The herald., 1897-12-07
TUESDAY, DECEMBER :, 1897.
THE MESSAGE DIGESTED

The presidents message, in full COM
prising some $4,000 words, is presented
elsewhere in this mornings Herald. For
those who have not the time nor the
inclination to peruse it in its entirety,
the subjoned digest is offered:
President Mckinley after few words
congratulating the congress upon the
general situation and outlook plunges
directly into the subject of the currency.
He declares that past history and present
opportunity show that currency reform
Is feasible while immediate legislation is
demanded. 1t is not that our currency
Df every kind is not good, for every dol
lar OF it is good-made so by the pledge
Of the government. The evil of the
present system is found in the great
cost to the government of keeping on
a par with gold our different forms of
money. We must either curtail the op-
portunity for speculation or increase
the gold reserve for their redemption.
There is at present no way to increase
the gold reserve except through an in
crease of the bonded Indebtedness.
I earnestly recommend, as soon as
the receipts of the government are quite
sufficient to pay all the expenses Of the
government, that when any of the
United States notes are presented for
redemption in gold and are redeemed in
gold. such notes shall be kept and set
apart and only paid out in exchange for
gold. This is an obvious duty.
The president goes on to say that the
whole strain of gold redemption rests
on the government alone. This ought to
be stopped. He then alludes to the plan
Of the secretary of the treasury He
concurs with the recommendation that
The national banks be allowed to issue
notes to the face value of the bonds
deposited for circulation. and that the
lax on circulating notes be reduced to
one-half of one per centum per annum
The president also recommends that
authority be given for the establishment
Of national banks with a minimum cap
tal of $4,000. All national bank notes to
be restricted TO the denomination of SO
and upward, and that national banks be
required to redeem their notes in gold
The Cuban question is next taken up
its history presented at considera bic
length, and the policy of non-interven-
ton is declared to have been the policy
Of the United States at all times. The
charge that filibustering has been toll
GRATED by our government is denied in
positive terms. The president then re-
views the question of according the
Cubans belligerent rights. After quot
Ing General Grant at length arainst
such policy, and explaining what the
recognition of belligerency means and
the responsibilities it would impose. he
says: Il regard the recognition of the
belligerency Of the Cuban insurgents
as now unwise and therefore inadmissa-
bic. Should that step hereafter be
deemed wise as Il measure Of right and
duty, the executive will take it,"
Nor, he says, should we intervene upon
humanitarian grounds until the nolicv
and plan of the new Spanish administra-
tion have been given fair trial.
Hawaiian annexation comes next. Mr..
Mckinley urges that the treaty be rati
fed, but does not attempt to answer anv
Of the objections that have been ad-
vanced against it. He takes it for
granted that the proposition will be ac-
cepted. Other foreign relations are
lightly touched upon and the Nicaragua
canal project indorsed.
The president after reciting the his