Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1897-03-06
INAUGURAL ADDRESS.
Bimet aliism 80 Economy Imperative
The Tariff-FOrcixn Policy.

oath, / 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 us
that there is no safer reliance than upon
the God of our fathers, who has so singu-
larly favored the American people in ev-
cry national trial, and who will not for
sake us so long as we obey his command
ments and walk humbly in his footsteps.
The responsibilities of the high trust
to which have been calied-always OF
grave importance-are augmented by
the prevailing business conditions, en-
failing ideness upon willing labor and
loss to useful enterprises. The country
is suffering from industrial disturb
ances, 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 all be put upon an enduring
basis, not subject to easy attack. nor It's
stability to doubt or dispute. Our cur
rency should continue under the super
vision of the government. The several
forms Of our paper money OFFER In my
Judgment, a constant embarrassment to
the government, and to Il safe balance
in the treasury Therefore, | believe 1t
necessary to devise system which,
without diminishing the circulating me-
dunn or offering premium for its con-
traction, will present remedy for these
arrangements, which, temporary in their
nature, might well, in the years of our
prosperity, have been displaced by wiser
provisions. With adequate revenue Sc
cured, but not until then, we can enter
upon such changes in our finance laws
as will, while insuring safety and volume
to our money, no longer impose upon the
necessity of maintaining so large gold
reserve, with it's attendant and inevita-
BILE temptations to speculation. Most of
our financial laws are the outgrowth of
experience and trial, and should not be
amended without investigation and DEM
Onstration of the wisdom of the pro-
posed changes. We must "be sure we
are right" and make haste slowly
IF, therefore, congress, In its wisdom,
shall deem it expedient to create COM
mission to take under early considera-
ton the revision of our coinage, bank
ing and currency laws, and give them
that exhaustive, careful and dispassion-
ate examination that their choice de-
n,ands, 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-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
hino1 md the natrintip vpal nf tho
friends OF the country be so directed that
such a report will he made as to receive
the support of all parties, and our finan-
ces cease to be the subject of mere par
tisan contention. The experiment is. at
all events, worth trial, and, in my opin-
ion, 1t can but prove beneficial to the en-
tire country.
The question of international bimetal-
lism will nave 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 the silver already
coined, and Of that which may hereafter
be coined, must be kept constantly at
par with gold by every resource at our
command. The credit of the govern
ment, the integrity of it's currency and
the inviolability of it's obligation must
I've preserved. This was the command
ing verdict of the people, and it will not
be unheeded.
Economy Is demanded in every branch
of the government at all times, but es-
pocially 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 it Is
found, and prevented wherever In the
future 1t may be developed If 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 condi-
ton of the government. 1t has been our
uniform practice to retire. not increase,
Our outstanding obligations, and this
policy must be resumed, and vigorously
enforced. Our revenues should always
he large enough to meet with ease and
promptness not only our current needs,
and the principal and interest of the pub
lie debt, but to make proper and liberal
provision for that most deserving body
of public creditOrs-the soldiers and the
sailors and the widows and orphans who
are the pensioners of the United States.
The government should not be per-
United to run behind, or increase it,;
debt. In times like the present.
Suitably to provide against this Is the
mandate of duty; the certain and easy
remedy for most Of our financial Difficult
ties. A deficiency Is inevita able so long
as the expenditure of the government
exceeds its receipts.
While large annual surplus of revenue
may invite waste and extravaganza,
inadequate revenue creates distrust and
undermines public and private credit.
Neither should be encouraged. Be-
tween more loans and more revenue
there ought to be but one opinion. We
should have more revenue and that
without delay, hindrance, or postpone
ment.
A surplus in the treasury created by
loans is not a permanent or safe reliance.
II will suffice while it lasts, but it cannot
last long while the OUTLAWS of the govern
ment are greater than the receipts as
has been the case during the past two
years. Nor must 1t be forgotten that
however much such loans may tempo
rarily relieve the situation. the govern
ment Is still indebted for the amount
of the surplus thus accrued, which it
must ultimately pay, while Its ability
to pay is not strengthened but weak
ened by continued deficit. Loans are
imperative in great emergencies to pre-
serve the government or its credit but
failure to supply needed revenue in
time Of peace for the maintenance of
either has no justification.
The best way for the government to
maintain its credit, is to pay as it goes
not by resOrting to loans, but by keep.
ing out of debt-through an adequate
income, secured by a system of taxation,
external and internal, or both. 1t is the
settled policy Of the governmet, pur
sued from the beginning and praciced
b. all parties and administrations. to
raise the bulk of our revenue from taxes