Middletown transcript., 1897-07-31
ouR FINANCIAL SYSTEM.


OUR FINANCIAL SYSTEM.
Congress having passed new tariff
law. one that will furnish revenue suf-
ficieny to meet the financial demands
upon the treasury, has adjourned. Be-
fore adjournment on Saturday last the
President sent in message, calling at
tention to our financial system and the
needed revision of the currency laws.
The House responded to the message by
passing bill providing for Currency
Commission. the Senate adjourned
without action, since a prolonged and
tedious session must have followed any
attempt at the passage of the Horse OF
any similar bill. That the Republican
Congress will fully consider the fnan-
cial questions and take action everyone
believes. The Republican Party Is a
party of ideas and of action. This
matter, since the passage of the tariff,
can well await the regular session
which conyenes the first Monday in
December. The following is the Pres
idential message.
To the Congress of the United States
In my message convening the Congress
in extraordinary session l called atten-
tion to a single subject-that OF provid-
ing revenue adequate to meet the reas-
enable and proper expenses of the Gov
ernment. l believed that to be the
most pressing subject for settlement
then. A bill to provide the necessary
revenues for the government has al
ready passed the House of Representa-
tiyes and the Senate and awaits Exeeu
tive action.
"Another question of very great i'm
portance is that of the establishment Of
our currency and banking system on
better basis, which 1 commented upon
in my inaugural address in the follow
ing words:
'sOur financial system needs some re-
vision. Our money Is all good now
but its value must not be further
threatened. It should all be put upon
an enduring basis, not subject to easJ
attack, nor its stability to doubt or dis
pute. The several forms of our paper
money offer, in my Judgment, q con
slant embarrassment to the Govern
mAnt, and impsril safe balance in tht
T8asM !"
MdhAnd was ssttled naprs olsAfiy q
tho lAte national eiectioa than the de
termination upon the part of the peo-
pie to keep their currency stable il
value and equal to that of the most ad
vanced nations of the world.
The soundness of our currency ii
nowhere questioned. No loss can oc
cur to its holders. 1t is the system
which should be simplifsd ant
strengthened, keeping our money jus
as good as it is now with less expens'
to the Government and the people.
The sentiment Of the country il
strongly in favor of early action b,
Congress in this direction, to revis
our currency laws and remove then
from partisan contention. A notable
assembly of business men, with dele
gates, from twenty-nine States an'
Territories, was held in Indianapoli
in January Of this year. The inancia
situation commanded their earnest at
tention, and after two days session
the convention recommended to Con
gress the Appointment of monetar.
commission.
commend this report to the consid
Grafton of Congress. The authors o
the report recommend q commission
ITO make thorough investigation 0
the monetary affairs and needs of thi
country in all relations and aspects
and to make proper suggestions as t
any evils found to exist and the RENE
dies therefor"
This subject should receiv the at
tention Of Congress at its special ses
sion. 1t ought not to be postponed un
till the regular session.
I, therefore, urgently recommend
that special commission be created
non-partisan in its character, to b
composed of well-informed citizens o
different parties, who will command
the confidence of Congress and th
country because Of their special fitnes
for the work, whose duty it shall be t,
make recommendations Of whateve
changes in our present banking ami
currency laws may be found necessary
and expedient, and to report their con
clusions on or before the LIST day of No
vember next, in order that the SAM
may be transmitted by me to Congress
for it's consideration at its first regula
session.
1t is to be hoped that the report thu
made will be SO comprehensive AM
sound as to receive the support of al
parties and the favorable action o
Congress. At all events, s,such report cal
not fail to be of value to the executiv
branch of the Government, as well a
TO those charged with public legislation
ana 10 greatly assist in the establish
ment Of an improved system sf an
nance. WILLIAA MCKINLEY.
SENATOR GoRMAN made a eomplet
capture of the Maryland State Conven
tion this week, turningdown Mr.. .Deak