Evening journal., 1897-03-05
. POLICY OUTLINED.
The inaugural Address of Pres.
ident Mckinley.
URGES EARLY TARIFF REVISION

Eor That Purpose-Pronouncss In Favor
OF international Bimetallisni-wi DE.
rend the Rights of American Citizens.
WASHINGTON, March 5.-Fresident Nc.
Klnlcys inaugural address outlining the
policy Of the new administration Is very
generally and heartily commended by his
party and is not severely criticised by his
Political opponents. 1t is as follows:
FELLOW CITizENs-In obedience to the viii
OF the people and in their presence by the au
thorlty vested in by this oath / assume
the nrduous and responsible duties OF presi
dent OF the United States, relying on the sup.
port Of my countrymen and invoking the guild.
ance of Almighty God. Our faith teaches that
tnere ia no safer reliance than upon the God
81 our fathers, who has so singularly favored
the American people in every national trial
amt who viii not forsake US so long as we obey
lis commandments and walk humbly in his
footsteps.
The responsibilities Of the high trust t.
which have been called-always OF grave i'm
portance-are augmented by the prevailing
business conditions entailing idleness upon
willing labor and loss to useful enterprises.
The country is suffering from industrial dis
turbances from which speedy relief must be
had. Our financial system needs some revision.
Our money is all good now. but its value must
not further be Threatened lt should all be
put upon an enduring basis, not subject to
ensy attack, nor its stability TO doubt or dis
puie. Our currency should continue under
the supervision OF the government. The sew
crel forms Of our paper money offer, in my
Judgment, constant embarrassment to the
government and safe balance in the treasury
Therefore / believe il necessary to devise o
systcm which. without diminishing the circu
laung medium or offering premium for itk
contraction, will present "a remedy for those
arrangements which, temporary in their ma
ture, might we'll in the years Of our prosper
lty have been displaced by wiser provisions
With adequate revenue secured-but not until
lncn-we can enter upon such changes in ouf
hnunce laws will, while insuring safety and
volume 20 our money. no longer impose upon
the government the necessity of maintaining
80 large a gold reserve, with its attendent and
inevitable temptations to speculation. Most
OF uur financial laws are the outgrowth of ex-
perience and trial and should not be amended
Wltnout investigation and demonstration Of
the wisdom OF the proposed changes We must
be both "sure We are right" and ''make haste
slowly II, therefore, congress in its wisdom
shall deem 10 eNpedient to create a commission
10 take under early consideration the revision
of our coinage banking and currency laws and
give them that exhaustive careful and dispas.
sOnate examination that their Importance de.
mands, shall cordially concur in such action.
II such power is vested in the president it is
my purpose TO appoint a commission Of prom
lnent, we'll informed citizens OF different par
ties. who will command public confidence both
ON account Of their ability and special fitness
for the work Business experiences and public
training may thus be combined, and the patri-
otic zeal of the friends Of the country be so di-
rected that such a report will be made as tc
receive the support Of all parties and our
finances cease to be the subject Of mere parti-
san contention. The experiment Is, at all
events, worth a trial, and, in my opinion, IL
can but prove beneficial to the entire country.
International BimetalIlsn.
The question Of international bimetallism
will have early and earnest attention. II viii
be my constant endeavor to secure it by CO.
operation with the other great commercial
powers 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 silver already coined and of that which
may hereafter be coined must be kept con-
stantly at par with gold by every resource at
our command The credit of the government
the integrity Of its currency and the inviola-
hlity Of its obligations must be preserved.
This was the commanding verdict Of the peo
pie, and it viii not be unheeded
Economy is demanded in every branch of the
government at all times, but especially in pc
riods like the present Of depression in business
and distress among the people. Tho severest
economy must be observed in all public ex
penditures and extravaganza stopped wher
ever 1t is found and prevented Wherever in
the future il may be developed II the reve-
nues are to remain as now, the only relief that
come must be from decreased expendi
lures. But the present must not become the
permanent condition OF the government. It
has been our uniform practice to retire, not
increase, our outstanding obligations and this
policy must again be resumed and vigorously
enforced. Our revenues should always be
large enough TO meet with ease and proinptness
not only cur current needs and the principal
and interest Of the public debt, but 20 make
proper and liberal provision for that most de-
serving body Of public creditors, the soldiers
and the sailors and ths widows ard orphtus
who are the pensioners of the United States.
The government should not be permitted 10
run behind or increase its debt in times like
che present.
Suitably TO provide against this is the man
date Of duty, the certain and easy remedy for
most Of our financial difficulties. A deficiency
is inevitable so long as the expenditures of the
government exceed its receipts 1t can only
be met by loans or an increased revenue.
As to Revenue.
While large annual surplus Of revenue may
invite waste and extravaganza. inadequate
revenue creates distrust and undermines pub
Tic and private credit.
Neither should be encouraged. Between
more loans and more revenue there ought 20
10 but one opinion. We should have more rev
onue and that without delay, hindranoe or
postponement surplus in the treasury ere
ated by loans Is not permanent or safe reli-
ance. IL VIII suffice while II lasts. but IL can
not last long while the outlays III the govern
inent are greater than its receipts, AS has been
the case during the past two years Nor must
10 be forgotten that, however much such loans
may temporarily relieve the situation, the gov
Crnment is still indebted for the amount OF the
surplus thus accrued, which il must ultimate
j. pay, while its ability TO pay is not strength
ened, but weakened. by continued deficit.
Loans are imperative in great emergencies to
preserve the government or its credit but a
failure to supply needed revenue IN time of
peace for the maintenance Of either has no
justification.
The best way for the government to main
tain its credit is TO pay as il goes. not by re.
sorting TO loans, but by keeping out OF debt
through an adequate income secured by a sys
tom Of taxation. external OF internal. or both.
It is the settled policy OF the government. pur-
sued from the beginning and practicad by all
parties and administrations, TO raise the bulk
Of our revenue from taxes upon foreign pro.
ductions entering the United States for sale
and consumption, and avoiding for the most
part every form Of direct taxation, except in
time of war.
Tariff Taxation.