, 1897-12-07
CURRENCY IS FIRST
President Urges Congress to
Work for Monetary Reform.
TO STOP "ENDLESS CHAIN"
Redeemed Greenbacks to Be Rcissued
Only for Gold.
PACIFIC WORDS ABOUT SPAIN.
Should be Given Time to Work Out Her
New Policy In Cuba-Annexation Of
Hawaii Fsvored-Needs Of the
Navy-Pacifc Railroads.
PACIFIC WORDS ABOUT SPAIN.

WASHINGTON, Dec. 6.-President Nc
Kinley to-day sent his annual message
to congress. 1t is as follows:
To the Senate and House of Representatives:
II gives me pleasure to extend greeting
to the Fifty-tlfth z assembled in
regular session at the seat of government,
with nan of whose senator's and repre-.
sentatives l have been associated in the
legislative service. Their meeting occurs
under felicitOus conditions, justifying sin.
cere cOngratulation and calling for our
gra .eful acknowledgment to u beuef1cent
providence which has so signally blessed
and prOspered us Us Il nation. Peace and
good will with all the nations of the earth
continue unbrokcn.
A matter of genuine satisfaction il the
growing feeling of fritcrnal regard and
u~nification of all sections of our country.
the incOmpletcncSS of which has too long
delayed realization of the highest blessings
of the u.iion. The spirit Of patriotism is
universal and is ever increasing in fcrvor.
The public questions which now most en-,
gross Is are lifted far above either par.i
san prejudice or former sectional differ.
ences. They .Itfcct every part of our com.
mon country alike and permit Of no divi
sion or ancient lines. Questions of for
eign policy, of revenue. the soundneSs of
the currency, the ~inviolability of national
obligations, the improvement Of the pub.
lie service, appeal to tn. individual con.
science OF every earnest citizen to what
ever party he belongs, or In whatever sec
ton of the country he may reside.
The extra session of this congress which
closed during July last enacted important
legisi. .tion, and while its full effect has
not yet been realized, what 1t has already
accomplished assures us of its timclincss
II wisdom. To test its permanent value
further time will be required and the
people, satisfied with its operation and re-
suits thus far, are in no mind to withhold
from ita air trial.
Tariff legislation having been settled by
the extra session of congress, the question
lex pressing for consideration Is that Of
the currency. The work OF putting our
nance upon Il sound basis. difficult as it
may seem, will appear easier when We re-
call the financial operation of the govern
ment since 1856. On the Both day of June
Of that ear we had out standing demand
liabilities in the sum of S7!s, s6s, 447.41 On
the first of January, 1879, these liabilities
had been reduced to s+43, $50, 1876 ~. OF
our interest bearing obligations. the fig
urcs are even more striking. On July l,
1866, the lr.ncipal of the interest bearing
debt of the government was &,332 33l POS.
On the LIST day OF July, 1893, this sum had
gate reduction of $l,747, 294, 1908. The in
terest bearing debt Of the United States
on the LIST day of December, 1897, was
&s47 1856, $50. The government money now
outstanding dec. y consists Of 1915 $751;
Ol6 of United States notes, $lO7, 1913, $50 Of
treasury notes issued by authority of the
law Of 1880, 1854, 963 ,3Oi Of silver certificates
and t6l .2sO,7 6l Of standard silver dollars.
With the great resources of the govern
ment, n with the honorable example of
the past before us, We ought not 10 hest
tate to enter upon o currency revision
which will make our demand obligations
less onerous to the government and relieve
our financial laws from ambiguity and
doubt.
The brief review of what was accom-.
plished from the close of the wal to 1893
makes unreasonable and g~rOundless any
| distrust either of our nancia ability or
sOundness; while the situation from
1898 to 1897 must admonish congress Of
the immediate nece ssh y OF so leyIslating
as to make the return OF the conditions
then prevailing impossible.
There are many plans proposed as a
| remedy for the evil. Before we can find
the true remedy we must appreciate the
r.al evil. 1t Is not that our currency Of
every kind is not good, for every dollar Of
1t 10 good; good because the govern
/ that pledge will not be broken. How
ever, the guaranty Of our purpose to keep
the pledg &c will BIZ best shown by advanc
ing toward its fulfillment.
The evil OF the present system Is found
in the grent cost to the government Of
iinitlthihiuk eiS parity u our ullCTcHt
forms Of money, that is, keeping all Of
them at par with gold. We surely can.
not be longer needless Of the burden this
imposes upon the people. even under fairly
prosperous conditions, while the past four
years have demonstrated that It Is not
only an expensive charge upon the gov.
ernment, but u dangerous menace to the
national credit.
Plan - Stop ths sEndless CHAIN"
1t Is manifest that we must devise some
plan to protect the government against
bond issues for repeated redemptions. We
must either curtail the opportunity for
speculation, made easy by the multiplied
redemption of Sr- demand obligations, or
increase the gold reserve for their redemp-
ton. We have 600, 900 900 Of currency,
which the government, by solemn enact
ment. has undcrtakent to keep at par with
CONTINUED on page Three.1
w. 49,