Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1897-12-06

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tatires:
1t gives me pleasure to extend |
greeting to the fifty-fiith congress. AZ
sembled In regular session at the sea
Of government, with nany OF whose
senators and representatives hav'
been associated in legislative service
The meeting occurs ander felicitous
conditions, justifying sincere congra
tulations and calling for ever gratsfu
Acknowledgements to beneficient prov
idence, which has so signally blessed
and prospered US as nation. Peace
and good will with all nations Of th.
earth continue unbroken. A matter o
genuine satisfaction is = growing feel
ing Of fraterDal regard and unifcatior
OF all sections OF our country, the in
completeness OF which has too lop&
delayed realization of the highes
blessings of our nation. The spirit O.
patriotism is universal and is ever In.
creasing in favor. The public questions
which now most engross US are lifted
far above either partisanship, prejudice
or former sectional differences. They
affect every part Of our common
country alike, and permit OF
NO DIVISION ON ANCIENT LINES.
Qnesuons of foreign policy, the
soundness OF currency, inyiolability oi
national bIgations, and improvement
OF public service appeal to tbs indi-
vidual conscience OF every earnest
citizen Of Whatever party be belongs or
whatever SECTION of iha country ho
may reside. Tne extra session of oon-
gress, which closed during Ju!y last,
enacted important legislation, and
while its full etfsct has not been real
iEed, what it has already accomplshsd
assures us of its timeliness and wisdom.
To test its permanent value, further
tirc will be required. and people
satisfied with its operation and results,
thus far, ara in no mind to withhold
from 1t fair trial. Tariff legislation
having been settled, the question now
pressing for consideration is thas of
currency. The president then reviews
THE FINANCES OF THE COUNTRY.
Since 1866 and says the evil of tAe
present sys EN- is found IN the great
cost OF maintaining The p,rity OF our
different forms IL money, that TO-,
keeping all OF them at par with gold.
1t is manit 1t that we must devise some
plan 10 protect the government again It
bond issues for repeated redemption.
We must either curtail the opporIuni Y
for speculation, made easy by the
multiplied redemption of our obliga-
t,ons, or increase the gold reserve.
We have $500, 900. 900 current, which
government, by solemn enactment, has
undertaken 70 keep at par. Nobody Is
Obliged to redeem in gold but the gov
ernment. Banks are not required to re-
deem 10 gold The governments is obliged
to keep equal with gold all its outstand
ing currency, while It's receipts are not
required to he paid in gold They are
paid In every kind Of money, bat the
only means by which the government
can get goldis by borrowing. This is
especially so in times Of business paric.
as during the administration OF my
predecessor, when the proceeds of
S262.sl5 400 OF BONDS WERE ISSUED
to pay the expenses Of the govern
meut In excess OF revenues and to sus
tain the gold reserve. With revenues
equal to our expenses there would be
no, deficit requiring the issue of bonds,
but VI the gold reserve falls below
S100. 900 900 how will 1t be replenish.
ed. exc pt by selling more bondsf Is
there any other practicable way under
the existing law! II no further legis-
lation is had. and the policy OF selling
bonds continues, then congress shonld
give the secretary Of the treasury aus
thority TO sell bonds bearing less rate
Of interest than now. earnestly rec.
ommerd as soon aa the receipts of the
government are suiiicIent to pay its ex-
penses, that when any United States
potes are redeemed in gold, such notes
shall be kept apart and only paid out
10 exchange for gold. This Is an OBJ.
vious duty. II wo are to have an era
OF prosperity we may feel no embarr
assEent from oar present currency bn'
danger still exisrs and will be eFel
present mensciug Us 80 long ~ the sK-
istlng system continues.
NATIONAL BANKS.
Iconcur with the secretsry Of The
treasury that national banks be allowed
TO issue mote to the face value of th'
bonds they have deposited, and ths
the tax on circulating notes secured by
such dep 'sits be rsducsd to one half o
ona mar cent. Der annum. Also. tha