Daily capital journal. (Salem, Or.) 1896-1899, 1898-12-05
THE PRESIDENTS MESSAGE.
Continued from First Page

The provision made for strengthen
ing the resources of the treasury 10
connection with the war has given an
increased confidence IN the purpose
aud power OF the government to
maintain the present standard, and
has established more firmly than ever
the national credit az home and
abroad. A marked evidence OF this
Is found Ia the flow Of gold to the
treasury. l renew so much of my
recommendation Of December /, 1897
as follows: That when any OF the
United States notes are pre-
sented for redemption, and are
redeemed In gold, such notes shall be
kept and set apart and only paid out
In exchange for gold. II holder Of a
United States note prefers gold and
gets 1t from the government, he
should not receive back from the
United States the note without pay
ing gold for it 10 exchange. The
reason for this is made all the more
apparent when the government issues
an interest-bearing debt to provide
gold for the redemption OF United
States notes OF non-interest- bearing
debt, surely 1t should not pay them
out again except on demand
aud for gold. If they are
put out in any other way they
they may return again to be followed
by another issue to redeem them and
another interest-bearing debt to re-
deem non-interest bearing debt.
This recommendation Is made in the
belief that such provisions OF the law
would insure TO greater degree the
safety OF the present standard and to
better protect our currency from the
dangers &c which IL is subjected from
a disturbance In the general business
conditions or the country. In my
judgment the present condition
OF the treasury justlhes the
immediate enactment Of leglsla-
tlon recommended one year
ago under which portion OF the gold
holdings should be placed Ia a trust
fund from which the GreenOacks
should be redeemed upon presentation,
but when once redeemed they should
tot thereafter be paid out, except for
Kold. 1t Is not To be inferred that
other legislation relating to our cur.
rency Is not required, On the con-
trary there Is an obvious demand
for IL. The importance OF an
adequate provision, which will insure
a stability to our future money stand
ard, and related as our money stand
ard now is TO that OF our commercial
rivals, IL Is generally recognized as
companion proposition so that our do
nestle currency shall be kept safe
and yet be so related to the needs OF
our industries and internal commerce
as to be adequate and responsive TO
such needs, is propO ,itlon scarcely
less Important.
With reference TO the volunteer
army bllC piChlhShb SuJo' ut llI-
portance of legislation for the perm
anent increase Of the army is mani
fest and the recommendation OF the
secretary OF war, and for that puT-
pose has my unqualified approval. 1t
is my purpose To muster out the
entire volunteer army as soon as
congress shall provide for the increase
Of the regular establishment. This will
be only an act OF Justice and will be
much appreciated by the brave men
who left their homes and employ
ments TO help our country in its
emergency"
"The several departmental reports
will be laid before you. They give 10
great detail the conduct OF the affairs
of the government during the past
year and discuss many questions upon
which congress may be called upon to
act" WILLIAM MCKINLEY.
Executive Mansion, Dec. 8, 1898.
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