Omaha daily bee., 1897-03-05
lNAUUUNHL HDUNEOO
President Mckinley Outlines the Policy that
He Proposes to Adopt,
FIRST DECLARATION OF NEW EXECUTIVE
Currency and Revenue Require Immediate
Attention of Congress.
EXPENSES AND INCOME MUST BALANCE
Peoples Verdict Was for the Protection Of
American Industries.
URGES ACTION ON ARBITRATION TREATY
No Direct Reference to Cuban Trou-
blcs-will lie His Aim to Pre-
serve Peace with All Nntionr
ana Protect Americans.
Peoples Verdict Was for the Protection Of
American Industries
URGES ACTION ON ARBITRATION TREATY

aUQTeSS BreSluont MCKINNEY was as
lows:
Fellow citizens: In obedience to the will
Of the people and to their presence, by the
authority vested in me by this oath, /
sumo the arduous and responsible duties OF
president OF the United States, relying on the
support of my countrymen, and invoking the
guidance of Almighty God Our faith
teaches that there is no safer reliance than
upon the God of our fathers. who has so
singulary favored the American people In
every national trial, and who will not for
sake us so long as we obey HIS command
ments and walk humbly in his footsteps.
1.-The responsibilities of the high trust to
which / have been called always of grave
Importance, are augmented by the prevail
ing business conditions, entailing idleness
upon willing labor and loss to useful en-
terprises The country is suffering from
Industrial disturbances from which speedy
relief must be had. Our financial system
needs some revising; our money is all good
now but its value must not further be
threatened. 1t should all be put upon an
enduring basis not subject to easy attack
nor its stability to doubt or dispute. Our
currency should continue under the super
vision of the government. The several forms
of our paper money offer, in my judgment,
a constant embarrassment to the govern
ment and a safe balance in the treasury
Therefore, believe 1t necessary to devise
system, without diminishing the circulating
mGQlum OF OHeTlilB u premium ioi iuS No'
traction which will present remedy for
those arrangements, which, temporary IN
their nature, might we'll in the years OF
our prosperity have been displaced by wiser
provisions. With adequate revenue assured,
but not until then, we enter upon such
changes in our financial laws as VIII, while
insuring safety ami volume to our money, no
longer impose upon the government the
necessity OF maintaining so large gold
reserve, with its attendant and inevitable
temptations to speculation
CARE SHOULD BE EXERCISED.
Most of our financial laws are the out
growth Of experience and trial. and should
not be amended without investigation and
demonstration of the wisdom of the proposed
changes We must be both sure we are
right, and make haste slowly II. there.
| fore. congress in its wisdom shall deem It
| eXpedient to create a commission 10 tahe
under early consideration the revision OF
! our coinage banking and currency laws, ana
| give them that exhaustive, careful and dis
! passionate examination that the Importance
| demands | shall cordially concur IN such
action II such power Is vested In the presi-
dent, 1t Is my purpose to appoint a COM
| mission of prominent, well informed citizens
! of different parties who will command public
| confidence both on account or their aDlilty
and special fitness for the work.
| Business experience and public training
NAV thus be combined and the patriotic zeal
of tbe friends Of the country be so directed
| that such a report will be made as to receive
| the support of all parties and our hnahces
| cease to be the subject OF mere partisan con-
| tention The experiment is at all events
worth trial, and, in my opinion, 1t can but
| prove beneficial to the entire country.
| INTERNATIONAL BIMETALLISM.
| 1.-THE question of international bimetallism
will have early and earnest attention. IL
! will be my constant endeavor to secure 1t
| by Co-operati9n with the other great COM
| oil nj the world Until that con-
| diton is realized when the parity between
| our gold and silver money springs from and
| Ls supported by the relative value OF the two
metals the value of silver already coined and
| of that which hereafter may be coinsd, must
| be kept constantly at par with gold by every
| resource at our command The credit OF
| the government the integrity OF It's currency
and the invlolability of its obligations must
| be preserved. This was the commanding
verdict of the people and it will not be un-
! needed.
Economy is demanded In every branch OF
the government at all times, but especially
| in periods like the present depression OF
business and distress among the people. The
severest economy must be observed In all
public expenditures and extravaganza stopped
wherever it is found and prevented wherever
| in the future 1t may be developed. II the
revenues are to remain as now the only relief
that can come must be from decreased eX.
penditures But the present must not become
the permanent condition OF the government
1t has been our uniform practice to retiI e
rot increase, our outstanding obligations, and
this policy must be again resumed and vigor
ously enforced. Our revenues should alwayt
be large enough to meet with ease and
promptness not only our current needs ant
| the principal and interest OF the public debt
but to make proper and liberal provision fol
that most deserving body of public creditors
the soldiers and sailors and the widows and
orphans, who are the pensioners of the UnitSt
| States.
NO INCREASE OF DEBT
"The government should not be permitted
to run behind, or increase its debt in timei
like the present. Suitably to provide agains
this Is the mandate of duty, the certain ant
easy remedy for the most of our fnancia
difficulties. A deficiency is inevitable 30 Ions
| as the expenditures of the government ex
ceed it's receipts. 1t can only be met by
loans or an increased revenue. While
large annual surplus of revenue may invit,
waste and extravaganza, inadequate revenue
| creates dietrust and undermines public ant
private credit. Neither should be encouraged
Between more loans and more revenue ther
ought to be but one opinion. We should hav
more revenue, and that without delay. hin
| dranee or postponement. A surplus In tn
treasury created by loans Is not permanen
or safe reliance. 1t will suffice while It lasts
but IL cannot last long while the outlays o
the government are greater than its receipts
J | as has been the case during the past tw
| years Nor must II be forgotten that how
ever much such loans may temporarily re
| lieye the situation, the government is Still
Indebted for the amount of the surplus thu
accrued, which 1t must ultimately pay, Will
it's ability TO pay Is not strengthened, bu
weakened, by a continued deficit. Loan
e are imperative In great emergencies 10 pre-
h serve the government or It's credit. but
failure to supply needed revenue In time @
peace for the maintenance Of either has n
+ justification.
n AVOIDING DIRECT TAXATION.
n .The best way for the government
maintain its credit 10 to pay as II goes-no
I, hy resorting to loans, but by keeping out 9
debt--through an adequate income secure
u by a system Of taxation external or IL
n ternal. or both. II is the settled policy OF tn
government, pursued from the beginning, an
n practiced by all parties and admlnistraticc
: 10 raise the bulk OF revenue from taxes ,ia1
states for sale and consumption. and ay adm