The new North-west., 1897-03-12
THE INAUGURAL ADDRESS
ADDRESS OF PRESIDENT M'kINLEY
TO THE AMERICAN PEOPLE.
Financial Question Is Not TO be
Touched Until Greater Reve-
nues Are Provided.

ru.sbinpton March 4.--President Mckinley
inaugural address, delivered after he took the
oath of office today, follows:
Fellow Citizens: In obedience to the Will OIL
the people and their presence. by the authorlty
vested in me by this oath, i assume the ar.
duous and responsible duties OF presiaene -, -.
the United States relying on the support OF my
countrymen and invoking the guidance or Al
mighty God Our faith teaches that there ls
no safer reliance than upon the Goa OF our m
Fathers who has so singularly favored the
American people in every national trial ana
who will not forsake us so long as we opey
His commandments and walk humbly IN HIS
footsteps
The responsibilities of the high trust to which
have been called, always of grave Importance,
are augmented by the prevailing business con-
ditions entailing idleness upon willing iapor
and loss to useful enterprises. The country is
suffering from industrial disturbances from
which speedy relief must be had. our hnanclai
system needs some revision; our money ~ az az
good now but it's value must not further be
threatened. 1t should all be put upon an endur-
ing basis, not subject to every attack, nor It's
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 empar-
rassment to the government and safe oalance
in the treasury. Therefore believe 1t neces-
sary to devise system, without diminishing
the circulation medium or offering a premium
for its contraction, which will present remedy
for those arrangements, which, temporarily IN
their nature might we'll in the years of our
prosperity, have been displaced by wiser pro-
visions With adequate revenue insured but not
until then, enter upon such changes IN
our fiscal laws as WILL while insuring safety
and volume to money, no longer impose
upon the government the necessity of main
tanning so large a gold reserve, with Its at
tendant and inevitable temptations to specula-
tion. Most OF financial laws are the out
growth of experience and trial, and should not
be amended without investigation and demon
stration of the wisdom of the proposed changes.
haste slowly"
Commission on Money.
If, therefore, congress in its wisdom, shall
deem it expedient to create a commission to
take under early consideration the revision of
our coinage, banking and currency laws, and
give them that exhaustive careful and dis
passionate examination that the Importance
demands I shall cordially concur in such ac
tion. If such power is vested in the president,
it is my purpose to appoint a commission of
prominent, well informed citizens of different
parties who will command public confidence
both 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 of the country be
directed that such report will be made as
to receive the support of all parties and our
finances cease to be subject of mere partisan
contention. The experiment is, at all events,
worth trial, and in my opinion it can prove
beneficial to the entire country.
The question of International bi-metallism
will have early and earnest attention. 1t Will
be my constant endeavor to secure 1t by CO.
operation with the other great commercial pow
of the world. Until that condition Is
realized when the parity between our gold and
silver springs from and is supported by the
relative value of the two metals, the value of
silver already coined and of that which here
after may be coined, must be kept constantly
at a par with gold by every resource at our
command.
The credit of the government. the integrity OF
its currency, and the invioablity of its obliga
tions must be preserved This the COM
manding verdict of the people and 1t will not be
unheeded.
On Economy.
Economy is demanded in every branch of the
government at all times, but especially in
periods like the present depression of business
and distress among the people. The severest
economy must be observed in all public
penditures and extravaganza stopped wherever
it is found and prevented whenever in the fu-
ture it may be developed. If the revenues
to remain as now, the only relief that can
come must come from decreased expenditures.
But the present must not become the perma-
nent condition of the government. 1t has been
our uniform practice to retire, not increase our
outstanding obligations, and this policy may
be large enough to meet with and
promptness not only current needs and the
principal and interest of the public debt, but to
make proper and liberal provisions for that
most deserving body of creditors, soldiers and
sailors, and the widows and orphans who are
pensioners of the United States
The government should not be permitted to
run behind or incur debt in times like the
present Suitably to provide Is the mandate
duty, certain and easy remedy for most of
financial difficulties. A deficiency is inevitable
long as the expenditures of the government
exceed its receipts. 1t only be met by
loans increased revenue. While a large
annual surplus of revenue may invite waste and
extravaganza, inadequate revenue creates dis
trust and undermines public and private cred
it. Neither should be encouraged. Between
more loans and more revenue there ought to be
but one opinion. We should have more reve-
nue. ,and that without delay hindrance or post
ponement. A surplus in the treasury created by
loans is not permanent safe reliance. 1t
will suffice while it lasts. but 1t can not last
long while the outlays of the government
greater than its receipts, as has been the case
during the past two years. Nor must 1t be
forgotten that however much such loans may
relieve the situation, the govern
ment is still indebted for the amount of the
surplus thus accrued, which is must ultimately
pay, with its ability to pay not strengthened
but weakened by a continued deficit. loans
are imperative in great emergencies to pre-
serve the government of its credit, but failure
to supply needed revenue in time of peace for
s.,4o 1stI