The Providence news. (Providence [R.I.]) 1891-1906, 1897-12-06

Washington. d. c., Dec. 6-President
McKihley's annual message to Congress
was presented and read today. The
message is as follows:
10 the Senate ana House OF represent.
ntives-It gives me pleasure 10 extend
Freeting 10 the fifty-ffth Congress. as
temhled in regular session at the seat OF
government. with many OF whose sena-
Tors and Representatives have been as
1, led In the legislative service. Their
meeting occurs under felicitous condi-
tions. justifying sincere congratulation and
calling forth our grateful acknowledg
ment 10 a benehcent providence. which
has so slgnally blessed and prospered us
as a nation
Peace and good will. with all the ma
tions OF the earth. continue unbroken. A
matter OF genuine satisfaction is the
growing feeling OF fraternal regard and
unilcation OF all sections OF our country,
the ineompleteness OF witch has too long
DELAYED realization of the highest bless
ings Of yhe union. The spirit OF patriot
Ism is universal and is ever increasing in
fervor. The public questions which now
most engross us are lifted far above
either rartisanship, prejudice or former
sectional differences. They affect every
part or our common country alike, and
permit OF no division on ancient lines.
"
the soundness OF the currency. the invlo-
liability OF national obligations, the inn
provement ~ tho public service. appeal
10 the indiv!t"lal conscience OF every ear
nest citizen TO whatever party he belongs
or in whatever section of the country he
may reside.
The extra session OF this Congress
which closed during July last enacted
important legislation. and while it's full
elect has nos yet been realized. what
II has already accomplished assures us
OF its timeliness and wisdom. To test
Is permanent value further time Will
be required. and the people, satisfied
with It's operation and results thus far.
are In no mind TO withhold from II
fair trial Tariff legislation having been
settled by the extra session Of Congress,
the question next pressing for consid-
GRAFTON Is that OF the currency.
SOUND BASIS FOR CURRENCY.
The work of putting our finances upon
a sound basis. difficult as Il may seem.
will appear easier when we recall the
financial operations OF the government
since 1896 on the 10Th day OF juno Of
that year we had outstanding demand
liabilities in the sum OF s12s,S6S, ,4I7,H. on
the first OF January 1879. these liabilities
had been reduced 10 s449 $50, 1858. or our
nterost-bearng obligations the figures
arc even more striking On July /. 1876.
the DrinCiDal OF the interest bearing debt
OF the government was =, 3S2. 3Sl pos. on
the first day Of July, 1893 this sum had
tnen reduced 10 SS5. .0S7 100 or an aScrc-
gate reduction Of .747 29ii los. The inter
est-bearing debt of the United States on
the first day of December. 1897. was SSil-
S65,620. The government money now out
standing dec. - consists OF $5i6,6Sl0 0lS
OF United States notes $107. .793 30 OF treas.
ury notes issued by authority Of the law
of 1890 1884 9s3 5oi Of silver certificates.
and 1881 .2S0. 7si of standard silver dollars.
With the great resources OF the govern
ment and with the honorable example
OF the past before US. we ought not 10
hesitate TO enter upon a currency re-
vision which will make our demand obl-
cations less onerous 20 the government
and relieve our financial laws from am
biguity and doubt
The brief review 90 what was accom-
nlished from the close OF the war 20
1898 makes unreasonable and groundless
my distrust. either OF our financial
ability or soundness: while the situation
from 1898 20 1897 must admonish Con-
gross Of the immediate necessity OF 90
legislating as 10 make the return OF the
conditions then prevailing impossible
There arc many plans proposed as n
remedy for che evil Before We can find
the true remedy we must appreciate the
real evil II Is not thnt our currency OF
every kind Is not good for every dollar
OF e is rooG-wood because the govern
ment's nlcdgc is out 90 keep n 50. and
that pledge will not be broken. However.
the guaranty Of our purpose 10 keep the
pledge will he best shown by advanc-
ing towards its fulfillment.
The evil Of the present system r. found
m the great cost to The government ~
maintaining The parity OF our different
forms OF money. that IL. keeping all of
them AZ par with gold. We surely can
not be longer needless Of the burden this
imposes upon the people, even under
fairly prosperous conditions. while the
past four years have demonstrated that
81 is not oaiy an expensive fhnrge upon
tho government. but a dangerous menace
20 the national credit II Is manifest that
we must devise some plan 10 protect the
government against bond issues for re-
peated redemptions. We must either cur
tail the opportunity for speculation made