The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1897-12-11
MORE MILK AND WATER?

President Mck1nley'S message 70
congress cannot but be disappointing
to those of his party who had hoped
he would outline vigorous financial
and foreign policy. 1t is not such a
state paper as had been expected, being
outspoken in but few things, aud
couched in such obscure language as
to admit of double construction, leav-
ing the reader to doubt what the policy
of the administration is to be.
The first question of Importance
dealt with is the currency, and is
about the only question on which he
outlines clearly defined policy. The
president points out that the evil OF
our currency system is the great cost
to the government of keeping all of the
forms of our money at a parity; that
we have 5000, ,O0O, 900 of currency that
the government is pledged to redeem
in gold, but its receipts are not re-
quired to be paid in gold, and hence
the only means at the command OF the
government for obtaining gold is by
borrowing it, which accounts for the
increase of the bonded debt during
Cleveland 8 administration of $685., ,315,- !
400 to secure money to keep the gold
reserve at s1O0.OGO,OOO. Should the
present policy of raising gold by bond
issues be continued, it is recommended
that the secretary of the treasury be
given authority to sell bonds bearing |
a lower rate of interest, and for long |
or short periods. He recommends |
that when United States note is pre-
sented at the treasury and redeemed
in gold, it shall not again be put in
except for gold. In his
opinion, it is of great Importance that
the government should not be required
to provide the gold needed for ex-
change or export. 1t is pointed out
that the existing system is fraught
with great danger. He indorses the
plan recently outlined by Secretary
Gage for reforming the currency, and
further asks that notes of national
banks be restriced to issues of $40 and
upward, and that national banks with
D minimum capital of 1926, 1000 be al
lowed to be organized, and all national
banks be allowed to issue notes equal
TO the face value of their bonds de-
posted to secure such circulation.
The Cuban question is considered at
length, but not in manner to meet
,he approval of the public pulse. A
milk and water policy in treating with
Spain for the termination of the war
ia Cuba is advised. The president
shows that in the revolution beginning
n 1858 the United States, through
President Grant, endeavored to put an
md to bloodshed in Cuba, but its eff
orts were unsuccessful. At that time
he question of granting belligerent
lights to the insurgents was con-
idered, as now, but was not favored
" Grant, and Mckinley takes decided
tand against it now, believing that it
8 unwise, but says he will take the
tep whenever right and duty demand
!. SIT is due to Spain" says the mes
age, sin view of our friendly relations,
hat she begin in time to prove that
be can aud will achieYe the pacifica- !
ion of the island and introduce re.
,rms to which the present Spanish =
Ministry is committed.
The message favors the annexation
Hawaii and says every considera-
on of dignity and honor requires it. T
he Nicaragua canal is also favored,
nd message on this subject at some z
lture time is promised. On the sub Q
.ct of international bimetalism the U
recites the failure of the
ommiss;on he sent to Europe, but ex-
resses hope that the dreams of
Tolcott may be realized.
Other matters considered in the q
essage are of minor Importance, and G
lrow but little light upon what policy G
resident Mckinley will pursue, nor p
, they make any definite recommen- o
atoms regarding future legislation.
4 ~