The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1897-03-11
INAUGURAL ADDRESS
The New President Outlines
the Policy Of His Ad-
ninistration.
Economy Demanded in Ev-
cry Branch Of the Gov
eminent.
Favors the Restorationo the
American Merchant
Marine.
Deficiencies to Be Stopped
BY a Revision Of the
Tariff.

Washington, March 4.-Following 10
President McKinley's inaugural address:
Fellow Citizens: In obedience to the
will of the people and in their presence.
by the authority vested in me by this
oath, I assume the arduous and respon-
sible duties of president 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 than upon the
God of our fathers, who has SO singularly
favored the American people in every
national trial, and who will not forsake
us SO long as we obey his command
ments and walk humbly in his footsteps.
The responsibilities of the high trust
to which I have been called-always OF
grave importance-are augmented by the
prevailing business conditions. entailing
idleness upon willing labor and loss to
useful enterprises. The country is suffer-
ing 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 SUBJ
ject to easy attack, nor its stability to
doubt or dispute. Our currency should
continue under the supervision Of the
government. The several forms of our
paper money offer in my Judgment,
A Constant Embarrassment
| to the government and to safe bal
| ance in the treasury. Therefore, I be-
| lieve it necessary to devise a system
| which, without diminishing the circulate
| ing medium or offering a premium for its
contraction, will present remedy for
| those arrangements, which, temporary in
| their nature, might we'll in years of our
i prosperity have been displaceds by wiser
provisions. With adequate revenue Sc
cured, but not until then, we can enter
! upon such changes in our fiscal laws as
will, while insuring saftey and volume to
our money, no longer impose upon the
government the necessity of maintaining
so large gold reserve with its attend
ant and inevitable temptations to specu-
| lation. 81
Most Of our financialtlaws are the out
! growth of experience and trial; and
| should not be amended without investi-
cation 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
| wisdom shall deem it expedient to create
i q commission to take under early consid-
Grafton the revision Of our coinage, bank
Ing and currency laws, and give them that
exhaustive, careful and dispassionate ex-
animation that their Importance demands.
shall cordially concur in such action.
If such power is vested in the president
1t is my purpose to appoint commission
OF prominent, we'll informed citizens Of
different parties, who will command pub
lie confidence both on account of their
ability and special fitness for the work.
Business experience and public training
may thus be combined and the patriotic
zeal of the friends Of the country be so
directed that such report will be made
as to receive the support of all parties,
and our finances cease to be the SUBJ
5ect of mere partisan contention The
experiment is at all events worth a trial,
and in my opinion it can but prove bene-
hcial to the entire country.
international B1metallism.
The question of international bimetal-
lism will have early and earnest atten-
ton. 1t will be my constant endeavor to
secure it by cooperation with the other
great commercial powers of the world
Until that condition 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
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 currency and the tnviola bility OF
its obligations must be preserved. This
was the commanding verdict of the PEG.
pie and it will not be UNDECIDED.
Economy is demanded in every branch
Of the government at all times but es
pecially in periods like the present de-
preston of business and distress among
the people. The seVerest economy mus
be observed in all public expenditures
and extravaganza stopped wherever it il
found and prevented wherever in the fu
| ture it may be developed. If the rev
enues are to remain as now, the only re
lief that can come must be from de
creased expenditures. But the spresen
must not become the permanent condition
of the government.
II It has been our uniform practice to re
tire, not increase, our outstanding obliga
lions, and this policy must again be re
sumed and vigorously enforced. Our rev
enues should always be large enough Il
meet with ease and promptness !, not onl!
our current needs, and the principal an,
!, interest of the public debt but to max
J proper and liberal provision for that mos
deserving body of public creditors, tn
soldiers and sailors. and the widows an,
: orphans who are the pensioners of tn
United States.
. s Remedy for Deficits.
The government should not be permit
ted to run behind or increase its debt i
times like the present. Suitably to pro
3 vide against this is the mandate of duty
), the certain and easy remedy for most q
our financial difficulties. "A deficiency ]
inevitable SO long as the expenditures q
the government exceed its receipts. ]
!. can only be met by loans or an increase
revenue While large annual surplus q
= revepAe may invite waste and extrava
J. gancH dnadequate Eevenue creates distr,,s
and undermines public and private credi
Neither should be encouraged. Betwee
. more loans and more revenue there oug.
: to be but one opinion. We should kav
r more revenue and that without delas
! hindrance or postponement
A surplus in the treasury, cSeatsG 5
loans. is not permanent or safe re.!a..c,
It will suffice while 1t lasts but & uss..
& not last long while the outlays az q:
!, government ars greater than Its receipt.
% has been the care during the paa. n
b Pears. Nor must Il be forgotten that. NOW