The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1897-12-09
MKINLEY'S MESSAGE.
AN ABSTRACT OF THE PAPER READ
BEFORE CONGRESS.


Thinks s"g"st" should Have an Oppor
tunity Timetable Envoys Seed Nor.
Timc-Thc Tariff All Right.
WASHINGTON, Dec 8.-Both branches
o the Fifty-fifth Congress met at loon |
tI- lay After the calling of the roll |
the President was notified, and ,mmu !
niclted by mes age.
To the Senate and House of Represen-
tatives:
II gives me pleasure to extend greet |
ing to the fifty-fifth Congress. assem- |
bled in regular session at the seat of
government, with many of whose Sem |
ators and Representatives have been |
associated In the legislative service. |
Their meeting occurs under felicitous
conditions. justifying sincere congrat-
ulation and calling for our grateful ac-
acknowledgement to beneficent Provi-
dence which has so slgnally blessed
and prospered us as a nation. Peace
and good will with all the nations of
the earth continue unbroken.
The public questions which now
most engross us are lifted FAR above
either partisanship. prejudice or for
mer sectional differences. They affect
every part of our common country and
permit OF no division on ancient lines.
questions Of foreign policy, of revenue.
the soundness of the currency, the in
volatility Of national obligations, the
Improvement of the public service. ap.
peal to the individual conscience OF
every earnest citizen to whatever party
he belongs, or in whatever section of
the country he may reside.
Currency Question.
Tariff legislation having been settled
by the extra session OF Congress. the
question next pressing for considera-
ton Is that OF the currency.
with the great resources Of the Gov
ernment and with the honorable exam
pie of the past before us, we ought not
to hesitate to enter upon a currency
revision which will make our demand
obligations less onerous to the Govern
ment and relieve our financial laws
from ambiguity and doubt.
The evil of the present system is
found in the great cost to the Govern
ment OF maintaining the parity OF our
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 condi-
tions, while the past four years have
demonstrated that It Is not only an ex>
pensive charge upon the Government,
but a dangerous menace to the ma
tional credit
We have $500, ,0oo, 900 Of the currency
which the Government by solemn en-
actment has undertaken to keep at par
with gold. Nobody is obliged to re.
deem in gold but the Government. The
banks are not required to redeem In
gold. The Government Is obliged to
keep equal with gold all its outstanding
currency and coin obligations. 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
tainty get gold Is by borrowing. 1t can
get 1t In no other way when II most
needs 1t. The Government. without
any nxed gold revenue. Is pledged to
maintain gold redemption. which 1t has
steadily and faithfully done. and
which. under the authority now given,
1t will continue to do.
With our revenues equal to our ex-
penses there would be no deficit requ!--
ing the issuance Of bonds. But II the
gold reserve falls below 800. 900 how
will 1t be replenished except by selling
more bonds? Is there any other way
practicable under existing laws?
earnestly recommend as soon as the
receipts Of the Government are quite
sufficient to pay all the expenses of
the Government. that when any OF the
United States notes are presented for
redemption In gold and are redeemed
in gold, such notes shall be kept
and set apart. and only paid out
In exchange for gold. This Is
an obvious duty. II the holder Of the
United States note prefers the gold
and gets II from the Government, he
should not receive back from the Gov
ernment a United States note without
paying gold in exchange for 1t. The
reason for this il made all the more
apparent when the Government Issues
an interest bearing debt to provide
gold for the redemption of United
states notes q bearing
debt. Surely 1t would not pay then
out again except on demand and fol
gold. II they are put out In any othe
way they may return again, TO be FOL
lowed by another bond issue to redeem
them-another interest-bearing debt t.
redeem a bearing debt.
National Banks.
Treasury in his recommendation tina
national banks be allowed to issu
notes to the face value of the bond
which they have deposited for clrcuia
ton, and that the tax on circulatln
notes secured by deposit of such bond
be reduced to one-half of per CEN
per annum. also Join him In recon
mending that authority be given 10
the establishment of national pahk
with a minimum capital of $4,000. Thl
win enable the smaller villages an
agricultural regions OF the country
be supplied with currency to NEE
their needs.
Spain and Cuban Affairs.
The most important problem W.T.
which this Government is now caile
upon to deal pertaining to its forelS
rela tions concerns its duty TOWARD
Spain and the Cuban insurrectloi
Problems and conditions more or les
in common with those now eXlstll
have confronted this Government