The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-12-07

washington, D. c., Dec. 6, 1897.
President Mckinley to-day sent his
annual message to Congress congratu-
latlnE 1t upon reaSSembllng under
felicitous conditions, calling for CRATE
full acknowledgement to n beneficient
providence which has so slgnally
blessed and prospered us as nation.
Peace and good Will with all the ma
tlcus OF the earth continue unbroken.
he says. He also expresses genuine
satisfaction at the growing spirit of
fraternal regard and the uniacatlon OF
all sections OF our country, upon the
universal spirit OF patriotism and the
lifting Of great public questions above
party prejudice and sectional differ
ence.
Contrary to the usual custom which
has led to the treatment OF matters OF
foreign relations in the beginning of
votes his attention first to the financial
question. OF which he says:
The extra session of this Ccngress,
which closed during July last, enacted
important legislation, and while its full
effect has not yet been realized, what
It has already accomplished assures
us of Its timeliness and wisdom. TO
test It's permanent value further time
will be required, and the people, sat
lstled with its operation and results
thus far, are in no mQld to withhold
from II q fair trial.
THE CURRENCY QUESTION
Tariff legislation having been set
tied by the extra session of Congress,
the question next pressing for consid-
eration is that OF the currency.
The work OF putting our finances
upon sound basis, difficult rs It may
seem. VIII appear easier when we re-
call the financial operations OF the
Government since 1866. On the 18th
day or June of that year we had out
standing demand liabilities in the sum
OF S72SS6S,44 On the lst of Jam
uary, 1878. these liabilities had been
reduced to st43SS9 1883 OF our inter
est-bear!nE obligations the figures are
even more striking. On July l. 1866,
the principal OF the interest bearing
debt OF the Government was 5? 332. 33l :
20S. on the 1st day Of July 1893. this
sum had been reduced to $685., ,037. 100,
OF an aggregate reduction of $1,747 ,204, :
United States en- the 1st day of I}acem-
Der, 1897. was 3Si7, 365. .62o. The Govern
ment money now outstanding lDecem-
bsr y consists OF s3l6. 6.6Sl 0l8 of United
States notes. 3lO7.7a3. 2S0 Of Treasury
notes Issued by authority OF the law of
1890. 3SSt,s63,5o4 OF silver certificates
and sci .260. .7S1 Of standard silver dollars
with the great resources of the
Government and with the honorable
example OF THE past before us, we
ought not to hesitate 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
The brief review or what was ac-
complished from the close OF the war to
1893 makes unreasonable and ground
less any dlstrust either OF our financial
ability or soundness. while the stuat tion
from 1898 to 1887 must admonlsh Con-
gress OF the immediate necessary of so
legislatlng as to make the return OF the
conditions then prevailing impossible
There are many plans proposed as
remedy for the evil. Before we car,
find the true remedy we must appre.
ciate the real evil II Is not 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
II so-and that pledge will not be
purpose to keep the pledge will be best
shown by advancing toward its fulflll.
ment.
THE evil OF the present system Is
found Ia 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 1t Is not only an
expensive charge upon the Government,
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 re-
demptions. We must either curtail the
opportunity FOR speculation. made easy
by the multiplied reGemptions Of our