Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-12-09

message of President Mckinley was |
sent to Congress- to- day and read in
both houses. The full text of the docu
ment is aE follows;
To the Senate and House of Represent |
tatives: 1t gives me pleasure 10 extend |
greeting to the Fifty-nfth Congress as
bembed in regular session ut the seat of
government, with many OF whose senators
and representatives | have been associated
in the legislative service Their meeting
occurs under felicitous circumstances JUS
tifying sincere congratulation and calling
for our grateful acknowledgement to a
benefcent Providence which has so sig
nally blessed and prospered us as a nation.
Peace and good will. with all the nations
Of the earth continue unbroken.
matter Of genuine satisfaction is the
growing feeling OF fraternal regard and
untcation of all sections Of our country, \
the incompletCness Of which has 100 long
delnyedrealization OF the highest blessings
of the Union. The spirit of patriotism is
universal and is ever increasing in fer
yor. The public questions which now most
enEross us are lifted far above either par
tisanship. prejudice or former sectional
differences. They AFFECT every part of our
common country alike aud permit of no
division on ancient lines. Questions OF
foreign policy. of revenue, the soundness
OF the currency. the inviolabiity of ma
tional obligations, the improvement of the
public service. appeal to the individual
conscience of the earnest citizen. TO what
ever party he belongs or in whatever sec
ton 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
,.1t hot hos nj
accomplished assures us of its timeliness
and wsdom. 70 test its permanent value
further time will be required and the peo-
pie satisfied with its operation and results
thus far, are in no mind TO withhold from
1t fair trial.
QUESTION OF CURRENCY Reform.
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 upon
sound basis, difficult as it may SEEM
will appear easier when we recall the fl
nancial operations of the government since
1866. On the thirtieth day of June of that
year we had outstanding demand liabli-
ties in the sum of SIZES, 1858, 447.41. On. the
first OF January. 1879 these liabilities had
been reduced to $443,SS9, 495.SS OF our
interest bearing obligations. the figures
are even more striking. On July /, 1866,
the principal of the interest bearing debt
of the government was S2,332 1891 POS. On
the first day OF July, 1898, this sum had
been reduced to $685. ,O37, 100, or an aggre-
gate reduction of $1,74I .294, 10S. The in
terest- bearing debt of the United States
on the first day of December, 1897, was
Si7,S65, $50. The government money now
outstanding December u consists of
S346, S1,016 of United States notes. $107,-
1890 of treasury notes issued by au-
thority of the law of 1890, 1884 1853, 504 Of
silver certificates and $6t,2SO761 of stan
dard silver dollars.
With the great resources OF the govern
ment and with the honorable example OF
the past before us, we ought not to hest
tate to enter upon a currency revision
which will make our demand obligations
less onerous to the government and re-
lieve our financial laws from ambiguity
and doubt.
The brief review of what was accom-.
plished from the close of the war to 1879:
makes unreasonable and groundless any
distriist either of our financial ability o.
soundness; while the situation from 1850
to 1897 must admonish Congress of til,
immediate necessity of so legislating as Il
make the return OF the conditions thel
prevailing Impossible
There are many plans proposed as
remedy for the evil. Before we can fin,
the true remedy we must appreciate tn
real evil 1t is not that our currency O
every kind is not good for every dollar O
it is good; good because the government
pledge is out TO keep II so and that pledg
will not be broken. However, the guarant
Of n kpan ha nj ,,,iII /,
best shown by advancing toward its full
nllment.
The evil OF the present system is foun
in the great cost to the government {
maintaining the parity of our differen
forms of money. that is, keeping all {
them at par with gold. We surely ca
not be longer Needless of the burden th
imposes upon the people even under fairl
prosperous conditions, while the past fou
years have demonstrated that It is nj
only an expensive charge upon the goS
eminent, but a dangerous menace to Ii
national credit.
1t is manifest that we must devise SON
plan to protect the government again
bond issues for repeated redemptions "
must either ourtall the opportunity Il
speculation made easy by the multiple
redemptlons of cur demand obligation
demption. We have 100000 900 of Gu
rency which the government by snlen
enactment has undertaken to keep at y,
with gold Nobody Is Obliged to redee
in gold but the government. The BAN
are not required TO redeem in gold tt
government Is Obliged to keep equal wi
gold all its outstanding currency and co
obligations, while its receipts are not r
quired TO be paid in gold. They are pa
in every kind OF money but gold, and Ii
only means by which the government c,
with certainty, get gold is by borrowin
II can get It in no other way when
most needs it. The government witho
any fixed gold revenue is pledged to mai
tain gold redemption, which it has stead
and faithfully done and which under 4
authority now given IL will continue to d
The law which requires 4
government after having redeem
its United States notes to p
them out again as currency fund
demands a constant rcplenlshment Of t
gold reserve. This Is especially so
times Of business panic and when t
revenues are insufficient TO meet the G
penses of the government. At such tim
the government has no other way to su
ply its deficit and maintain redempti
but through the increase OF It's bond
debt as during the administration of n
predecessor when S2e2 ,3i5, 400 OF four al
half per cent. bonds were issued al
sold and the proceeds used to pay the e
penses of the government in excess Of d
revenues and sustain the gold reserv