The Topeka state journal., 1897-03-04

Is Demanded and a Revision of
the Currency.
He VIII Appoint a Commission
to Study the Currency.
HE OPPOSES TRUSTS.
Will Seek the Enforcement of
All Laws Against Them.
American Citizens Shall Be Pro-
tected in Cuba as Elsewhere.

Washington, March 4.-Fo1lowing is
President McKinIey's inaugural ad-
dress in full:
Fellow Citizens: In obedience to the
will of the people and their presence by
the authority vested in me by this oath,
L assume the arduous and responsible
duties of president of the United States,
relying on the support of my country
men and invoking the guidance of Al
mighty God. Our faith teaches US
that there is no safer reliance than up
on the God of our fathers, who has so
singularly favored the American peo-
pie in every national trial, and who will
not forsake US so long as we obey his
commandments and walk humbly in
his footsteps.
The responsibilities of the high trust
to which 1 have been called, always of
grave Importance, are augmented by
the prevailing business conditions, en-
falling idleness upon willing labor and
loss to useful enterprises. The coun-
try is suffering from Industrial disturb
ances from which speedy relief must be
had. Our financial situation needs
some revision. Our money is all good,
but its value must not further be
threatened. 1t should all be put upon
an enduring basis, not subject to easy
attack, nor it's stability to doubt or dis
pute.
Our currency should continue under
the supervision of the government. The
several forms of our paper money offer,
in my judgment, a constant embarrasS-
ment to the government and safe bal
ance in the treasury. Therefore
believe it necessary to devise d system,
without diminishing the circulating
medium or offering a premium for it's
contraction, which will present a rem
edy for those arrangements which, tenn
porary in their nature, might we'll in
the years of our prosperity be displaced
by wiser provisions.
With adequate revenue assured, but
not until then, we can enter upon such
changes in our fiscal laws as will, while
1nsuring safety and volume to our
money, no longer impose upon our gov
ernment the necessity of maintaining
30 large a gold reserve, with it's attend
ant and inevitable temp tatiOnS to spec
ulation. Most of our financial laws
are the outgroWth of experience and
should not be amended without inveSti-
cation and demonstration of the wis
dom of the proposed changes.
We must be both sure we are right
and make haste slowly" If, there
fore, congress in its wisdom shall deem
it expedient to create a committee to
take under early consideration the re-
vision of our coinage, banking and cur
rency laws, and give them that ex-
haustive, careful and dispasSionate ex-
animation that their Importance de-
mands, 1 shall certainly concur in such
action. If such power is vested in the
president, it is my purpose to appoint
a commission of prominent, well in
formed citizens of different parties who
will command public confidence both on
account of their ability and special fit
ness for the work. Business experience
and public training may thus be COM
bined and the patriotic zeal of the
friends of the country be so directed
that such a report will be made as to
receive the support of all parties and
our finances cease to be subject of mere
partisan contention. The experiment
is, at all events, worth a trial, and. in
my opinion, it can but prove beneficial
to the entire country.
The question of International bimeta1-
1ism will have early and earnest atten-
ton. 1t will be my constant endeavor
to secure it by cooperation with the
other great commercial powers of the
world. Until that condition is realized
when the parity between our gold and
silver money springs from and is sup
ported by the relative value of the two
metals. the value of silver already coin
ed, and of that which may hereafter be
coined, must be kept constantly at par
with gold by every resource at our COM
mand.
The credit of the government, the in
tegrity of its currency and the inviola-
bility of its obligations must be pre-
served This was the commanding YER
dict of tn e people and it will not be un-
needed.
Economics is demanded in every
branch of the government at all times,
but especially in periods like the pres
ent depression of business and distress
among the people. The SevereSt econ
OHly must De preserved III all puDnC GA-
penditures and extravaganza stopped
wherever it is found and prevented
wherever in the future it may be de-
veloped. If the revenues are to remain
as now, the only relief that can come
must be from decreased expenditures.
But the present must not become the
permanent condition of the government.
It has been our uniform practice to re-
tire, not increase, our outstanding Obli-
cations, and this policy must be again
resumed and vigorously enforced. Our
revenues should be always large enough
to meet with ease and promptneSS not
only our current needs and the princi-
pal and interest of the public debt, but
to make proper and liberal provision for
that most deserving body of public
creditors the soldiers and sailors and
the widows and orphans who are the
pensioners of the United States.
The government should not be per-
mitted to run behind or increase it's
debt in times like the present. Suitably
TO provide against business depression