The Portland daily press., 1897-03-05

A Commission to Revise Surfohcy Aa"e
Will Meet His, Approval--Foreign Re-
Iations Touched Upon Only in General
way-Extra Session Called for March
Is.
Washington, March 4.-Following ia
the inaugural address OF Presluens
William Mckinley delivered at the
capitol after taking the oath OF Office:
Fellow Citizens: In obedience to the
will Of the people, and in their pressnce,oy
the authority vested in me by this oath,
| assume the arduous and responsible du-
ties of President of the United States. re-
lying on the support of my countrymen
and invoking the guidance OF Almighty
God. Our faith teaches that there ia no
safer reliance than upon the God of our
fs theirs, who has so singularly favored
the American people in every national
trial, and who will not forsake us so long
as we obey His commandments and walk
humblv in His footsteps.
THE DEPRESSION IN BUSINESS.
The responsibilities of the high trust to
which have been called, always OF grave
importance, are augmented by the pre-
vailing business condition, entailing
idleness upon willing labor and loss to
useful ENTERPRISE. The country is suffer
ing from industrial disturbances, from
which speedy relief must be had. Our
financial system needs some revision; our
money is all good now, but its value
must not further be threatened. 1t should
ali be put upon an enduring basis not
subject to easy attack nor its stability to
doubt or dispute. Our currency should
continue under the supervision of the
government. The several forms of our
paper money offer, in my Judgment,
constant embarrassment to the govern
ment and a safe balance in the treasury.
Therefore 1 believe it necessary to devise
a system which. without diminishing the
circulating medium or offering prsmi-
um for its contraction, will present
remedy for those arrangements which,
temporary in their nature, might we'll In
the years of our prosperity have been dis
placed by wiser provisions With AIDE.
quate revenue secured. but not until
then, we can enter upon such changes
in our fiscal laws as will, while insuring
safety and volume to our money, no long
err impose upon the government the
necessity of maintaining so large gold
| IGSeEV6 WlUu lUS hUUOuu5Db anu b1o
tenn ptations to speculation. Most of our
financial laws are the outgr0wth of ex-
perience and trial, and should not be
amended without investigation and dem
onstration of the wisdom OF proposed
changes. We must be both "Sure we
are right and "Make haste slowly"
A COMMISSION ON THE CURRNCY.
If the Congress in its wisdom shall
deem it expedient to create commission
to take under early consideration the re-
vision of our coinage and currency laws
and give them that exhaustive, careful
and dispassionate examination that their
Importance demands, / shall cordially
concur in such action. If such power Is
vested in the President, it is my purpose
to appoint commission of prominent
and well informed citizens of different
PARTIES who will Command confidence
both on account Of their ability and
special itness 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 re-
oeive the support of all parties and our
finances cease to be the subject OF mere
partisan contention. The EXPERIMENT. Is
at all events, worth trial. and In my
~ ~--~
entire country.
INTERNATIONAL BIMETALLISM.
The question of international bimetal-
ism 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
tho parity between our gold and silver
money springs from and is supported by
the relative values of the two metals, the
value of the silver already coined and OF
that which may hereafter be coined must
be kept constantly ut par with gold by
every resource at our command. Ihe
credit of the government, the integrity
of It's currency and tho inviolability
of its obligations must be preserved.
This was the commanding verdict of
the people, and 1t will not go unheeded.
ECONOMY DEMANDED.
Economy is demanded in every branch
of the government at all times but es-
pecially in periods like the present of de-
preston in business and distress among
the people. The severest economy must
be observed in all public expenditures.
and Extravaganza stopped wherever 1t
is found and prevented Wherever In the
future it may be developed. If the reve-
nues are to remain as now. the only relief
that canscome must be from decreased
expenditures. But the present must not
become the permanent condition of the
government. 1t has been our Uniform
practice to not increase our outstanding
obligations, and this policy must again
| be reassumed and vigorously enforced.
Our revenues should always be large
enough to5meet with ease and prompt
| ness not only our current expenses and
the principal and interest of the public
debt, but to make proper and liberal pro-
vision for that most deserving body of
pu blio creditors. the soldiers and sailors
and the widows and orphans who are the
pensioners of the United States. The
government should not be permitted to
run behind, or increase its debt, in times
| like the present. Suitably to provide
again st this is the mandate of duty, the
certain and easy remedy for most of our
financial diff cllties. A deficiency is in
evitable SO long as the expenditures of
the governments exceed its receipts. 1t
can only be met by loans or an increased
revenue. While large annual surplus
| In 70 oofn and