The evening times., 1897-12-06

tives:
1t gives me pleasure TO extend greeting
to the Firty-firth Congress, assembled in
regular session at the seat of Government,
with many of whose Senators and Repre-
sentatives / have been associated in the
legislative service. Their meeting occurs
under felicitous conditions, justifying sincere
congratulation and calling for our CRATE
full acSno wledg1nent to a 5eneficent Provi-
dence which las SO signally blessed and
prospered US as n nation. Peace and
good will with all the nations of the earth
continue unbroken.
A matter OF genuine satisfa ction is the
growing feeling of fraternal regard and
unirication of all sections of our country, the
Incompetence of which has too long de-
layed realization of the highest blessin rs
of the Union. The spirit of patriotism is
universal and is ever increas sing in fervor
The public questions which now most en-
gross US are lifted far aboye either partisan
ship, prejudice or former sectional differ
ences They atfectovery part OF ou-corrmon
country alike and permit of no division on
ancient lines. Questions OF foreign policy.
of revenue, the soundness of the currency,
the inv,olability of national obligations, the
Improvement OF the public service, appea!
TO the indiviG ual conscience Of every earnest
citizen to whatever party he belongs or in
whatever section of the country he may
reside.
The extra session of this Congress which
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 peo
pie, satisfied with its operation and results
thus far, are in no mind to withhold from
1t fair trial.
Tariff legislation having been settled
by the extra session of Congress, the ques-
ton next pressing for consideration is that
of the currency.
FINANCIAL. HISTORY.
The work of putting our finances upon
a sound basis, difficult as it may seem.
will app ar easier when We recall the
financial operations of the Governmen,
since 1866. On the thirtieth day of June
of that year we had out standing demand
liabilities in the sum of S72s,S6s, I47. Al.
Oh the first of January, 1879, these LA
biIities had been reduced to $143,ss9,-
4sbss. or our interest bearing obliga-
tions the figures are even more striking.
On July /, 1866, the principal of the in
terest hearing debt of the Government
was S2,332, ,331 ,20S. On the first day
OF July, 1923, this SUN had been reduced
to $685. O37, 100, or an aggregate reduc-
ton of Sl,747.294,l The interest
bearing debt of the United States on the
first day of December, 1897, was $S4T,-
S6562O. The Government money nov
outstanding December ! consists of S3i6.
6sl, ,O16 of United States notes, $1O7,-
7s3,2sO of Trea sury notes issued by .,u-
thnrity OF the law of 1880, S2S4, ,963.oOi
of silver certificates, and $61 ,2sO,76 of
standard silver dollars.
With the great resources Of the Govern
ment and with the honora BILE example Of
the past before US, we ought not to hesitate
to enter upon a currency revision which
will make ouI demand obligations less
onerous to the Government and relieve
our financial laws from ambiguity and
doubt
The brief review Of what was accom-
plished from the close OF the war to 1893
makes unreasonable and groundless Any
distrust either of our financial ability
or soundness: while the situation from
1893 to 1897 must admonish Congress-or
the iLlmed late necessity Of SO legtslating
as to make the return of the condit ons
then prevailing impossible.
Evils of Present system.
Thcre are many plans proposed Is
remedy for the evil. Before we can lind
the true remedy we must appreciate 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 Govern
ment's pledge is out to keep it 10, and that
pledge will not lie broken. However, the
guaranty "a oui pufpOse W hccp tue
pledge VIII be best shown by advanc ing
toward its fulfillnent.
The evil of the present system is found
thegreat cost to the Government OF main
tanning the par Nv OF our different forms Of
money, that is, keeping all of them at par
with gold. Wesurel cannot be longerneed-
less of the burden this imposes upon the
people, even under fairly prosperous condi-
tions, while the past four years have Gem
onstrated that 1t is not only an expensive
charge upon tie Government, but danger
GUS menace to the National credit.
1t is manifest that we must devise some
planto protect the Government against bond
issues for repeated redemptions. We must
either curtail the opportunity for speculation,
made easy by the multiplied rcdemptions of
our demand obligations, or increase the gold
reserve for their redemption. We have
$500, 900, 900 OF currency which the Gov
ernment by solemn enactment has under
taken to keep at par with gold. Nobody IL
obliged to redeem In gold but tine Government.