The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-12-07
THE. PRESIDENTS MESSAGE
TIE CURRENCY AND CUBAN QUE 3
TIoNS FIRST CONSIDER LID.

LIONS RI hSI CONSIDAhADs
Invites Careful Attention to Secretary
Cages Plan Which is Ahmed to Remove
Any Threatened Recurrence of Depleted
Gold Reserve-opposes Belligerenoy-
Favors Hawaiian Annexation.
To the Senate and House of Represent
tatives: 1t gives me pleasure to extend
greeting to the Fifty-tifth congress as
sembled in regular session at the seat Of
government, with many Of whose sena-
tors ana representatives I have been
associated In the legislative service.
Their meeting occurs Under delicious
conditions justifying sincere congratu-
lation and calling forth our grateful ac-
acknowledgement to a beneficent provi-
denee which has so signally blessed and
prospered us as a nation. Peace and
good will with all the nations of the
earth continue unbroken.
A matter of genuine satisfaction is
the growing feeling of fraternal regard
and tiniflcation of all sections of our
country, the incompleteness Of which
has too long delayed realization of the
highest blessings Of the Union. The
spirit Of patriotism is universal and Is
ever increasing in fervor. The public
questions which now most engross us
are lifted far above either partisanship,
prejudice or former sectional 1iferen-
ces They affect every part of our COM
mon country alike and permit Of no di-
vision on ancient lines. Questions of
foreign policy, of revenue, the sound
ness of the currency, the inviolablllty Of
national obligations, the Improvement
of the public service, appeal to the iddi-
vidual conscience Of every earnest citi-
zen to whatever party he belongs or
whatever section of the country he may
reside. The extra session of this con-
gress which closed during July last en-
acted important legislation and while
it's full effect has not yet been realized,
what 1T has already accomplished as
sures us Of its timeliness and wisdom.
To test it's 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 it fair trail.
Tariff Legislation having been settled
the question next pressing for consider
alton is that Of the currency.
Currency.
The work of putting our finances upon
a sound basis, difficult as it may seem.
will appear easier when we recall the
financial operations Of the government
since 1866. On the thirtieth day Of June
of that year we had outstanding de-
mand liabilities in the sum of $72S, $685.
44741. On, the first of January, 1879,
these liabilities had been reduced to
$445, 1893, 4S5.SS. OF, our interest bearing
obligations, the figures are even more
striking. On July ], 1885, the principal
of the interest bearing debt of the gov
eminent was $685., 331 POS On the first
day Of July, 1893, this sum had been
reduced to $685. ,037 100, or an aggregate
reduction Of 81, TAI, 294,1OS The interest
bearing debt of the United States on
the first day of December, 1897, was
$S47, 1856, 800. The government money
now outstanding (Dec. D., consists Of
$346, 6S1, ole Of United states notes,
$107, 793, $50 Of treasury notes issued by
authority of the law Of 1890 1884 e63, 504,
of silver certificates and 1891, $50, 76l OF
standard silver dollars.
With the great resources Of the gov
eminent and with the honorable exam
pie Of the past before us we ought not
to hesitate to enter upon a currency re-
vision which will make our demand OBJ
| legations less onero,is to the govern
rnent and relieve OUR financial laws
from ambiguity and doubt.
The brief review of what was accom-
| plished from the close Of the war to 1898
| makes unreasonable and groundless any
distrust either of our financial ability
| or soundness; while the situation from
| 1893 to 1897 must admonish congress OF
| the immediate necessity of so legslatine
| as to make the return of the
conditions then prevailing impossible.
There are many plans pSoposed as a
remedy for the evil. Before we can find
the true remedy we must appreciate the
real evil 1t is not that our currency OF
every kind is not good, for every dollar
| of it is good; good because the govern
ment's pledge is out to keep 1t 50 and
that pledge will not be broken. HoweV-
| er the guaranty of our purpose to keep
| the pledge will be best shown by advan.
| cling towards its fulfillment.
EVIL of Present syete,n.
| line evil Ol Tic pTGSeLL SySleHi IL
| found in the great cost to the govern
ment of maintaining the parity of oui
| different forms of money, that is, keep
| ing all Of them at par with gold. we
surely cannot be longer needless of the
| burden this imposes upon the people
even under fairly prosperous conditions
while the past four years have demon
| strated that 1t is not only an expensive
| charge upon the government, but Z
| dangerous menace to the national cred
| 1t.
It Is manifest that we must devise
some plan to protect the government
against bond Issues for repeated re
| deinptions. We must either curtail Thu
1 opportunity for speculation made cas-,
| by the multiplied redemptions of oul
| demand obligations, or increase the golf
| reserve for their redemption. We hav,
| s900, 000, 900 of currency which the gov
| eminent by solemn enactment has I'm
| dertaken to keep at par with gold. No
| body Is obliged to redeem in gold bu
the government. The banks are not re
| quired to redeem in gold. The govern
ment is obliged to keep equal with golt
| all its outstanding currency and coir
| obligations, while its receipts are no
| required to be paid in gold. They arr
| paid in every kind of money but gold
| and the only means by which the gov
eminent can with certainty get gold IL