The Portland daily press., 1897-12-07


Spain VIII Be Giyea Chance to Re-
deem Its Pledges.
To the Senate and House of Representa-
tives:
1t gives me pleasure to extend greeting
to the Fifty Fifth Congress assembled
in regular session at the seat of govern
ment with many of whose senators and
representatives l have been associated
il. the legislative service. Their meeting
occurs under felicitous conditions justi-
flying sincere congratulation and calling
for our grateful acknowledgment to a
beneficent Providence which has SO Sig
nation. Peace and good will, with all
the nations of the earth continue unbrok-
en-.
A matter of genuine satisfaction is the
growing feeling of fraternal regard and
unihoation of all sections of our country,
the incompleteness of which has too long
delayed realization of the highest blessing
of the Union. The spirit of patriotism
| Is universal and is ever increasing in fer
vor. The public questions which now
most engross us are lifted far above either
partisanship, prejudice or former section
al differences. They affect every part of
our common country alike and permit of
no division on ancient lines. Questions
of foreign policy, of revenue, the sound
ness of the currency, the inyiolability of
national obligations, the improvement of
the public service, appeal to the individ-
ual conscience of every earnest citizen to
whatever party he belongs or in what
ever 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
effect has not yet been realized, what it
has already accomplished assures us Of it's
timeIiness and wisdom. To test Its per-
marSnt value, further time will be re-
quired and the people, satisfied with its
operation and results thus far, are in no
mind to withhold from it a fair trial
THE CURRENCY.
Tariff legislation having been settled
by the extra session of Congress, tho oues-
ion next pressing for consideration is
that of the 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 thirrieth day of June
of that year we had outstanding demand
liabilities in the sum of S72S, ,S68, 447. A.; on
The first of January, 1887, these liabilities
bar1 heaar rod fn SAd3 $50 AttS 20 (1f
our interest bearing obligations, the fig
rres are even more striking. On July l.,
1856, the principal of the interest," bearing
debt of the government was 81, ,332, 331 20S
On the first day of July, 1893, this sum had
been reduced to $685. 037, 100, or an aggre-
gate reduction of VI ,747, ,2g4, l08. The in
terest bearing debt OF the United States
on the first day of December, 1897, was
S547 800, $50. The government money
now outstanding December u consists
of $346 6Sl ,016 of United States notes,
107, 793 go of treasury notes issued by au
thority Of the law of 1890, $2Sl, ,963 5U4 of
silver certificates, and 1851 ,2S0, 161 of
standard silver dollars.
With the great resources of the govern
1nent and with the honorable example of
the past before lis, we ought not to tesi-
tate to enter upon a currency revision
which Will make our demand obligation
less onerous to the government and relieve
cur financial laws from ambiguity and
dou BIT.
1he brief review of what was accom-
plished from the close of the war to 1693
makes unreasonable and groundless any
distrust either OF our financial ability
Or soundness; while the situation from
1853 to 1887 must admonish Congress Of
the immediate necessity of so legislating
as to make the return of ths conditions
then prevailing impossible.
There are many plans proposed 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 it so and
that pledge will not be broken. How
ever, the guaranty Of our purpose to keep
the pledge will be best shown by advanc-
ing towards its fulillment.
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 ut par with gold. We surely cannot
be longer needless of the burden this i'm
poses upon the people even under fairly
prosperous conditions. whilesthe past four
years have demonstrated that 1t is not
only an expensive charge upon the gov
ernment but dangerous menace to the
national 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 multi
piled redemptions of our demand oblga-
tions, OF increase the gold reserve for
their redemption. We have $500, GOO, 600
Of currency which the government by sol
emn enactment has undertaken to keep
at par with gold. Nobody is obliged to
redeem in gold but the government. Tho
banks are not required to redeem In gold:
The government is obliged to keep equal
with gold all its outstanding currency and
coin obligat ons while its receipts are not
required to be paid III gold. Ihey are paid
in every kind of money but gold, and the
only means by which the government can
with certainty get gold is by borrowing.
1t can get it in no other way when it
most needs it. The government, without
any fixed gold revenue, is pledged to
maintain gold redemption which it has
steadily and faithfully, and which, under
the authority now given, it will continue
to do.
CONSTIPATION Cureu.