The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1897-12-09

Washington, Dec. 7.-President McKin-
ley yesterday sent his annual message to
sembling under felicitous conditions.
Peace and good will with all the nations
OF the earth bh CONTINUE tin he
at the growing spirit of fraternal regard
and unification in all sections of our
questions above party prejudice
The work of putting finances upon
a a. sound basis, difficult as it may seem,
since 1866 On the s5th Of Of Ja Goee Of fSat
yes in we fne a sum Su IS S a%apd 6a aD a
first of January 1919, these liabilities had
been reduced to $443, ssy 495.ss Of our
are even mere Striking. On July 1, 1866
the principal of the interest bearing debt
Of 4fa the rs{ Xew m was On
been reduced to $3.50, O37, 100, or an aggre-
gate gate REDUCTION S Of 81, ~ ;294 1os: The in
% s da yeo Of ea 1884, Wss
1855, go. The government money now
9S Of Thed P sta12 G eopsst S19 81 $S
law Of 1885, S!e sS9SS Of sve e ea
tcates, and SCI, 23O, 16l Of standard silver
dollars.
eminent and with the honorable example
to u.s.
which will make our demand obligations
less onerous to the government and re-
and doubt The brief review of what
was accomplished from the close of
nd dstr9st efher OF oae
sitSation from 1sS5 to 1857 MUST adm ie aa
conditions 2 then prevailing impossible.
remedy for the evil. Before ao We can af ind
the true remedy we must appreciate the
real evil 1t is not that our currency of
of it is good; good because the govern
ment,s pledge is out to keep it so and that
the guaranty of our purpose to keep the
pledge will be best shown by advancing
toward it's fulfillment.
in the great cost to the government of
maintaining the parity of our different
Terms term OF mo money! tn tha u.s. Keep rs,1 all of
not be longer needless Of the burden this
imposes upon the people, even under fair
four years have demonstrated that it is
not only an expensive charge upon the
government, but a dangerous menace to
the National Credit.
1t is manifest that we must devise some
plan, to s protect It, the governme e against
We must either curtail the opportunity
for speculation. made easy by the multi
piled redemptions of our demand obliga-
ths Rs EEa sHe 5S5
of. currency which the government by
solemn e% has +; to
redeem in gold but the government. The
banks are not required to redeem in gold.
The government is obliged to keep equal
and coin obligations, while its receipts
not required to be paid in gold. They
and the only means by which the govern
ment can with certainty get gold is by
borrowing, It can get it in no other way
without any fixed gold revenue is pledged
to maintain gold redemptions which it
has steadily and faithfully done, and
The law which REQUIRES the govern
States notes to pay them out again as
plenishment of the gold reserve. This is
and when the revenues are insufficient te
meet the expenses of the government
other o Way to Supply It's deficit and main in
tain RECEPTION but through the increas,
of it's bonded debt, as during the admin
.istration of my predecessor, when $262
315, 400 of AZ per cent bonds were issuet
and sold, and the proceeds used to pa.
cess of the revenues and sustain the gol
reserve. While it is true that the create
part of the proceeds of these bonds Wer
used to supply deficient revenues, con
siderable portion was required to main
tain the gold reserve. Va ... . 4
LOw-Priced Bonds.
With our revenues equal to our eX
apenses, there would be no deficit requir
ting the issuance of bonds But if tn
gold reserve falls below S1OO,0O0,OOO, hoy
will it be replenished, except by sellin
more b1 on, Is there any other h; wa
Gus question then is shall we continu
the policy that has been pursued in tn
past; that is, when the gold reserv
3 reaches the point of danger, issue NOR
bonds and supply the needed gold, @
shall we provide other means to proven
these recurring drains upon the gold re
serve? .~s t%5 y
If no other legislation is had, and tn
policy of selling bonds is to be continue
then congress should give the secretar
of the treasury authority to sell bond
at long or short periods, bearing a les
rate of interest than is now authorized
law. 4.
receipts of the government are quite sun
eminent, that when any Of the Unite
States notes are presenteaa for redemptlo
# in gold and are redeemed In gold, sue
notes shall be kept and set apart and on
paid out in exchange for gold. This is 9
E& obvious duty. If the holder Of the Unite
States notes prefers the gold and gets
F from the government, he should not r
States note without paying gold IN e
change for it. The reason for this !.
made all the more apparent when =
government issues an interest beariI
debt to provide gold for the redemption
United States notes-a nor-interest bea
ing debt. Surely it should not pay the
out again except on demand for gold.