Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1897-12-10
FINANCIAL QUESTION AND CUBA DISCUSSED.
Recommended that Gold Notes Only be Paid Out for Gold
Banks Should be Allowed Issue to the Limit of Their
Bond Deposits -Denounces Spain but Wants to Give Her
Another Chance Still Hopes for Some Result Of the VOL
cot Commissions Work


10 the SENATE and House OF Represen-
tatives.
II gives me pleasure to extend greet
Ing 10 the Flfty-hftb Congress assem-
bled In regular session ut the seat Of
government. with many Of whose SEN
ators ana representatives ! have been
associated in the legislative service.
The meeting occurs under felicitOus
conditions, iustifying sincere congratu-
lations and calliag for ever grateful
acknowledgment to a beneiicent Proyi-
dence, which has so signally blessed
and prospered us as a nation. Peace
and good viii with all the nations Of
the earth continue unbr0ken.
A matter of genuine satisfaction Ia
the growing feeling OF fratcrnal regard
aud unfcatlon OF all sections of our
country. the incompleteness Of which
has too long delayed realization Of the
highest blessings Of the Union. The
spirit Of patriotism Is universal and is
ever increasing IN favor. The public
questions which now most engross us
are lifted far above either craftsmanship
prejudice or former sectional differ
eHces. They affect every part Of our
common country alike and permit of
no division on ancient lines.
Questions Of foreign policy, the
soundness OF the currency, the inviola-
bility Of national obligations, the Inn
proyement of the public service, appeal
20 the individual conscience of every
earnest citizen of whatever party he
belongs or In whatever section OF the
country he may reside.
The extra session Of Congress which |
closed during July last enacted I'M
portant legislation. and while It's full |
effect has not yet been realized, what |
II has already accomplished assures us |
of It's timellness and wisdom 70 test |
it's permanent value further time viii |
be required and the people. satisfied
with its operation and results thus FAR
are In no mind to withhold from II
fair trial. Tariff legislation having been
settled. the question now pressing Tor
consideration Is that OF the currency
The work OF putting our finances up
on n sound basis, difficult as II may
seem. viii appear easier when we re-
coli The financial operations of the gov
ernment since 1856 On the 3Oth DAY
Of June of that year we had Outs'hiu-
ing demand liabilities I'm the sum OF
s7os. st,s. 4t7.Ai. ON the LIST day of Jan
nary 1897. these had been reduced TO
s4t8. $50. 4g3. sS. OF our Understanding
obligations the figures are even more
striking. on July L. 1866, the princl-
mi was 50. 332, 331 pos. ON the LIST day
az July. 1903. this sum had been re-
duced TO S5s5. O37. 100 The interest
hearing debt OF the United States on
the LIST day of December, leoi' was
eS47. ,d20
With the great resources of the gov
ernment and with the honorable exam
pie Of the past before us. we ought not
10 hesitate to enter upon currency
revision. which viii make our demand
obligations less onerous. and relieve our
financial laws of ambiguity and doubt.
The brief review Of what was accom-
plished from the close OF the war 10
1893 makes unreasonable any dlstrust
Of orr financial ability and soundness.
while the situation FROM 1898 to 1877
must admonish Congress Of the imme-
dlate necessity OF legislatlng TO make
the return of the conditions then pre-
vallng impossible
rvn OF the Financial system.
There are many plans proposed as
for the evil Before we can find
the true remedy we must appreciate
the true evil IL Is not that our cur
repcv of every kind Is not good, for
every dollar Is good, because the gov
arnments pledge is out TO keep IL so,
and that pledge will not be broken. The
evil of the present system Is found in
the great cost of maintaining the par
ity OF our different forms Of money,
that is. keeping all of them at par with
gold. II is manifest we must devise !
some plan TO protect the government
against bond issues for repeated re- !
dempticn. We must either curtan the !
for speculation. made easy
by the multiplied redemption of our 9
or increase the gold re-
serve. We have S90O.000.0O0 current. !
which the government, 10y solemn en- I,
actment. has undertaken 70 keep at {,
par Nobody Is obliged 10 redeem IN
gold but the government. The banks
are not required to redeem In geld. L
The government Is obliged 10 keep
equal with gold all It's outstanding cur n
rency. while it's receipts are not re- n
qulred to be paid IN gold. They are =
paid in every kind of money but the y
only means by which the government !,
can get gold Is by borrowing This is :
especially so Ia times OF business panic, /,
as during the administration of my 4
when the proceeds OF 4
S26a315. 400 OF bonds were issued 10 =
pay the expenses OF the government in !.
excess Of the revenues. and sustain the :
gold reserve. With the revenues equal i
TO our expenses there would be no
deficit requiring the issue OF bonds. but
II the gold reserve falls below $780, :
600 600 how VIII II be replenished eX-
cept by selling more bonds?
Is there any other practicable way :,
under existing law? n no further leg !,
islation Is had, and the policy of sell