The Globe-republican., 1897-03-11
PRESIDENT M'KINLEYS
POLICY OUTLINED.
THE INAUGURAL ADDRESS.
Cfgently Needed-Protection and
Reciprocity-Arbitra Strong
~ Favored - Immigration
Laws Need ImprovinS-
Extra Session.

Extra Session.
WASHINGTON, March 5.-The inau-
gural address delivered by President
Mckinley, just after being sworn into
Office by Chief Justice Fuller, was q
follows:
of the people and in their presence. ty The
authority vested in me by this oath. as
sumo the arduouS and responsible 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 sim
Gularly favored the American people in
svery national trial. and who will not for
cake US SO long as we obey His com N and
Aents and walk humbIy in His footsteps
'srhe responsibilities of the high trust to
which have been called-always OF grave
tMportance-are augmented By the prevail
Ag business conditions. eutaiiiug idlenesS
Upon willing Ia Dor and loss to useful enter
prises The country is suffering from indus
trial disturbances from which speedy relief
must be had.
Our financial system needs some re~is-
1on: our money is all good now. but its value
all be put upon an enduring basis. not sub
tect to easy attack. nor its stability TO doubt
or dispute. Our currency should continue
under tn. supervision OF the government
The several forms of our paper money offer.
in my judgment, constant embar-
rassment to the government and
safe balance In the treasury. Therefore
believe il necessary to devise a syste m
which without diminishing the circulating
medium, or Offering pre- MUM for its con-
traction. will present a remedy Tor those
arrangements. which. temporary in their
nature. nigh, we'll in the years of our pros
perity have been displaced by wiser provis-
ions
For . Currency Commission.
with adequate revenue assured. but not
until then, we can enter upon such changes
In our fiscal laws as will, while inSuring
safety and volume to our money no longer
impose upon the government the necessity
OF maintaining SO large gold reserve. with
its attendant and Inevitable temptations to
speculation.
Most of our financial laws are the oct
growth of experience and trial. snd sh oUid
not be amended without investigation and
demonstration of the wisdom OF the pro-
posed changes We must be both sure we
are right and make haste slowly II,
therefore. Congress in its wisdom nall dee N
II expedient to create L comm ss:on to take
under early consideration the revision OF
our coinage. banking and currency
laws. and give them that exhaustive
careful and dispaSsionate examination that
the i'm portauce demands. shall cordially
concur in such action If such power is
vested in the president, il is nv purpose to
appoint commission of prominent. well
Informed citizens of different parties who
will command public confidence both on
account of their ability and special 1T
ness for the work. Business experience
n, ,;v,;v, sf,,,cN !, mad
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
subject of mere partisan contention. The
experiments. at all events. worth trial.
and. in my opinion, II can but prove oenc-
0ci2l to the entire country.
Credit Cpheld-Economy Urged.
"The question of internationa al bimetalism
will have early ard earnest attention II
will be my constant endeavor to secure il
by co-operati ton with the other great COM
mercial powers OF the world Until that
condition is realized. when the parity be-
tween our gold and silver money springs
from and is supported by the relative value
of the two metals. the value of silver al
ready coined. and of that which shall here
after be coined must be kept constantly At
par with gold by every resource 1t our COM
mand The credit of the government. the
integrity of its currency and the invioi.
ability of its oblig atoms must be preserved.
This was the commanding verdict OF the
people. and Il will not be UNDECIDED
Economy is de mandec in every branch
OF the government II ALL times. but espe-
cially in periods like the present depression
of business and distress among the people.
The severest economy must be observed in
ALL public expenditures and extravaganza
stopped wherever il is found and prevented
wherever in the future X uay be developed
II the revenues are TO remain now the
emily relief that can come must be from de-
creased expenditures Bat the present must
not become the present condition of the
government l: has been our uniform prac-
tice to retire. not increase, our outstanding
obligations and this policy must tain be re-
sumed aud vigorously enforced.
Increase OF Debt Opposed.
Our revenues should always BE- large
enough 10 meet with ease and p-omptEess
not only our current needs and the princi-
1al and interest of the public debt. but to
make proper and liberal provisions for ID at
most deserving body of public creditors. the
soldiers and sailors. and the widows and or
phans, who are the pensioners of the United
States. The government should not be per-
Aitred to run behind OF increase its debt
in times like the presenn Suitably to pro-
vide against business depression IS the
mandate of duty. certain ana easy REM
e0y for the most of our fnancia al diffcultieS
A deficiency is inevitable SO long rs the ex-
penditures OF the government exceed Its
receipts II can only be met by loans or An
Increased revenue While a large annual
surplus Of revenue may invite waste and
extravAgauce. inadequate revenue creates
Aistrust and uudermines public and private
credit Neither should be encouraged.
Between more loans and more revenue,
there ought to Be but one opinion We should
have more revenue. and that without delay,
hindrance or postponement. A surplus in
the treasury created by loans is not per-
manent or safe reliance. It will sudnce
while IL lasts but il cannot last long while
the OUTLAWS Of the government are greater
than its receipts IS has been the case dur
ing the past two years Nor must IL be for
goeHea thar however much such loans may
Temporarily relieve the situation the gov
srnnent il still indebted for the amount OF
the surplus thus accrued which II must ul-
tlmately pay. while its ability to paw is not
strengthened, but weakened. by continued
deacit Loans are imperative in great
emergencies to preserve the goverume Mt OK
1ss credit. but a failure TO supply needed
revenue in time of peace for the mainten-
once Of either has no Justification
Tor Revenue aad Protection.
ssihe hest way for the government to