The times. [volume] (Richmond, Va.) 1890-1903, 1897-12-07
TUESDAY. DECEMBER I. 1897.
THE prsIDFNT,s MESSAGE.

President Mckinley sent his message 10
Congress YESTERDAY, and it is in all es-
sentials just what the Washington CORE
spondents have predicted that it would
be.
He deals principally with the currency
question. and with the Cuban question.
urges the annexation OF Hawaii. and int-
mates that something is soon to be done
In the interest of international bimetall-
ism.
II is 20 be noted that he is now not so
much concerned as he was when his
former message was sent in. that the
tariff law is not yielding enough revenue
10 meet government expenses, although
the deficiency under the Dingley law
is greater than that under the Wilson
law. Give 1t chance. says the Presi"
dent.
AS TO currency. the President recon-
mends that bill be passed providing that
greenbacks shall not be re-issued after
redemption in gold. except in exchange
for gold. This will have the effect, he
says. further Of preventing raids on the
gold reserve through what has come to
be known now as the endless CLAIM
Per Sc that is in our opinion o good
measure. but we do not believe that il
will ever get through the present Con-
gress, because it will be construed as an
effort on the part Of the Government TO
contract the currency.
But In order TO meet this objection,
the President further recommends that
national banks be authorized 10 issue
notes up 20 the face value OF their bonds
deposited with the Government, and that
the tax on national bank issues be re-
duced 20 one-half Of one per cent. per
annum. As a sop to the silver people he
recommends that national bank notes be
restricted to the denomination Of $40 and
upwards. and as sop TO the agricultural
interests of the country he recommends
that national banks of the minimum
capital OF $4,000 be authorized. This. he
naively adds, that the agricultural Sec
tions OF the country may have a local cur
roncy. Much good will the national banks
Nt 10 lut VI N4lO tObiAA4gg nHIh
the very act that creates them forbids
them to lend money on the farmers
lands.
We can see no benefit TO the great agrl-
cultural interests OF the country in this
proposition OF the Presidents. 1t will
be the old story over again. These banks
cannot possibly supply the local cur
rency that the farmers need, and, under
the proposed system the money Of the
country will continue 10 be congested
IN the money centers OF the country.
while there win be dearth Of currency
throughout the farming regions. II the
President had recommended plan pro-
yid,ng simply that greenbacks shall not
be rc-issued after having been redeemed
In gold, except in exchange for gold. and
that IN order TO prevent any contraction
of the currency the 10 per cent tax on
state bank issues he repealed. he would
fully and effectively have covered the
whole subject in a paragraph.
We are rather pleased with what the
President says about the Cuban dues-
ton. lie mentions in detail all that Spain
has done under the new regime 20 paoify
Cuba and 10 give those people their rights.
and recommends that this country DO
nothing until Spain shall have had time
On which 20 test her new policy. This
seems to US to be entirely fair and rea-
sonable. and we sincerely hope thai the
limoges in Congress will profit by the
Presidents suggestion.
We did not expect otherwise. but still
wa greatly regret that the President
has seen 1T 70 urge the annexation OF
The Islands OF Hawaii. What this coun-
try needs with those islands We have
never been able TO see, and We feel sure
that their annexation. apart from being
contrary 10 the policy OF this country.
win prove 10 be great burden and an
noyaace.
Mr.. Mckinley is still welded 20 that
wlll-o' -the-wisp. which men call interna-
tionai bimetallism, and holds out tho
hone that something in that direction will
be done in the near future. We 90 not
IKE 20 accuse the President Of insin-
eerity and we know nothing about those
s1SptAsx negotiations 10 which ne re-