The Portland daily press., 1897-12-07
THE PRESIDENTS RECOMMENDA
TiONS.

THE RESIDENI's RECOMMENDA-
President McKinley's message to Con-
gress is not according to tie usual
method. There are no summaries in it
of the reports of the various cabinet
officers and the topics discussed have
been arranged according to their impor
tance rather than in accordance with q
formula handed down from the fathers.
Both changes are good ones, and it is
to be hoped that the example he has set
will be followed in the future.
Currency is the subject first treated
of, and the Presidents recommendations
on this subject are clear and concise. The
most important of them are made with
a view of preventing in the future the
drain of the gold reserve and the conse
quent necessity of issuing bonds to keep
it up to the necessary amount. With
this end in view he recommends that
greenbacks once redeemed should not
be paid out again except in exchange
for gold, This will break the endless
chain and prevent in the future the runs
on the gold reserve which the country
witnessed in the last Cleveland admins.
tration, and i'h, together with lack
of revenue, were responsible for the in
crease of the national debt by over $780,,
00o,O He believes the burden of fur
nishing gold for export should be placed
to some extent upon the banks, and
with this end in view recommends that
they be compelled to redeem their notes
In gold. While calling attention to the
elaborate plan of currency reform of the
Secretary Of the Treasury and commend
ing it to the careful consideration of Con-
gress, he does not specifically endorse it
except in few particulars. These are
permission to the banks to issue notes
up to the full value of their bonds, re-
duction of the tax on circulation, au-
thorization to establish banks on CAPT.
tai of S25, 1000, and withdrawal of bank
notes below SO The first three of these
provisions are intended to guard against
any contraction of the currency that
might result from refusal to re-
issue the greenback except for gold, and
the last is intended no doubt to give a
greater circulation to silver coin and
silver certificates. This extension of the
facilities of the banks will undoubtedly
rouse opposition from the professional
bank haters and silver men, but the bust
ness community will generally regard it
as wise. There will be opposition also,
no doubt, in some quarters to the recon-
meudation that the greenbaok be reissued
only in exchange for gold, but the ex-
perience of the past three or four years
shows that it is necessary precaution
if we are to keep our currency at pari-
ty with gold
The Cuban question is treated at great
length, and the conclusion arrived at is
that for the present and until the Sagas.
ia ministry has had fair chance to show
what its policy is capable of, We should
maintain our present attitude of strict
neutrality. A summary of the correspon-
dence between our state department. and
Spain shows that the disposition of the
Spanish government toward this
country is conciliatory if not cordial
and that while refusing our good
offices it has deferred in many points
to our views. The President points
out very clearly that there is not sufficient
basis of fact for a recognition of the belli-
gerency of the Cuban rebels, and that
such recognition would be of no real help
to them, while it would involve us in
many perplexities and possibly lead to q
- 81 t. @avzt 117 lTr
strongly opposed to that policy. He also
points out that while the Sagasta minis
try are trying a policy of Cancellation
which has already greatly ameliorated the
conditions which have been specially COM
planned of there would be little consis-
tency in interference by us at this time
on humanitarian grounds. The upshot
of the Presidents argument is that Con-
gress should let the Cuban matter remain
in allegiance for the present. 1t is good
advice and in all likelihood will be fol-
lowed.
AS was expected the President recon-
mends the ratification Of the
Hawaiian treaty of annexation,
and thinks that Congress will be able
to settle wisely the problems that will
grow out of that acti n. The govern
ment of Alaska needs attention, and he
recommends that regiment of United
States troops be stationed there to meet
any emergency which may arise. He de-
clares his intention to stand by the civil
service reform law and extend it where
practicable. He calls attention to the
need of dry docks for the navy, and closes
with some good advice to Congress on the
subject of appropriations, pointing out