The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1897-12-09
THE PRESIDENTS MESSAGE.
M'KINLEY ON THE QUES-
TONS OF THE DAY.
CURRENCY REFoRM-cUBA.
Prompt Leslslatioa to Correct financial
Complications Urged - 0Fsenbseks
aad 0old-Gage's Plsos Con-
neo0oA Graat'a Cuban
Declaration Quoted
ADMINISTRATIONS

/
| Declaration Quotsd-
| xntion-Indisna
! WASHINGTON. Dec x-Following i
the Presidents message to Congress:
To the Senate and House Of Representa-
| ing to the Fifty-ffth Congress assembled In
regular session at the seat of government,
with many of whose Senators and Represen-
tativeS Ihave been associated In the legts-
lative service. Their meeting occurs under
telicitious conditions, justifying sincere
congratulatiou and calling for our grateful
acknowledged emit to a benefcent Provi-
dence which has 80 signally blessed and
prospered US as nation.
Peace and good will with all the nations
of the earth remain unbrOken.
A matter of genuine satisfaction Is the
growing feeling of fraternal regard and uni
fcatiOn of all sections of our country. the
incOmpleteness of which has too long de-
layed realization of the highest blessings
of the Union. The spirit of patriotism Is
universal and is ever increasing in fervor.
The public questions which now most en-
gross US are lifted far above either partisan.
ship, prejudice or former sectional defferen-
ces. They affect every part of our common
country alike and permit of no division on
ancient lines. Questions of foreign policy.
of revenue, the soundness of the currency.
the inviOlability of national obligations,
the Improvement of the public service. APP
peal to the individual conscience of every
earnest citizen. to whatever party he be.
longs or in whatever section of tn: country
he may reside.
The extra session of this Congress which
closed during July, last enacted important
legislation. and, while its full effect has not
yet been realized, what 1t has already &C
complished assures US of its timeliness and
wisdom To test Its permanent value fur
Their time will be required and the people,
satisfied with its operations and results
thus far, are In no mind to withhold from
1t a fair trial.
Currency Reform Urged.
Tariff legislation having been settled by
the extra session of Congress. the question
next pressing for consideration is that of
the currency.
The evil of the present system is found in
the great cost to the government of MAIN
tanning the parity of our diff rent forms of
money, that Is, keeping all of them at par
with gold We surely cannot be longer
needless of the burden this imposes upon
the people, even under fairly prosperous
conditions while the past four years have
sive charge upon the government. but a
dangerous menace to the national credit
It is manifest that we must devise some
plan to protect the government against
bond issues for repeated redemption We
must either curtail the opportunity for
speculation, made easy by the multiplied
redemption of our demand obligations, or
increase the gold reserve for their redemp.
ton We have 5000 900. 900 of currency
which the government by solemn enact
ment has undertaken to keep at par with
gold. Nobody is obliged to redeem in gold
but the government The banks are not re-
quired TO redeem in gold. The govern
ment is obliged to keep equal with gold
all its outstanding currency and coin
while its receipts are
not required to be paid in gold.
They are paid in every kind of money but
gold. and the only means by which the gov
can with certainty get gold is by
borrowing. It can get it in no other way
when it most needs it
If no further legislation is had. and the
policy of selling bonds is to be continued,
then Congress should give the Secretary of
the Treasury authority to sell bonds at long
Dr. short periods. bearing less rate of in
terest than is now authorized by law
earnestly recommend as soon as the re-
cetpts of the government are quite sufficient
to pay all the expenses of the government
are presented for redemption in gold and
are redeemed in gold, such notes shall be
kept and set apart and only paid out in ex-
change for gold.
This is an obvious duty. If the holder Of
the United States note pre- fers the gold and
gets 1t from the government he should not
rec Give back from the government United
Tor it The reason for this is made all the more
apparent when the government issues an
Interest bearing debt to provide gold for
the redemption of United States notes-a
bearing debt Surely it should
not pay them out again except on demand
and for gold If they are put out in any
other way they may return again to be fol-
lowed by another bond issue to redeem
them-another interest bearing debt to re.
deem nOn-interest bsaring debt
In my view it IS of the utmost importance
that the government should be relieved
from the business of providing all the gold
Tor exchanges and export This RESPONSE
biitty is alone borne by the government
without any of the usual and necessary
banking powers to help itself The banks
do not feel the strain of the gold redemp-
ton. The whole strain rests upon the gov.
eminent. and the size of the 20 reserve
IN the treasury has come to be. with or
without reason the signal of danger or of
security. This ought to be stopped
lined plan in great detail for the purpose
of removing the threatened recurrence of a
depleted gold reserve and save us from fu-
lure embarrassment on that account To
this plan invite your careful considera-
ton.
concur with the secretary of the treas
ury in his recommendation that national
banks be allowed to issue notes to the face
value of the bonds which they have depos-
tied for circulation, and that the tax ON
notes secured by deposit of such
bonds be reduced to one-half of per cent
per annum.
also join him in recommending that au-
thOrity De given for the establishment of
patiOnal banks with a minimum capital of
rs, 900. This will enable the smaller villages
and agricultural regions of the country to
be supplied with currency to meet their
needs. S
recommend that the issue of national
bank notes be restricted to the denomina-
ZION of ten dollars and upwards. -
IT the suggestions have herein made
ehAll have the approval of Congress then
would recommend thai, national banks b
seQuired to redeem their notes In cold