Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-12-06
THE MESSAGE,
President Mckinley Touches With a
Master Hand Upon the Important
Matters Before the Country.

sponsive to the peoples needs. I again
urge that national banks be authorized
to organize with a capital of $4,000.
L urgently recommend that to SUM-
port the existing gold standard, and ia
maintain 1.-The parity in value of the
coins of the two metals (gold and sill
ver) and the equal power of every dol
lar at ell times in the market and in
the payment of debts" the secretary of
the treasury be given additional DOW
er and charged with the duty to sell
United States bonds and to employ
such other effective means as may be
necessary to these ends. The author
ity should include the power to sell
bonds on long and short time. as con-
dttions may require, and should pro-
vide for n rate of interest lower than
that fixed by the act of Jan. IA, 1875.
While there is now no commercial
fright which withdraws gold from the
government, but, on the contrary. such
widespread confidence that gold seeks
the treasury demanding paper money
in exchange. yet the very situation
points to the present as the most fit
ting time to make adequate provision
to insure the continuance of the gold
standard and of public confidence in
the ability and purpose of the govern
ment to meet all it's obligations in the
money which the civilized world
recognizes as the best. The financial
conducted upon gold basis.
We receive gold when we sell United
States bonds and use gold for their
no o;,,to :r,;,,
parity of all the money issued or COIN
ed by authority of the government
We are doing these things with the
means at hand. Happily at the pres
ent time we are not compelled to re-
sort to loans to supply gold. 1t has
been done in the past, however, and
may have to be done in the future. 1t
Dehooves us, therefore, to provide at
once the best means to meet the
emergency when it arises. and the best
means are those which are the most
certain and economical. Those now
authorized have the virtue; neither of
directness nor economy. We have al
ready eliminated one of the causes
of our financial plight and en-
barrassment during the years 1898, 1894,
1895 and 1896. Our receipts now equal
our expenditures; deficient revenues no
longer create alarm. Let us remove
the only remaining cause by comforting
the full and necessary power on the
secretary Of the treasury and impose
upon him the duty to uphold the pres
ent gold standard and preserve the
coins of the two metals on a parity
with each other, which is the repeat
eddy declared policy of the United
States.
In this connection, repeat my former
recommendations that a portion of the
gold holdings shall be placed in a trust
fund from which greenbacks shall be
redeemed upon presentation. but when
once redeemed shall not thereafter be
paid out, except for gold.
MERCHANT MARINE.
The value of an American merchant
marine to the extension of our COM
mcrcial trade and the Strengthening of
our power upon the sea invites the i'm
mediate action of the Congress. Our
national development will be one-sided
and unsatisfactory so long as the re-
markable growth of our inland indus
tries remains unaccOmpanied by prog
ress on the seas. There is no lack OF
constitutional authority for Legislation
which shall give to the country maritime
strength commensurate with its indus
trial achievements and with its rank
among the nations of the earth.
Tie past year has recorded excep-
tionaI activity in our ship yards and
the promises of continual prosperity in
shipbuilding are abundant Advanced
LEGISLATION for the protection of our
seamen has been enacted. Our coast
trade. under regulations wisely framed
at the beginning of the government
and since. shows results for the past
fiscal wear uneaualed in our records OF
those of any other power. We shall
fail to realize our opportunities, now
eyer. if we complacently regard only
matters at home and blind ourselves TO
the necessity of securing our share IN
| the valuable carrying trade of the
world.
last wear American vessels trans
norted a smaller share of our exports
and imports than during any former
wear in all our history. and the measure
Of orr dependence upon foreign ship
ming was painfully manifested to our
!
but from necessity. the departments OF
the government charged with military
and naval operations in the East ana
West Indies had to obtain from foreign
flags merchant vessels essential 1oi
those operations.
| The other great nations have not mes
| itatad to adopt the required means &c
develop their shipping as factor III
national defense and as one OF the sur
est and speediest means OF obtaining
for their producers share IN 1orelsf
| markets. Like vigilance and effort on oul
mart cannot fail to improve our SITUATION
which is regarded with humiliation a.
home and with surprise abroad. Ever
the seeming sacrifices. which at the De-
ginning may be involved. will be offse
later by more than equivalent gains.
The expense is as nothing compared
tn the advantage to be achieved. INT
re.establishment of our merchant ma
rine Involves in large measure GU
i continued industrial progress ana IN
. extension of our commercial triumpns
. am satisfied the judgment OF IN
!, country favors the policy of aid to on
!, merchant marine, which will broade
orr commerce and markets and up
n