Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1897-12-16
M'KINLEY'S MESSAGE
The President Sends a Communica-
ton to the Fffty-Fifth Congress.
CURRENCY PROBLEM TOUCHED UPON
Our Foreign Relationships Cuban Trouble
The Hawaiian Islands-The BImeta1-
lie Com mission-InternationaI
Observation-Disclosures
Indian Problem
Etc, Etc.

WASHINGTON, Dec. 6.-President Nc
Kinley sent the following message to
both houses of the Fifty-Fifth con-
gress:
To the Senate and House of Representatives:
1t gives me pleasure to extend greeting to the
Fffty-F1fth congress assembled in regular SeS-
sion at the seat OF government, with many of
whose senators and representatives I have
been associated in the legislative service
Their meeting occurs under felicitous condi-
lions, justifying sincere congratulation and
calling for our grateful acknowledgement to a
benefcent Providence which has so signally
blessed and prospered us as nation Peace
and good will with all the nations of the earth
continue unbroken.
All Sections Are Unified.
A matter of genuine satisfaction is the grow
sing feeling and fraternal regard and unification
OF all sections of our country, the incomplete
ness OF which has too long delayed realization
OF the highest blessings of the union. The
esprit of patriotism is universal and is in
creasing in fervor. The public questions
(which now most eugross are lifted far above
either parClsanSh1p, prejudice or former sec
tional differences. They affect every part of
our common country alike and permit of no di-
vision on ancient lines. Questions of foreign
policy. of revenue the soundness of the
rency, the inviolability OF national obligations.
the improvement of the public service, appeal
to the individual conscience of every earnest
citizen to whatever party he belongs in
Endorses Special Session Legislation.
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 it has already accomplished
assures us of its timeliness and wisdom. To
test its permanent value further time will be
required and the people, satisfied with its
operation and results thus far, in mind
to withhold from it fair trial
THE CURRENCY PROBLEM.
extra session OF congress, the question next
pressing for consideration is that of the
rency. The work of putting our finances upon
sound basis, difficult as it may seem, will appear
easier when recall the financial operation of
the government since 1866. On the 30th day OF
June of that year had outstanding demand
liabilities in the of 1928 1866. 547 al. On the
1st OF January, 1879. these liabilities had been
reduced to SAB $50 495. 49, OF our interest-bear-
ing obligations the figures even more
striking. On July 1. 1885. the principal of the
interest bearing debt of the government was
S2.33S 33l. 2O6 On the list day OF July 1893. this
sum had been reduced to 1885 O37, 100. or an ag-
gregate reduction of Il. 747 294, 10a The inter-
este bearing debt OF the United States the
LIST day of December. 1897. was 1885. o2O
The government money now outstanding de
cember u consists of s346 68i, 016 of United
States notes, s107. 1913 2SO OF treasury notes is
sued by authority of the law of $780, 1884 963 504
of silver certificates, and s6l 280 76i Of standard
silver dollars
With the great resources of the government
and the honorable example of the past before
US we ought not to hesitate to enter upon
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 accom-
plished from the close OF the war to 1893 makes
unreasonable and groundless any distrust either
of our financial ability SoundneSS, while the
situation from 1898 to 1897 must admonish con-
gress of the immediate necessity of so 1egislat-
ing to make the return of the conditions
then prevailing impossible.
There are many plans proposed as a remedy
for the evil Before can find the true
remedy we must apprehend the real evil 1t is
not that our currency OF every kind is not good
for every dollar of it is good; good because the
governments pledge is out to keep it so, and
that pledge will not be broken. However, the
guaranty of our purpose to keep the pledge
will be best shown by advancing toward it's
fulfliment The evil of the present system is
found in the great cost of the government of
maintaining the parity of our different forms
OF money, that is, keeping all of them at par
with gold We surely cannot be longer heed
less of the burden this imposes upon the peo-
pie even under fairly prosperous conditions
while the past four years have demonstrated
that it is not only expensive charge upon the
government, but dangerous menace to the
national credit
1t is manifest that 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 redemptions of de-
for their redemption. We have $4,000 900 of
currency which the government by solemn
actment has undertaken to keep at par with
gold Nobody is Obliged to redeem in gold but
the government. The banks not required
TO redeem in gold. The government is obliged
to keep equal with gold all it's outstanding
rency and coin obligations, while its receipts
not required to be paid in gold They are
paid in every kind of money but gold. and the
only means by which the government can with
certainty get gold is by borrowing. 1t can get
it in no other way when it most needs it. The
government without any fixed revenue is
pledged to maintain gold redemption, which it
has steadily and faithfully done and which
under the authority now given it will continue
to do.
Redemutiou of Government Notes.
The law which requires the government after
having redeemed its notes to pay them out
again as current funds demands constant
plenishr1ent of the gold reserve This is eSpe-
clally so in times of business panic and when
the revenues are insufficient to meet the ex-
penses OF the government AT such times the
government has no other way to supply its de-
ficit and maintain redemption but through the
increase of it's bonded debt Thus in the adj
rninistration OF my predecessor, 500. Sl5.-
40J of AZ per cent bonds were issued and sold
and the proceeds used to pay the expenses OF
the government in excess OF the revenues and
sustain the gold reserve While it is true that
the greater part of the proceeds OF these bonds
were used to supply def silent revenues, q con-
siderable portion was required to maintain the
gold reserve
With our revenues equal to our expenses.
there would be no deficit requiring the issu-
ance of bonds But If the gold reserve falls
below 800 U00 90 how will it be replenished ex-
cept by selling more boniS? Is there any other
way practicable under existing law: The Sc
rious question then is. shall We continue the
policy that has been pursued in the past: that
Is when the gold reserve reaches the point of
danger issue more bonds and supply the needed
gold or shall provide other means to pre-
vent these recurring drains upon the gold
serve? II no further legislation is had. and the
policy of selling bonds is TO be continued then
congress should give the secretary OF the treas
ury authority to sell bonds at long or short Pc
RODS bearing q less rate OF interest
than is now authorized by law. I ear