Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-12-06

| VII
| message to Congress:
| THE MESSAGE.
! To the Senate and House of Represent
| atves:
| 1t gives me pleasure to extend greeting
to the Fifty-fifth Congress, assembled in
| regular session at the seat of Government,
with many of whose Sena tors and Repre-
| sentatives 1 have been associated in the
| legislative service. Their meeting occurs
under felicitous conditions, justifying sin
| grateful acknowledgment to a benefcent
| Providence which has so signaiiy 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
| unifcation CT 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 en-
gross US are lifted far above either parti-
| Sanshir, prejudice or former sectional diff
ferences. They affect every part of our
common country alike and permit of no
division on ancient lines. Questions of
/ foreign policy, of revenue, the soundness of
| the currency, the inviolability of national
obligations the improvement of the public
service, appeal to the individual conscience
of every earnest citizen to whatever party
he belongs or in whatever section of the
country he may reside.
THE CURRENCY QUESTION.
The extra session of this Congress which
closed during July last enacted important
legisat ion and while it's full effect has not
yet been realized, what it has already ac-
compished assures us of its umeliness and
wisdom. To test its permanent value fur
Their time will be required. and the people.
satisfied with its operation and results thus
far, are in no mind to withhold from it a
fair trial.
Tariff legislation having been settled by
the extra session of Congress, the question
next pressing for consideration is that of
the currency.
The work of putting our finances upon a
sound basis. difficult 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 demand liabilities in
the sum of s72S, s6s, 447.41. On the first of
January, 1879, these liabilities had been re-
duced to $443, $50, 1858. OF our interest
bearing obligations, the figures are even
more striking. On July l, 1866. the prin-
cipal Of the interest-bearng debt Of the
Government was 81 ,332 331 POS. On the first
day of July $685. this sum had been reduced
to $685.. 037 100, or an aggregate reduction
of s1,747, 294. 1Os. The interest bearing debt
Of the United States on the first DAY Of
December, 1897, was $S4I 1865 600. The Gov
eminent money now outstanding December
y consists of s3466S1 .O16 of United States
notes, $107, $3.50 of Treasury notes issued
by authority of the law Of 1890, 1884. 963, 504
of silver certificates, and SCI $50, 161 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 to hest
tate to enter upon currency revision which
will make our demand obligations less
onerous to the Government and relieve our
financial laws from ambiguity and doubt
p!ished from the close of the war to 1898.
makes unreasonable and groundless any
dstrust either of our financial ability or
soundness: while the situation from 1893 to
1897 must admonish Congress of the irHe-
date necessity of so legslating as to make
the return of the conditions then prevailing
impossible.
There are many plans proposed as a rem
edy for the evil. Before we can find the
true remedy we must appreciate the real
evil. Il Is rot that our currency of every
kind is not good. for every dollar Of 1t is
good; good because the Governments
pledge is out to keep 1t SO, and that pledge
will not be broken. However, the guaranty
Of our purpose to keep the pledge will be
best shown by advancing toward its fulfill
ment.
Evil of the Present System.
The evil Of the present system is found
in the great cost to the Government of
maintaining the parity of our different
forms of money. that is keeping all of
them at par with gold. We surely can not
be longer needless of the burden this Inn
poses upon the people, even under fairly
prosperous conditions. while the past four
years have demonstrated that 1t is not only
an expensive charge upon the Government
Dut dangerous menace 20 tne Natlonal
credit.
1t is manifest that we must devise some
plan to protect the Government against
bond issues for repeated redemptions. We
must either curtail the opportunity for
speculation, made easy by the multiplied
redempttons of our demand obligations. or
increase the gold reserve for their redemp-
ton. We have s901O00.000 Of currency
which the Government by solemn enact
ment has undertaken to keep at par with
gold. Nobody L. obliged to redeem in gold
but the Government The banks are not
required to redeem In gold. The Govern
ment Is obliged to keep equal with gold
all its outstanding currency and coin obi.
cations. while its receipts are not required
to be paid in gold. They are paid In every
kind Of money but gold. and the only means
by which the Government can with GER