New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-07
THE PRESIDENTS MESSAGE.
CURRENCY REFORM URGED

CURRENCY REFORM URGED
OR INTERVENTION DEPRECATED.
SPANS REFORMS NEUTRALITY-SUSPICIOUS. AN
Observation-Disclosures FACILITIES FOR THE
NAVY neutrality-suspicious. IN
THE INDIAN TERRITORY THE
PACIFIC RAILROAD SALES
EXTENSION OF CIVIL
SERVICE REFORM.
TO the Senate and House Of Representatives.
II gives me pleasure to extend greeting to the
LVth Congress. assembled in regular session a'
the seat OF Government. with many OF "hose
Senators and Representatives l have peeh as
ISOLATED In the legislative service Ihen me.
Ing occurs under felicitous conditions Ju''tS
ing sincere congratulation ana ca''i"e ~
our grateful acknowledgment TO oe"'"
Providence which has so signaiiy oieSSeu on"
prospered US as a nation. Peace anu soo0"'
with all the nations Of the earth continue uN
broken
HARMONY IN THE UNION.
A matter OF genuine satisfaction Is the grow
ing feeling Of fraternal regard and unihcation
of all sections Of our country, the incomplete
ness OF which has too long delayed realization
of the highest blessings OF the Union. Inc spirit
Of patriotism is universal and Is ever increasing
IN fervor The public questions which now HloS'
engross us are lifted far above either partisan
shin. prejudice or former sectional dinerehceS'
They affect every part of our common country
alike and permit Of no division on ancient lines
Questions of foreign policy. OF revenue 'he
soundness OF the currency, the nVioiaoi''y VI
National obligations. the Improvement OF Inc
nublic service appeal to the individual conscience
of every earnest citizen. to whatever party ne
belongs or in whatever section OF the country
he may reside. 1870
The extra session Of this Congress whlch
closed during July last enacted important ieSls-
,ation and while its full effect has not YET peeh
realized what 1t has already accomplished as
sures us OF its timeness and wisdom. TO test
its permanent value. further time Will be re-
ouired, and the people. satisfied with It's opera
ton and results thus far. are In no mind 10
withhold from 1t fair trial
Tariff legislation having been settled by the
extra session Of Congress. the question next
pressing for consideration Is that OF the cur
rency.
THE CURRENCY QUESTION.
The work Of putting our finances upon sound
basis difficult 1t may seem, Will appear easier
when we recall the financial operations Of the
Government since 1866 On June 30 Of that
year we had outstanding demand liabilities in
Tho sum OF S72S. SOS AL Al On January /, 1879,
these liabilities had been reduced to S44S'oe9'-
495 IS. OF our interest bearing obligations the
figures are even more striking. On July l. 1000.
the principal Of the interest bearing debt OF the
Government was 81. 332.S31 POS. On July l.
1893 this sum had been reduced to sooo,oo''lVo'
or an aggregate reduction Of S1.'41,2H,loS'
The interest bearing debt Of the United states
on December /. 1897. was SS47 ,o6o'6Zo Inc
Government money now outstanding 'Dece'"oei
II consists Of S346, .016 Of United states
notes; S1O7, 1913 go Of Treasury notes Issued by
authority OF the law Of $780, 1884 .963,5O4 OF sill
yer certificates, and 31.2SO.161 OF standard
silver dollars
with the great resources OF the Government
and with the honorable example OF the past De-
fore u.s. we ought not to hesitate TO enter upon
a currency revision which VIII make our oe-
pnand obligations less onerous to the Govern
ment and relieve our nnahciai laws A'on' "'
biguity and doubt.
Tho hr;ef review Of what was accomplished
from the close of the war to 1898 makes un-
reasonable and groundless any distrust either
Of our financial ability or soundness. WHILE the
situation from 1893 to 1897 must admonish Con-
gress Of the immediate necessity OF 50 ieglsl1'
ing as TO make the return Of the conditions then
prevailing impossible.
EVILS TO BE MET.
There are many plans proposed as remedy
for the evil Before we can find the true remedy
we must appreciate the real evil 1t Is not that
our currency of every kind is not good Tor every
dollar Of It is cood-good because the Govern
r1ent's pledge Is out to keep 1t 30, and that
pledge will not be broken However the guar
anty Of our purpose to keep the pledge Will be
best shown by advancing toward its fulflment
The evil Of the present system is found in the
great cost to the Government Of maintaining the
parity of our different forms Of money; that is,
keenine all of them at par with gold. We surely
cannot % longer needless Of the burden this
imposes upon the people. even under FAIRLY
prosperous conditions. while the last four years
have demonstrated that 1t Is not only an ex-
pensive charge upon the Government, but
dangerous menace to the National credit
PROTECTION AGAINST MORE BOND IssUEa
1t Is manifest that we must devise some plan
to protect the Government against bond issues
for repeated redemptions We must either cur
tail the opportunity for speculation made easy
by the multiplied redemption Of our demand OBJ
liz ,tions or increase the gold reserve for their
REDEMPTION. We have 100000 Of currency
which the Government, by solemn enactment
has undertaken to keep at par with gold. No
body is obliged to redeem In gold but the Gov
eminent. The banks are not required TO reoeem
in gold. The Government Is obliged to keep
equal with gold all its outstanding currency and
coin obligations while its receipts are not re-
quired to be paid in gold. They are paid In
every kind Of money but gold. ana the only
means by which the Government can with GER
tainty get gold is by borrowing. 1t can get
II in no other way when 1t most needs 1t. The
c-ua-...a.4 pri.hout anv fixed gold reYenue Is