The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1899-12-13
GOLD STANDARD.
Favored by Mckinley In His
Message to Congress.
A STATE PAPER OF IMPORT,
In Which Is Reviewed at Length All
thu Problems of the Dly.
NUMEROUS RECOMMENDATIONS MADE
Finances, Trusts, Tariff, Insu'ar Prob
lens, Foreign Relationsn otli-
er Important Questions Rec
~ viewed at Length by
chief ISxecutiVe.

Washington. Dec. 5.-The annual
message of President Mckinley was
cent. to congress zat noon II ls+ttIle
haustive document, containing about
$4,000 words, and is the longest eXecu-
tive instrument in the history of the
government An intelligent synopsis
follows:
To the Senate and House of Representatives;
At the threshold of your deliberations
you are called to mourn with your coun-
trymen the death of Vice President Ho-
bart, who passed from this life on the
morning of November 81 last. His great
soul now rests In eternal peace. HIS pri-
vate life was pure and elevated, while his
public career was ever distinguished by
large capacity, stainless integrity, and eX-
allied motives. He has been removed from
the high Office which he honorcd and dig
nifled, but his lofty character. his devotion
to duty, his honesty of purpose, and noble
virtues remain with us priceless legacy
and example.
OUTsPOKEN FOR TIE GOLD STAND
ARD.
Increased activity in Industry, with its
welcome attcndant-a larger employment
for labor at higher wages-gives to the
body OF the people larger power to abb
serb the circulating medium. 1t Is further
of land under cultivation, the increasing
volume CT agricultural products, cotton,
corn and wheat, calls for n larger volume
of money supply. THIS Is especially no.
ticcable at the crop harvesting ana crop
moving period.
In its earlier history the national bank
ing act seemed to prove a reasonable ave-
nue. through which nccdful additions to the
circulation could from time to time. be
made. Changing conditions have appar-
emily rendered 1t now imperative to that
end The high margin In bond securities
required, resulting from large premiums
which government bonds command In the
market, or the tax on note Issues, or both
operating together, appear to be the In
nuences which impair Its public utility.
The attention of congress is respectfully
Invited to this important matter with the
view of asceTtaining whether or not suca
reasonable notifications can be made in
the national banking act as will render It's
Service in the particulars here referred
to more responsive to the peoples needs.
/ again urge that national banks be au-
thorized to organize with a capital OF $751;
600.
l urgently recommend that to support
the existing gold standard, and to maintain
"the parity in value of the coins OF the
two metals (gold and silvcr) and the equal
power of every dollar at all times In the
market and in the payment of debts the
secretary OF the treasury be given addi-
tional power and charged with the duty to
such other effective means as may be nee
cssary to these ends. The authority
should include the power to sell bonds on
long and short time, as conditions may
require, and should provide for rate of
interest lower than that fixed by the act
of January II. 1875. while there is now
no commercipI fright which withdraws
gold from the government, but, on the
contrary, such widespread confidence that
gold seeks the treasury demanding paper
n1n n situation
points to the present as the most hitting
time to make adequate provision to In
sure the continuance of the gold standard
and of public confidence in the ability and
purpose of the government to meet all Its
obligations in the money which the civil
liZed world recognizes the best. The
financial transactions of the government
are conducted upon a gold basis. We
receive gold when we sell United States
bonds and use gold for their payment. We
are maintaining the parity of all the money
issued coined by authority of the gov
ernment. We are doing these things with
the means at hand. Happily at the present
time we are not compelled to resort to
loans to supply gold. 1t has been done in
the past, however, and may have to be
done in the future. 1t behooves us. there
fore, 20 provide at once the best means to
meet the emergency when 1t arises and the
best means are those which are the most
certain. and economical. Those now au-
thoriZed have the virtue neither of di-
rectness nor economy. We have already
eliminated one of the causes of our finan-
cinl plight and embarrassment during the
years 1898. 1884, 1895 and 1896. Our receipts
now equal our expenditures; deficient rev.
enues no longer create alarm. Let us re-
move the only remaining cause by con-
ferrlng the full and necessary power on
the secretary of the treasury and impose
upon him the duty to uphold the present
gold standard and preserve the coins of
the two metals a parity with each
other which is the repeatedly declared poll
Icy OF the United States.
In this connection I repeat my former
recommendations that a portion OF the
gold holdings shall be placed in a trust
fund from which greenbacks shall be re-
deemed upon presentation, but when once
redeemed shall not thereafter be paid out
except for gold.
After pronouncIng for gold standard,
the president urges aid for the merchant
marine.
TRUSTS.
Combinations of capital organized into
trusts to control the conditions of trade
among our citizens. to stine competition,
limit production, and determine the prices
of products used and consumed by the pco-
pie. are Justly provoking public discussion.
and should early claim the atteation of the
congress. ,
The industrial commission, created by