The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1897-03-05
INAUGURAL
ADDRESS !
President Mckinley States the Policy Of
the Administration.
FINANCIAL SYSTEM REVISION
Revenues Of the Government Must Be In
creased without Deiay--Peace Desired,
and Arbitration Instead Of War.
Recommends a Currency
Commission.

Fellow Citizensi In obedience to the
win Of the people and In their presence
by the authority vested in me by this
oath, / assume the ardious and respOn-
slble duties Of president Of the United
States, relying on tine support Of my
oountrymen 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 commandments and walk humbly
in his footsteps.
The responsibilities of the high trust
TO which 1 have been called-always
of grave importance-are augmented
by the prevailing business conditions,
entailing idleness upon willing labor
and loss to useful enterprises. The
country is suffering from industrial
disturbances from which speedy relief
must be had. Our financial system
needs some revision; our money is all
good now, but it's value must not fur
ther be threatened. 1t should all be
put upon an enduring basis, not subject
to easy attack nor its stability to doubt
currency
tinue under the supervision of the gov
ernment. The several forms of our
paper money offer, in my judgment, a
constant embarrassment to the gov
ernment and a safe balance in the
treasury. Therefore, 1 believe It nee
essary to devise a system which, with
out diminishing the circulating me-
dium or Offering a premium FOR it's
Va OFT will "a OBJ { q
arrangements, which, temporary in
their nature, might well in the years
Of our prosperity have been displaced
by wiser provisions. With adequate
revenue secured, but not until then
we can enter upon such changes in our
fiscal laws as will, while insuring
safety and volume to our money, no
longer impose upon the government
the necessity of maintaining so large
a gold reserve, with it's attendant and
inevitable temptations to speculation.
Most of our financial laws are the out
growth Of experience and trial. and
should not be amended without investi-
cation, and demonstration of the Wis
dom of the proposed changes. We must
be both sure we are right" and make
haste slowly" If, therefore, congress
in it's wisdom shall deem 1t eXpedient
to create a commission to take under
early consideration the revision of our
coinage, banking and currency laws,
and give them that exhaustive. care
full and dispassionate examination that
their Importance demands, I shall cor
daily concur in such action. 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 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 of thC
country be so directed that such a re-
port will be made as to receive the sup
port OF all parties, and our finances
cease to be the subject of mere partisan
contention. The experiment is, at all
events, worth a triol and, in my opin-
Ion, 1t can but prove beneficial to the
entire country.
The question of international bimet-
alism win have early and earnest at
tention 1t win be my constant en-
deavor to secure 1t by cooperation
with the other great commercial pow
ers of the world. Until that condition
Is realized when the parity between
our gold and silver money springs from
and is supported by the relative value
of the two metals, the value Of the sill
yer 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 government, the integrity Of it's
currency, and the inviolability of its
obligations must be preserved. This
was the commanding verdict of the
people, and 1t viii not be unheeded.
Economy is demanded in every
branch 81 the government at all times,
but especially in periods like the pres
ent Of depression in business and dis
tress among the people. The severest
economy must be observed in all pub
lie expenditures and extravaganza
stopped wherever It is found, and pre-
vented wherever In the future it may
be developed. If the revenues are to
remain as now the only relief that can
come must be from decreased expendi-
lures. But the present must not be-
come the permanent condition Of the
government. IL has been our uniform
practice to retire, not increase, our
outstanding obligations, and this policy
must be again resumed and vigorously
enforced. OurreVenues 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 desery-
ing body Of public creditors, the sol-
diers and sailors and the widows and
orphans who are the pensioners of the
United States. The government should
not be permitted to run behind, OF in
crease its debt, in times like the pres
ent.
Suitably to provide against this is
the mandate of duty; the certain and
easy remedy Tor most of our financial
difficulties. A deficiency is inevitable
80 long as the expenditures Of the gov
ernment exceed it's receipts.
1t can orUS be met by loans, or an in
creased revenue.
While large annual surplus Of reve-
nue. may invite waste and extrava-
gance, Inadequate revenue creates dis
trust and undermlnes public and pri-
Vate 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 Gre
ated by leans Is not a permanent OF
safe reliance. IL will suffice while II
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