The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1897-03-17
THE INAUGURAL ADDRESS
President Mckinley Outlines His Al
ministratiye Plans.
VIEWS ON PUBLIC AFFAIRS.
Would Put the Country's Finances on a
Sound Basts---More Revenue without
Delay.--Wants the Tariff Revised---
Favors a BimetallIc Conference---Op.

| Delay---Wants the Tariff Revised
| Favors a BlmetallIc Conference.-The
poses Trusts.--Tor Arbitration Treaty
J WAsH1seroS, D. c. (speclaD 1.-The inaugu
raj address OF President Mckinley was a!
follows:
| Fellow Citizens: In obedience to tho viii
of the people and in their presence, by tht
authority vested in me by this oath, assume
the ariuous and responsible duties OF Presi
dent 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 thar
npon the God of our fathers, who has SC
singularly favored the American people In
| every national trial, and who will not for.
sake US 80 long as we obey His command
ments and walk humbly in His footsteps.
The responsibilities of the high trust to
which have been called-always Of grave
| 1mportance-are augmented by the prevail
ing business conditions, entailing idleness
upon willing labor and loss to useful enter
| prise.
The country is suffering from industrial
disturbances from which speedy relief must
be had. Our financial system needs some
| revision; our money is all good now, but its
| value must not further be threatened. 1t
should all be put upon an enduring basis,
not subject to easy attack, norits stability to
doubt or dispute.
For Better Paper Money.
Our currency should continue under the
supervision Of the Government. The sew
eral forms OF our paper money offer, in my
judgment, a constant embarrassment to the
Government and to safe balance in the
Treasury. Therefore, believe it necessary
to devise system which, without diminish
ing the circulating medium or Offering pre-
MUM for its contraction, will present a
remedy for these arrangements, which, tenn
porary In their nature, might we'll In the
years OF our prosperity have been displaced
by wiser provisions.
With adequate revenue secured, but not
until then, we can enter upon such changes,
In our finance laws as will, while insuring
safety and volume to our money, no longer
impose upon the Government the necessity
OF maintaining 80 large gold reserve. with
Its attendant and inevitable temptations to
speculation. Most OF our financial laws are
the outgrowth Of experience and trial and
should not be amended without investiga-
ton and demonstration OF the wisdom Of the
proposed changes.
We must be both "sure we are right" aud
''nake haste slowly" If, therefore, Con.
gress in its wisdom shall deem it 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 their Importance demands.
shall cordially concur in such action.
II such power is vested in the President 1t
is nv purpose to appoint a commission Of
prominent, well-informed citizens Of differ
ent parties, who will command public con-
fdence both n account Of their ability and
special fitness for the work. Business expert
ence and public training may thus be COM
bined, ard the patriotic zeal of the friends Of
the country be 80 directed that such report
will be made as to receive the support of all
parties, and our finances cease to be the sub
ject of mere partisan contention. The ex-
pertinent is, at all events, worth trial, and
In my opinion it can but prove beneficial to
the entire country.
Favors Bimetallism.
The question OF International bimetallism
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 con-
dition 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
coined. must be kept constantly at par with
gold by every resource at our command.
The credit OF the Government, the tnteg-
rity of its currency and the inviolability of
its obligations must be preserved. This was
the commanding verdict of the people, and
1t will not be unheeded.
Economy Is demanded in every branch OF
the Government at all times, bur especially
In periods like the present Of depression in
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.
If 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 per-
manent condition of the Government. 1t
has been our uniform practice to retire, not
increase. our outstanding obligations. and
this policy must again be resumed and
vigorously enforced. 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 liberal pro-
visions for that most deserving body of pub
the widows ana orphans who are the PEN
sioners of the United States.
More Revenue--.Not Loans.
The Government should not be permitted
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 Il aRn,a ;s; i{,h1 Ia lN,f
penditures Of the Government exceed its re-
ceipts.
It can only be met by loans Or an increased
revenue.
While large annual surplus of revenue
may invite waste and extravaganza, inade-
quate revenue creates distrust ard under
mines public and private credit.
Neither should he 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.
The best way for the Government to main
tain its credit Is to pay as it goes-not by
resorting to loans, but by keeping out of
by system OF taxation, external or internal,
or both.
For Revenue Legislation.
1t IS tne 9ettled pOllcy OF the SoFernnent,
pursued from the beginning and practiced
by all parties and administrations, to raise
the bulk OF our revenue from taxes upon
foreign productions entering the United
State for sale or consumption; and avoiding
for the most part every form Of direct taxa
ton, except IN time Of war.
The country is clearly opposed to any need
less additions to the subject Of internal tax.
alton, and is committed by Its latest popular
utterance to the system of tariff taxation.
There can be no misunderstanding either,
about the principle upon which this tariff
taxation shall be levied. Nothing has ever