
cial and Banking Questions are
Made. All Other Matters of Import
ance Are Discussed Very Freely.

To the Senate and the House of Rep
resentatives:-It gives me pleasure t6
exterd greeting to the fifty-ffth con
gress assembled in regular session al
the seat of government with many OF
| whose seEatDrS and representatives
have been associated in legislative ser-
vice. The meeting occurs under fell
| citous Condi ditions, justify ing sincere
cOnpratulations and calling for an ever
grateful acknOwleige gemens to benef-
cent providence, which has SO signally
blessed and prcspered us as nation.
FOREIGN RELATIONS.
Peace and good will with all ma
tiOns of the earth CO tinue unbroken.
A matter of genuine satisfaction is the
growing feeling and fraternal regard
ard uniticati tion Of all sections within
our boundary, the incompleteness of
which has too long delayed the realiza-
tion of the highest blessings
of : union. The spirit of pa
triotism is universal AMI is ever
increasing in favor. TIE puplic ques-
tions which now most engrOss US are
lifted far abave either partisanship,
prejudice or former sectional differ
ences. They affect every part of our
common country alike and permit no
foreign policy, the soundness of the
currency, invi Va bility of national obli-
cations and improvement of public
seav:ce, appeal to i; dividual conscience
of every earnest citizen of whatever
party he,he: :Ongs or in whatever sec.
tion of the country he may reside.
THE TARIFF.
The extra session of congress which
closed during July last enacted impor-
taut legislat :on and while its full eff
feet has not yet been rea lied, what it
-, oh Cd -
it's timelineSs and wisdom. To test
it's permanent value, further time will
be required and people satisfied with
its operating, ard results thus far are
in no mind to withhold it fair trail.
Tariff legislation having been settled,
he que stiou now pressing for consid-
GRAFTON is that of our currency.
REVIEW OF FINANCES.
The pr es dent then reviews the fin
ances of the country since 1866, and
Gays the evil of the present system is
found at great cost of maintaining the
parity of our different forms of money.
that is keeping ali of them at par with
gold. 1t is manifest we must devise
against bond issues for repeated re-
dempticn. We must either curtai the
opportunity for speculation, made easy
by the multiplied redemption of our
obligations or increase the gold re-
serve. We have 5000, 900, 600 currency,
which this governma Mt, by solemn en-
actment, has undertaken to keep at
par. Nobody is obliged to redee n in
gold but the government. Banks are
rot required to red I'm in gold bat the
government is required to- This gov
ernmeut is obliged to keep equal with
gold all its outstanding currency.
while its receipts are not
required to be paid in
gold. They are paid in every
kird of money, but the only
means by which the government can
get gold is by borrowing. This is es-
pc ally 50 in times Of business panic,
as during the admiui tration of my
vredece- sor. when the proceeds of $685.
351 400 of bonds issued to pay expen-
ses of COVE rnment IN excess of revenues
and sustain gold reserve. With the
revenue equal to our expenses there
would be no deficit r. quiring the issue
of bonds, but if the gold reserve falls
below 500, 100000 how it will be re-
plenished except by selling more
bonds? Is there any ether prac-
tica BILE way under existing law? If 70
'u-ther legis'a ion is had, and the
policy of selling bones continues, then
congress should give the secretary OF
the treasury au hofity to sell bonds
bearing less rate of interest than are
now authorized.
THE BANKING SYSTEM.
I earnestly recommend that as soon
%Io ir,tS nf hn