New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-06
TIE PRESIDENT AND THE FINANCES.

While the greater part az Pres dent McKin-
leys annual Message. and the part surcst 10
attract instant aud deep interest throughout
the world was necessarily devoted 10 other
subjects he has not failed 10 review The 1nan-
cal action which the war has made needful
and the results Of the revenue laws in force.
and again shows his unwaycring interest IN
monetary progress OF the Nations defence
fund he speaks briefly, and then expresses the
peoples approval Of Congress for its prompt
passage Of the War Revenue act and author
ization Of a popular loan. The fact that the
subscriptions covered the amount called fo-
many times over the President deems most
significant result. showing the vast resources
of the Nation and the determination Of the
people 10 uphold their countrys honor. He
states that on the basis OF present revenue
laws the receipts Of the Government for the
current fiscal year will be S517.s74.67-an
amount only Sl120OO00O less than the esti-
mated expenditures for the year, including AL
the cost Of military and naval operations, with
active hostilities for one month and the main
tenance of greatly increased forces for some
months longer With the heavy surplus Of
cash yet In the Treasury, 1t is clear that there
need be no anxiety in regard to the finances
Onlll congress SndH nave Hdl dlIpir 'iiHO w
make provision for the next fiscal year: nor is
there reason to doubt that the existing laws
will provide sufficient revenue for all purposes,
together with such sums rs may he collected
in recently acquired dependencies
The President compliments Congress upon
the admirable results Of legislation In aid OF
the Government. and states that It's provisions
have given increased confidence in the pur-
pose and power of the Government TO main
tain tho present standard. and have estab-
'Iished more firmly than ever the Nations
''crcd,t AZ home and abroad" The heavy re-
ceiIts OF gold by the Treasury. and by this
country from other countries. are cited as am
pie proofs Of this change in the Nations fnan'
cal position Nor does the President at any
point repeat suggestions In recent years too
often heard calculated 10 create distrust Of the
Treasury, the currency and the ability and
readiness Of the Nation 10 maintain It's honor
fully
He renews in the most distinct form his
recommendation of last December that when
notes OF the United States presented for
redemption. and redeemed in gold, such notes
shall be set apart and paid out only In
change for gold. The President states that
this recommendation was made in the belief
that such legislation would insure 10 n great
degree the safety Of the present standard. and
lie considers that II would be wise 10 place 4
part Of the gold holdings Of the Treasury in
a trust fund from which greenbacks should be
redeemed upon presentation. not 10 be after.
ward issued except for gold. The merits OF
this recommendation have been fully discussed
and II will be seen thai 4 definite and practical
end is sought which does not involve general
system or entering upon any untried and
hazardous experiment The President ex.
presses the belief that the paper currency
should he kept safe. and yet $50 related 10 the
needs Of our industries and Internal commerce
las 10 be adequate and responsive TO such
needs" and without more definite recon-
mendation on that topic commends II lin all It's
parts TO the wise consideration Of Congress.
1t is evident that the President has with
scrupulous care avoided approval OF any OF the
formulated plans OF currency reconstruction
10 which objections are stated in the report OF
Controller Dawes Indeed. his care not 10 men
, ton any Of these In detail or to commit HIM
self TO any Of the methods proposed for recon.
structon OF the paper currency is the more
significant in view OF his most distinct and
explicit recommendation In regard TO redcmp-
ton OF the greenbacks In gold. Instead OF TAX.
ing from the Government the duty and burden
of providing amply for the redemption of It's
notes In gold the President urges Congress 10
make the performance Of that duty by the
Government more certain and in all the vic!ssi-
tudes OF trade more easy In what he has re-
Trained from proposing the President has
shown wisdom and steadiness OF purpose rs
in what he has again earnestly recommended,
and II will not be his fault II definite and prac-
.,u., s,oo. oro M, takon m render Tho currency