Courier Democrat. (Langdon, N.D.) 1891-1920, 1897-12-30
Spain Should Be Given a Change TO
Enforce Autonomy in the
Island of Cuba. /
The President Strongly Recommends
the Annexation of
Hawaii.
Still Hopes That International BIZ
metaIIism May Be Ac-
complished.

| Washington, Dec. 7.-President McKin-
| ley yesterday sent his annual message to
congress. He congratulated it upon as
Peace and good will with all the nations
of the earth continue unbrolen. he says,
and we should feel genuine satisfaction
at the eng spirit Of fraternal regard
country 80 the lifting of great public
questions above party prejudice.
| The VOL OF putting our finances upon
will acp:ai easier when we recall the
| financial perations of the government
since 1866. On the Both Of June Of that
ties in the sum Of SIS. SIS, Al. Al. On the.
been reduced to $443,sss. sa5.ss OF our
are even mere striking. On July 1, 1866.
the principal of the interest bearing debt
Of the government was s.: 1872, 331, 20s. On
as s5 ssy to to Sy a$ tss esa
gate reduction of $l,747 294. 1Os. The in
| terest bearing debt Of the United States;
tss aay mo oss now
DIG of United States notes, s:07, i93, $50 Of
OF 1885, 81 svey eert
icates, and S81,23u 'G1 of standard silver
dollars.
With the greet resources Of the gov
OF the past before us. we ought not to
hesitate to enter upon a currency revision
| which will make our demand obligations
less onerous to the government and re-
lteve our financial laws from ambiguity
and doubt. The brief review of what
was was accomplished she's from the close Of
and groundless any dstrust either of our
| financial ability or soundntss: while the
situation from 1893 to 1887 must admonish
congress of the immediate necessity of SO
legislating as to make the return of the
conditions then prevailing impossible.
There are many. plans. proposed as a
the, true remedy we must appreciate tho
real evil. 1t is not that our currency of
every kind is mot good. for every dollar
ment's pledge is out to keep it SO and that
the pledge will not be broken. However
the guaranty ran Of s our purpose to keep the
toward toward its fulhl;men i.''"' ~ ADVANCING
The evil of the present system is found
in the great cost to the government Of
maintaining the parity, Of our, different
them at par with gold. We surely can
not be longer needless of the burden this
imposes upon the people, even under fair
" prosperous conditions: while the past
four years have demonstrated that it is
not only an expensive charge upon the
government. but q dangeTG'': menace to
the National Credit.
1t is mcEifel' that we o.a:. da.;jse some
plan to protect the gcv=:l: .nsnt agninst
bond ISSUES Cor repeated exemptions.
we m%s either eI5a ~
piled redemptions of our demand 'obliga-
tions, o.. increase the gold reserve for
their REDEMPTION. We have 0o,"o GO
solemn enactment has undertaken to keep
at par with gold. Nobody is obliged to
redeem in gold but the government The
The government is obliged to keep equal
with gold all its outstanding currency
and coin obligations, while It's receipts
are paid in every kind of money but gold.
ment can with certainty get gold is BY
when it most needs it. The government
without any fixed gold revenue is pledged
to maintain gold redemptions which it
which under the authority now given it
will continue to do.
The law which REQUIRES the govern.
States notes to pay them out again as
current funds demands a constant re-
plenish m. Of the gold reserve. This is
and when the revenues are Insufficient 10
meet the expenses of the government.
At such times the government has no
tain RECEPTION but through the increase
of its bonded debt, as during the admin
istrat!on Of my predecessor, when 1882.
ana sold. and the proceeds used se to ess psS
the expenses Of the government in ex-
cess OF the revenues, and sustain the gold
reserve. While 1t Is true that the greater
part of the proceeds of these bonds were
used to supply deficient revenues. a con-
siderable portion was required to main
tain the gold reserve.
Low-Priccd Bonds.
With our revenues equal to our ex-
penses. there would be no deficit reauir-
Ing, the issuance of bonds; But if the
Ell reserve Ter falls below how
more bonds? Is there any other way
practicable under existing law? The seri-
GUS question then is, shall we continue
the policy that has been pursued in the
reaches the point of danger. issue more
bonds and supply the needed gold, or
snail we provide other means to prevent
serve?
II no other legislation is had, and the
policy of selling bonds is to be continued,
then congress should give the secretary
OF the treasury authority to sell bonds
at long or short periods. bearing Il less
rate of interest than is now authorized BY
law.
I earnestly recommend. as soon as the.
Gent to pay all the expenses Of the gov
ernment. that when any of the United
states 81 ,a' notes are presented for redemption
notes shall be kept and set apart and onlv
paid out in exchange for gold, This is an
obvious duty. If the holder Of the United
states faa notes prefers the gold and gets it
ceiVe back from the government a United
states note without paying gold in ex
change for 1t. The reason for this is.
eo taue n the ,sd more apparent when the
debt to provide gold for the redemption Of
Unitee states notes-a non-interest bear
ing aeot Surely 1t should not pay them
han