The citizen. (Frederick City, Md.) 1895-1923, 1897-12-10
iM'KTNLEY'S MESSAGE
70 the Senate and HOUSE Of Represent-

1t 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. sena-
tors and representatives l have been as
ISOLATED in the legislative service. Their
meeting occurs under felicitious condi-
lions, justifying sincere congratulation
and calling for our grateful acknowl-
edgment to a beneficent Providence,
which has so signally blessed and pros
pered us as a nation. Peace and good
will with all the nations of the earth
continue unbroken.
A matter of genuine satisfaction is
the growing feeling of fraternal regard
and unifcation Of all sections of our
country. the completeness of which has
too long DELAYED realization Of the high
est blessings of the Union. The spirit
of patriotism is universal and is ever
increasing in fervor The public ques-
tons which now most engross US are
lifted far above either partisanship.
prejudice or former sectional differences.
They affect every part Of our common
country alike and permit of no division
on ancient lines. Questions of foreign
policy, Of revenue. the soundness of the
currency the inviolability of national
obligations. the improvement of the
public service, appeal to the individual
conscience Of every citizen to whatever
party he belongs or in whatever section
of the country he may reside.
The extra session of this congress.
which closed during July last. enacted
important legislation. and while its full
effect has not yet been realized. what
1t has already accomplished assures us
of its Thickness and wisdom. To test
its permanent value further time will
be required and the people, satisfied
with its operation and results thus far.
are in no mind TO withhold from it a
fair trial
THE CURRENCY.
e Tariff legislation having been settled
by the extra session of congress. the
question next pressing for consideration
Is that of the currency
The work of putting our finances up
on a sound basis, difficult as it may
seem. will appear easier when we recall
the financial operations of the govern
ment since 1856 on June 30 of that
year we had outstanding demand La
blities in the sum of $72S S6S. 447.H. on
Jan. I. 1879, these liabilities had been
reduced to S4i3. $50. 1855 OF our in
terest bearing obligations, the figures
are even more striking. On July I.
1866. the principal of the interest bear
ing debt of the government was S2.3S2-
331 POS. on July l, 1892. this sum had
been reduced to $685.. OS7, 100 or an ag-
gIegate reduction of $l,747, 294, los. The
interest bearing debt of the United
States on Dec. /. 1897. was $S47 365. $40.
The government money now outstand
ing dec y consists of $3i6 Ole of
United States notes. $107, 1893 $50 of treas
ury notes issued by authority of the
law of 1890. 1854 1863. 504 of silver certifi-
Gates and 1851 $50, 761 of standard silver
dollars.
With the great resources of the gov
e. r.nent and with the honorable exam
& .,f the past before US, we ought not
4 hesitate to enter upon a currency re-
vision which will make our demand OBJ
legations less onerous to the govern
ment and relieve our financial laws
from ambiguity and doubt.
CONFIDENCE AND ADMONITION.
The brief review of what was accom-
plished from the close of the war to
1893 makes unreasonable and ground
lesEl distrust either of our financial
from 1893 to 1897 must admonish con-
gress of the immediate necessity of So
legislating as to make the return of the
conditions then prevailing impossible.
There are many plans proposed as a
remedy for the evil. Before we can find
the true remedy we must appreciate
the real evil. 1t is not that our curren-
CIV of every kind is not good for every
10
governments pledge is out to keep it
30, and that pledge will not be broken.
However, the guarantee of our purpose
to keep the pledge will be best shown
by advancing toward its fulfillment.
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 peo-
pie even under fairly prosperous condi-
tons. 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 nation
al credit
1t is manifest that we must devise
some plan to protect the government
against bond issues for repeated re-
We must either curtail the
for speculation made easy
by the multiplied redemptions of our
demand obligations or increase the gold
reserve for their redemption. We have
5000. 600 900 of currency which the gov
eminent by solemn enactment has un-
dertaken TO keep at par with gold.
GOVERNMENTsAND BANKS.
Nobody is obliged to redeem in gold
but the government. The banks are not
required to redeem in gold. The govern
ment is obliged to keep equal with gold |
all its outstanding currency and coin |
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 gov
eminent can with certainty get gold is [
by borrowing 1t can get it in no other
way when it most needs it. The govern
ment without any fixed gold revenue is |
pledged to maintain gold redemption,
which it has steadily and faithfully |
done and which under the authority
now given it will continue to do.
The law which requires the govern,
ment after having redeemed it's United |
States notes to pay them out again as
current funds demands a constant re,
of the gold reserve. This is |
so in times Of business panic |
and when the revenues are insufficient
to meet the expenses of the government. /
At such times the government has no
other way to supply its deficit and
maintain redemption but through the |
increase of its bonded debt, as during
the administration of my predecessor !