Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1897-03-10
PRESIDENTS INAUGURAL.
Direct, Clear and FOrCeful Utter
anCeS of his Views.
A Firm Policy, Ever Watchtd Of Our National
HOnOr---LwChingS Condemned.

cred by IreSluenIM Mckinney upon MS lHuuC-
ton into Office at today's inaugural cere-
Fellow CitiZens:-In obedience to the will
of the people and in their presence by the
authority vested in me by this oath ] as
sumo the arduous and responsible duties of
of the United States, relying on
the support of my c~ountrymen and invoking
the guidance OF Almighty God. our faith
teaches that there is no safer reliance than
upon the God of our fathers, who has so
singularly favored the American people in
every national trial and who will not for
sake us so 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
impOrtance-are augmented by the pressing
business conditions, entailing idleness upon
willing labor and loss to useful enterprises.
The country is suffering from industrial dis
%turbances from which speedy relief must be
had. Our financial system needs some re-
vision; our money is all good now, but its
value must not further be threatened. IL
should all be put upon an enduring basis,
not subject to easy attack, nor its stability
to doubt or dispute.
The Currency Question.
Our currency should continue under the
supervision OF the Government, Inc heNeral
forms of paper money offer, in my judgment,
II constant embarrassment to the Govern
mcnt and n safe balance in the Treasury.
Therefore, | believe 1t necessary TO devise "a
system which, without diminishing the cir
c~ulating medium or Offering "a premium for
its contraction, Will present a remedy for
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,
but not until then, we can enter upon such
changes in our fiscal laws as will, while in
surfing safety and volume to our money, no
longer in pose upon the Government, the ne
cessity of maintaining so large a gold re-
serve, with its attendant and inevitable
temptations to speculation. Most of our fl
nancial laws are the outgrowth of eX p]erience
and trial and should not be amended with
out investigation and demonstration of the
wisdom of the proposed changes. We must
be both "sure we are right and make haste
slowly" If, therefore, Congress in its wis
dom shall deem 1t eX pedient to create a com,
mission to take under early consideration
the revision of our coinage, banking and
currency laws, and give them that eXhaus-
tive, careful and dispassionate examination
that their Importance demands. | shall COR
daily concur in such action. If such power
is vested in the President, it is my purpose
to appointa commission of prominent, we'll
Informed citizens OF different parties, who
will command public confidence, both on ac-
count of their ability and special fitness for
the work. Business experience and public
training may IluS De combined ana Inc pa
triotic zeal of the friends of the country be
SO directed that such q 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 . trial, and, in my opinion,
1t can but prove beneficial to the entire
country.
International Bimetallism.
The question of international bimetallism
will have early and earnest attention. 1t
will be my constant endeavor to secure 1t by
cooperation with the other great CONNER
cial powers OF the world. Until that condi-
ton 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 integrity of Its cur
rency and the inviolability of It's obligations
must be preserved. This was the command
ing verdict of the people, and 1t will not be
unheeded.
Economy is demanded in every branch Of
the Government at all times, but 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 stop
ped wherever it is found and prevented
wherever in the future it may be developed.
If the revenues are to remain as now, the
only relief that can come must be from de-
NlNdotu OABNllIibAlV bib III IItGtll IhuSl
not become the permanent condition of the
Government. 1t has heSn our uniform prac-
tice to retire, not increase, our outstanding
obligations, and this policy must again be
resumed and vigorously enforced. Our reve-
nues should always be large enough to meet
with ease and promptness not only our cur
rent 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 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 diff
culties. a deficiency is inevitable so long az
the expenditures of the Government exceed
an increased revenue. While a large annu-
} al surplus of revenue may invite waste and
extravaganza, inadequate revenue creates
dlstruSt and undermines public and private
credit. Neither should be encouraged. Be.
tween more loans and more revenue there
ought to be but one opinion, We should
have more revenue, and that without delay,
nlndranCe or pOStpOnement. "A surplus in
the treasury created by loans is not q perma-
nent or safe reliance. 1t will suffice while il
/ lasts, but il can not last long while the out
lays of the Government are greater than its
receipts, as has been the case during the pas
two years. Nor must 1t be forgotten thai
however much such loans may temporarily
relieve the situation, the Government is still
indebted for the amount of the surplus thu.
. accrued, which it must ultimately pay, while
its ability to pay Is not strengthened, but
} weakened, by a continued deficit. Loans are
/ imperative in great emergencies to preserve
the Government or its credit, hut a failure
[ to supply needed revenue in time of peace fol-
the maintenance of either has no jurisdic.
ton.
Tariff Taxation.
The best way for the Government to main
l tain It's credit Is to pay as IL goes-nOt by re-
sorting to loans, but by keeping out of debt
through an adequate income secured by Q
system of taxation, external or internal, OIL
both. 1t is the settled policy of the Govern,
ment, pursued from the beginning and prac.
r ticed by all parties and administrations, tC
raise the bulk ofour revenue from taxes upor
; foreign productions entering the United
States for sale and consumption, and avoid,
ing for the most part every form of direct
, taxation, except in time of war. The coun.
try is clearly opposed TO any needless add,
: lions TO the subjects of internal taxation
, and is committed by its latest popular utter.
ance to the system of tariff taxation. There
can be no misunderstanding, either, abouI
the principle upon which this tariff taxation
shall be levied. Nothing has ever been made
palmer at a general election than that tn,
Y controlling principle in the raising of reve
nue. from duties on imports is Jealous car,
for American interests and American labor
The people have declared that such legis
lation should be had as will give ample pro
l lection and encouragement to the industries
and the development of our country. 1t Il
therefore earnestly hoped and expected tina
I Congress will at the earliest practicable mo
ment enact revenue legislation that shall
l be fair, reasonable, conservative and just
and which, while supplying sufficient reve
nue. for public purposes, will still be signally
| beneficial and helpful to every section ant
every enterprise of the people, To this pol
icy we are all, of whatever party, flrml,
bound by the voice OF the people-a powe'
vastly more potential than the expression
of any political platform. The paramount
duty of Congress is TO stop deficiencies b.,
the restoration of that protective Legislation
which has always been the firmest prop o
t the Treasury. The passage of such a law q
= laws would strengthen the credit of thu
: Government both at home and abroad anC
! so far toward stopping the drain upon thu
, ! uDll rpCnryn hal1 for tho raHann ntfpn of ON