The Mena weekly star., 1897-12-08
THE MESSAGE.
Recommendations Made by President
 Mckinley to Fifty-Fifth Congress
THE FINANCIAL PROBLEM.
The Cuban Rebellion Hawaiian Annexa- tion- Nicaragua Canal Bimetalnsn-- Our Navy-Foreign Commerce. International Arbitration
 -Alaska-The Inc
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-aidbka-Ine ln~
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 WASHINGTON, Dec 6.-President Me- Kinley sent the following message to both houses of the Fifty-Fifth con- gress:
 To the Senate and House of Representatives:
 IL gives me pleasure to extend greeting to the Fifty-Fifth congress assembled in regular ses- sion at the seat of government, with many of whose senators and representatives I have been associated in the legislative service Their meeting occurs under felcitous condi- tions, justifying sincere congratulation and calling for our grateful acknowledgement to a benehcent Providence which has so signally blessed and prospered US as a nation. Peace and good will with all the nations of the earth continue unbroken.
 Ali Sections Are Unified.
 A matter of genuine satisfaction is the grow ing feeling and fraternal regard and unihcation of all sections Of our country the incomplete ness of which has too long delayed realization of the highest blessings of the union. The spirit of patriotism Is universal and is ever in- creasing in fervor. The public questions which now most eugross us are lifted far above either partisanship, prejudice or former sec tional differences. They affect every part of our common country alike and permit of no di- vision on ancient lines. Questions of foreign policy. of revenue, the soundness of the cur rency, the inviolabiity of national obligations the improvement of the public service, appeal to the individual conscience of every earnest citizen to whatever party he belongs or in whatever section of the country he may reside
 Endorses Special Session Legislation.
 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 whatit has already accomplished assures us Of its fimeliness and wisdom. To test it's permanent value further time will be required and the people. satisfied with it's operation and results thus far. are in no mind to withhold from it a fair trial
 THE CURRENCY PROBLEM.
 Tariff legislation having been settled by the extra session of congress, the question next pressing for consideration k that of the cur rency. The work of putting oug finances upon sound basis difficult as may seem, will appear easier i4ea we seo4ll the financial operation Of the government since 1868 On the Both day of June of that year we had outstanding demand Ilatiitiea in th sam of t7zs sds 54i 4l on the lst ot Januatg 1sg3 these iia0ilifias had been reduced fo 44a,sse 4a5.ss Ofour interest-hear- inp obligations the agures are even more striking On July I, 1885 the principal of the Intefest- oearIny debt ol the government was B. 33f EDS co che ist day Of July 1893 this sum had been reduced to .5sa p35, lu0 or an ag- gregate reduction of i,f4129t lJ& The inter-
  lst day Of December is91, was sl7S65.6s0 Tho government money now outstanding (De- cember i consists of 346 6Si0 0l6 Of United States notes l0T 1qs 2s0 of treasury notes is- sued by authority of the law of lSyd, 3S4953,504 of silver cegtihcates and 6i, ,2S0 56l of standard silver dollars
 With the great resources of the government and 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 fnanciaf laws from ambiguity and doubt The brief review of what was accom- plshed from the close of the war to 1893 makes unreasonable and groundess any distrust either of our financial ability or sOundness, while the situation from 1893 to 1897 must admonish con- gross of the immediate necessity of so legislat- ing as to make the return of the conditions then prevailing impossible.
 There are many plans proposed as remedy for the evil Before we can find the true remedy we must apprehend the real evil It 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 it so, and that pledge will not be broken. However, the guaranty of our purpose to keep the pledge will be best shown by advancing toward its fulhllment The evil of the present. system IS found in the great cost of the government of maintaining the parity of our different forms of money. that is keeping all of them at par Wltn gold We surely cannot pc longer necu- less of the burden this imposes upon the peo- pie. even under fairly prosperous conditions while the past four years have demonstrated that it is not only an expensive charge upon the governments but a dangerous menace to the national credit
 lt is manifest that we must devise some plan to protect the government against bond issues for repeated redemptions We must either eurtail the opportunity for speculation, made easy by the multiplied redemptiOns of our de- mand obligations or increase the gold reserve for their redemption. We have 95O.0jO000 of currency which the government by solemn en- actment has undertaken to keep at par with gold. Nobody is obliged to redeem in gold but the government. The banks are not required to redeem in gold. The government Is obliged 10 keep equal with gold all its outstanding our fency and coin obligations, while it's 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 certainty get gold is by borrowing 1t can get tt in no other way when 1t most needs It. Ine government without any fixed revenue IS pledged to maintain gold redemption, which 1t has steadily and faithfully done and which under the authority now given it will continue to do
 Redemption of Government Notes.
 The law which requires tho government after having redeemed it's notes to pay them out again as current funds demands constant re- plenishment of the gold reserve. This IS espe- cially so in times of business panic and when the revenues arc insufficient to meet the ex- penses of the government At such times the gOycrnTueuf has m ntf,er yrav to supply It's ue-