The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1897-12-16
resident McKinley's frst annual mes

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President McKinley's first annual mes
sage was read before both houses of Con-
gress at noon Monday. He congratulated
Congress upon assembling under feliclt-
Gus conditions. Peace and good will with
all the nations of the earth continue un-
broken, he says, and we should feel gen.
uine satisfaction at the growing spirit of
fraternal regard and unifcation in all
sections of our country and the lifting OF
great public questions above party preju-
dice.
Beginning with the subject Of the
finances the President says that while the
full effect of the legislation Of the extra
session has not yet been realized what it
has already accomplished assures US of
its timeliness and wisdom. To test its
permanent value further time will be re-
luired and the people, satisfied with its
operation and results thus far, are in no
mind to withhold from it fair trial. Inc
next question pressing for consideration
is that of the currency. 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
a currency revision which will make out
demand obligation less onerous to the
Government and relieve our financial
laws from ambiguity and doubt. The evil
Of the present system is found IN the
great cost to the Government of main
tanning at parity with gold our different
forms of money and the experience of the
past four years has demonstrated
that this is not only an expensive charge
upon the Government, but dangerous
menace to the national credit. 1t is mani
fest that we must devise some plan to pro-
tect the Government against bond issues
for repeated redemptions. We have nine
hundred millions of currency which the
Government, by solemn enactment, has
undertaken to keep at par, and nobody is
obliged to redeem In gold but the Gov
ernment, which must borrow the gold.
Redemption of Treasury Notes.
The law which requires payment out
Of the treasury Of unredeemed' United
States notes demands constant replen-
ishment of the gold reserve, especially in
times of panic and insufficient revenue and
during the proceeding administration
$262, 2,315, 400 AZ per cent. bonds were is
sued and sold to sustain the gold reserve
and pay the expenses of the Government
in excess Of revenue. While it is true
that a greater part Of this is used to sup
ply deficient revenues, a considerable por-
ton was required to maintain the gold re-
serve. II no further legislation is to be
had to correct this and the policy Of sell
ing bonds is to be continued, then Con-
gress should give the Secretary Of the
Treasury authority to sell bonds at long
or short periods, bearing less rate OF
interest than is now authorized by law.
The President says: 81 earnestly recon-
mend as soon as the receipts Of the Gov
ernment are quite sufficient to pay all the
expenses of the Government that when
any United States notes are presented for
redemption in gold and are redeemable in
gold, such notes shall be kept and set
apart and only paid out in exchange for
gold. This Is an obvious duty; if the hold
er of the United States note prefers the
gold and gets it from the Government he
should not receive back from the Govern
ment a United States note without paying
gold in exchange for it." That amounts,
to the Presidents mind, to giving an in
terest-bearing debt, a Government bond,
for a Notwithstanding debt, United
States note. The Government should be
relieved from the burden of providing all
the gold required for exchange, and ex-
ports. This ought to be stopped. With
an era Of prosperity and sufficient receipts
we may feel no immediate embarrass-
ment, but the danger will be ever present.
The President invites careful consider
alton for the detail plan Of the Secretary
of the Treasury to protect the gold re-
serve. He concurs with him in the rec
ommendation that national banks be al
lowed to issue notes to the face value of
their bonds deposited; that the culating
tax be reduced to one-half of l per cent,
and that national banks may be establish
ed with capital of $4,000. He also rec
ommends that the issue Of national bank
notes be restricted to the denomination
Of $40 and upwards, and that they be re-
Quired to redeem their notes in gold.
The Cuban Question.
Turning to foreign affairs the President
devotes much space in his message to n
consideration of the Cuban question,
which he says is the most important prob
lem with which our Government is now
called upon to deal in lis foreign rela-
tons. Summarizing the history of the
former outbreaks, the President comes
down to the present insurrection. Speak
ing of its remarkable increase, its tena-
cious existence against enormous forces
massed by Spain, the widespread destruc-
ton of property and the disregard of the
civilized code of war on both sides, he
says these conditions give rise to gravest
apprehensions. There is no desire on
our part to profit by Spain's misfortunes,
and we have only the desire to see the
Cubans enjoying that measure Of self
control which is the inalienable right of
man. OF the concentration policy OF
Weyler he says: "It has utterly failed as
q war measure. 1t is not civilized war
fare-it is determination"
Against this abuse of the rights of wal
the President says he has felt constrained
on repeated occasions to enter the firm
| and honest protest of this Government
He outlines his instructions to Minister
| Woodford, which were in substance tC
| impress upon the Spanish Government
| the sincere wish of the United States tC
! lend its aid toward the ending of the wal
| by reaching a peaceful and lasting result
| lust and honorable to Spain and to the
| Cuban people. 1t was also asked whether
| Spain of her own volition should not make
proposals for settlement, and it was sait
that he could not contemplate an indefi.
mite period for the accomplishment OF
| this result.
| The Spanish reply to Mr.. Woodford
was. in the Presidents opinion, in the
direction of better understanding. Ii
admitted our friendly purposes and deer
interest, and declared that the new gov
ernment was bound to change of pei
icy that should satisfy the United States
and pacfy Cuba within reasonable
time. To this end political reforms viii
be put into effect and military opera
tions conducted on humane lines. Il
was suggested that Spain be left free tt
conduct military operations and grant po
litical reforms, while the United States
for its part, should enforce neutral obi
cations and cut off the assistance wlicl
| the insurgents, it was asserted, received
from this country. Early and complete
pacifcation is hoped for.
| Ia Raae1eSS.