Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1897-12-09
WASHINGTON.
Meeting Of Congress.

the National Capitol. Monday morning,
as the 55th Congress Of the United
States was about 70 meet the members
were shaking hands and chatting with
old friends and making new ones, and
the visitors galleries Of both houses
were crcwde-
Precissfg AZ ..oo1 Speaker R-ad II
the Honse, - Ti5s president Hobart,
in the Senate. their gay
els and de-. - - - = sessiy-..
Blind 9 ----i, q
fered p-aye. - the hou=e while blind
Chaplain MiIbu~- I'D for 5lat
duty in the sena.e. and snen the new
members were sworn Ordi-lrily'
the elecsion o. .Aer r OFF
csr # the h1,,e, IN -.-.ery for
seat. occupy pretty wei TIE whole of
the first dave session, out this year
I'll no. che sormalities to
T. e, an1 immed lpon t4e
conc. zion oT e deyo ne usual
committees w- eppoin5ed tcinform the
Prag.se-- th., congress was in session
and I. pared for any message he might
have to Communicate.
Half an hour later Assistant Secre
tary Pruden put in an appearance with
Official copies ~ the Presidents mes
sage. Although IL p ent noints had,
in measure. been accurately forecast
ed, it was listened to in both honses
with close atte At .ae conclu-
sion of the reading bosn honses took
reces. and the senators and representa-
tives z .thered in groups On the floor
and IL the corridors TO exchange opin-
ions on the views Of the chief executive.
The Message.
II gives me pleasure to extend greet
ing TO the 55th Congress, assembled IN
regular session at the seat Of govern
ment. with many Of whose senators and
representatives | have been
associated in the ser
vice Their meeting occurs
nnder felicitious conditions, justifying
sincere CONGRATULATIONS, and calling for
ever grateful acknowledgement 10 a
beneficent providence, which has 80
signally blessed and prospered ms as a
nation. Peace and good will with all
the nations Of the earth continue un-
broken.
A matter Of genuine satisfaction IL
the growing feeling Of fraternal regard
and unification Of all sections Of our
country, the incompleteness Of which
has too long delayed realization
Of the highest blessing Of the union.
The spirit Of patriotism is universal and
il ever increasing in favor. The public
questions which now engross us are
now lifted far above either partisan
ship prejudice or former sectional dit.
ferences. They affect every part Of
our common country alike, and permit
of no division on ancient lines. Ques-
tions Of policy, the soundness Of the
currency, the inviolability OF national
obligations, the improvement OF the |
public service, appeal to the individual
conscience of every earnest citizen TO
whatever party he belongs. or whatever
section Of the country he may reside
The extra session of congress which !
closed during July last enacted import |
ant legislation, and while its fullest Ell |
feet has not yet been realized, what u
has already accomplished assures us Of
its timelinefs and wisdom. To test its |
permanent value isrrner, time will be !
required and the peolle, satisfied with /
its operation and results thus far, are |
In no mind 10 Withhold from IL fair trial. |
Tariff legislation hayiuD been settled. |
the question ne1i pressing iDr consider- |
alton is that Of the caIfency
Currency Revision Necessary.
The work Of putting our finances mp |
on sound baa difiicult az IT may
eeern, will appear easier when we re
call the financial operation q. .4e gov |
eruutent since 1866 On the Both day /
Of June Of that year we had outstand
ing demand Liabilities in the sum Of |
&72s, ,S6s, ,4474i On the first day Of
January. 1873 these had been reduced |
to %ilJ, ,s89, ,495. -. OF our interest
bearing obligations, the figures are !
even more striking. On July !, 1866,
the principal was ~, 1872, 23l POS. On |
the first day Of July, 1893. this sum
had been reduced "a S5sJ. 03s 100 The |
interest bearing debt of the United 1
States on this first pay Of December,
1897. was $547, ,36J, $40. /
With the great resources Of the gov I
errnent and with the honorable example
Of the past before NJ, We ought not 70
hesitate 10 enter upon currency re,
vision which will make our demand oh
legations less oncroU@ md relieve our
financial laws of ambiguity and doubt.
The brief review Of what WAS accomp-
lished from the close Of the war 10 1898 |
makes unreasonable any distrugt Of our
financial ability, and soundness, while |
the situation from 1893 10 1897 must nd
monish congress Of the immediate neces
sity OF legislating 10 make the return OF
the conditions then prevailing impoesi'
BILE.
There are many plans proposed as a |
remedy for the evil Before we can find
the true remedy, We must appreciate
the true evil Ii II not that our curren
cy Of every kind II not good, for every |
dollar Is good good because the govern.
ment's pledge is ont 10 keep ii 80, and |
that pledge will not be broken. The
evil OF the present system is found In |
the great cost Of maintaining the parity |
Of our different forms OF money, that h, |
keeping all Of them at par with gold. |
IL ~ manifest we must devise some plan |
10 protect the government against bond |
issues for repeated rcdcmptions We
must either curtail the opportunity for |
speculation made easy by the multiple |
ed redemption Of our obligations. or
increase the gold reserve.
We have $500. O0D. 900, currency which !
the government, by solemn enactment. |
has undertaken to keep at par Nobody |
IL Obliged 10 redeem In gold but the gov
eminent The banks are not required |
10 redeem In gold The government "
obliged 10 keep equal with gold all it's
outstanding currency, while its receipts |
are not required 10 be paid in gold |
They are paid In every kind Of money |
but gold, and the only means by which |
the government can get gold Is by Dor
rowing This is especially 10 IN times
Of business panic, as during the admin
istration Of my predecessor when the
proceeds Of $2G2, 3l1. 400 Of bonds were
nscd 10 pay the czpensee Of the govern
fncnt in excess OF the revenues, and sna
stain the gold reserve. With the reye
nues equal b our expenses, there would
be no deficit requiring the issue Di
bonds Bnt II the gold reserve falls be
low 800 0eo 600, Low will it he replen
ished, except - soi.... more bOndsf
lfa there any other practicable way
nnIer existing lnW idrther leNia
lation IL had ard fhc policy Of selling
bonds continued tAeu claT - should
give the secretary u 80. treasury ru
thority 10 sell bonds bearinD less rate
81 interest than now authorized.
/ earnestly recommend as soon NJ the
receipts Of the goTafuwTnt arc sufficient
% pay expense tiiai when an" nited
States notes are red scmed I'D gold such