The Dickinson press., 1897-03-13
INAUGURAL ADDRESS
The New President Outlines
the Policy of His Ad-
ministration.
Economy Demanded in Ev-
cry Branch of the Gov
rnmen
FaVOrS the Restoration of the
American Merchant
Marine.
Deficiencies to Be Stopped
BY a Revision of the
Tariff.

Washington, March 4~.-Following 10
President McKinley's inaugural address:
Fellow Citizens: In obedience to the
will of the people and in their presence.
by the authority vested in me by this
oath. I assume the arduous and respon-
sible duties of president Of the United
States, relying on the support of my
countrymen and invoking the guidance
of Almighty God. Our faith teaches that
there Is no safer reliance than upon the
God Of our fathers. who has SO %singularly
favored the American people in every
national trial. and who will not forsake
US so long as We obey his command
ments and walk humbly in his footsteps.
The responsibilities of the high trust
to which l have been c~alled-always OF
grave impOrtance-arc augmented by the
prevailing business conditions. entailing
tdleness upon willing labor and loss to
useful enterprises. 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 alu must
not further be threatened. 1t should all
be put upon an enduring basis, not SUBJ
ject 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,
A Constant Embarrassment
to the government n to a safe bal
ance in the treasury. Therefore, I be-
lieve it necessary to devise q system
which, without diminishing the circulate
Ing medium or Offering a premium for Its
contraction, will present a remedy for
49,. ,r,kNnL fnv,HoNor Vy In
T, their nature, might we'll in years of u
prosperity have been displaced by wiser
provisions. With adequate revenue Sc
cured, but not until then, we can enter
upon such changes in our fiscal laws as
will, while insuring saftey n volume to
our money, no longer impose upon the
government the necessity OF maintaining
so large a gold reserve. with its attend
ant and inevitable temptations to specu-
lation.
Most of our financial avs are the out
growth of experience and trial. and
should not be amended without invests
cation and demonstration Of the wisdom
of the proposed changes. We must be
both sure we are right and make haste
slowly II. therefore, congress in its
wisdom shall deem 1t expedient to create
a commission to take under early consid-
Grafton the revision of our coinage, bank
ing and currency laws. and give them that
/ CAAiAuokAtCS aAl0 OA6R066lOAAdIC CA
animation that their Importance demands,
I shall cordially concur in such action.
If such power Is vested in the president
1t is my purpose to appoint a commission
of prominent, well informed citizens of
different parties. who will command pub
lie confidence both on account Of their
ability and special fitness for the work.
Business experience and public training
may thus be combined and the patriotic
zeal of the friends he country b SO
directed that such a report will be made
as to receive the support Of all parties,
and our finances cease to be the SUBJ
ject of mere partisan contention The
experiment is at all events worth z trial,
and in my opiniea it can but prove bene-
fetal to the 9 Aksfe country.
international B~imetallism.
The question Of international bimetal-
lism 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.
parity between our gold and silver money
springs from and is supported by the
relative value of the two metals. the
value of the silver already coined, and
tie. whicn Ray hereafter be coined.
must be kept constantly at par with gold
by every resource at u command. The
credit of the government, the integrity
of Its currency and the inviolability Of
its obligations must be preserved. This
was the commanding verdict Of the peo-
pie. n 1t will not be u%nheeded.
Economy Is demanded in every branch
Of the government at all times, but cs-
pecially in periods like the present de-
the people. The severest economy must
be observed in all public expenditures,
and. extravaganza stopped wherever 1t IL
found and prevented wherever In the fu-
ture 1t may be developed. II the rev.
enues are to remain as now, the only re-
lief that can come must be from de-
creased expenditures. But the present
must not become the permanent condition
of the government.
1t has been our uniform practice to re-
tire. not increase, our outstanding obliga-
tions. n this policy must again be re-
sumed and vigorously enforced. Our rev.
enues should always be large enough to
meet with ease and promptness not only
our current needs. and the principal 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.
Remedy for Dencits.
The government should not be permit
ted to run behind or increase its debt in
times like the present. Suitably to pro-
vide against this is the mandate of duty:
the certain and easy remedy for most of
our financial difficulties. A deficiency is
inevitable SO long as the expenditures Of
the government exceed its receipts. 1t
can only be met by loans or an increased
revenue. While a large annual surplus OF
revenue may invite waste and extrava~
gance inadequate revenue creates distrust
Neither should be encouraged. Between
more loans and more revenue there ought
to be but n opinion. We should have
more revenue and that without delay
hindrance or ~postponement.
A surplus in the treasury. created by
loans. is not a permanent or safe reliance
1t VIA suffice while It lasts. but it can.
not last long while the OUTLAWS of the
government are greater than its receipts
as has been the case during the past twc
years. Nor must 1t be forgotten that, how
ever much such oan may temporarily re.
indebted for the amount of the surplus
thus accrued. which it must ultimately
pay. while its ability to pay is not
strengthened. but weakened by a con.
tinued deficit. Loans are imperative ir
great emergencies to preserve the govern.
ment or its credits, but failure to supply
needed revenue in time of peace for thu
maintenance of either has no justification
The best way for the government tt
maintain its credit Is to a as it goes
not by reeorting to loans, but by keeping
out Of debt-through an adequate incom,
secured by a system Of taxation. externa
or Internal. or both. It is the settled pol
icy Of the government pursued from tn.
beginning and practiced by all parties ant
administrations. to raise the bulk of GU
revenue from taxes upon foreign produc
lions entering the United States for sal,
: and consumption and avoiding for tn.
most part every form Of direct taxation
except in time OF war.
Protection Endorsed.
The country is clearly opposed to an,
needless additions to the subject of in
ternal taxation. except in time of war
Z and is committed by its latest popular
utterance Of the system Of tariff tax
alton. There can be no misunderstanding
either. about the principle upon which
: this tariff taxation shall he leyisd. Moth
ing has ever been made plainer at q gen
: eral election than that the controlling
q principle 10 the raising Of revenue on i'm
ports in sealous care for American inter
. ests and American labor. The peopl
r have declared that such legislation SHOULD
be had a. will give ample protection an,
announcement to the industries and tn