The Bellefontaine Republican. [volume] (Bellefontaine, Logan County, Ohio) 1855-1905, 1899-12-08
GOLD STANDARD
Favored by Mckinley In His
Message to Congress.
A STATE PAPER OF IMPORT,
In Which Is Reviewed at Length All
the Problems of the Diy.
RECOMMENDATIONS MADE
Finances, Trusts, Tariff, Insu ar Prob
lens, Foreign Relations and 9th
er Important Questions Re-
taa viewed at Length by
II Chief Executive.

Washington, Dec. 5.-The annual
message of President Mckinley was
sent to congress at noon. 1t is an ex-
haustive document, containing about
% 900 words, and is the longest execu-
tive instrument in the history of the
government. An intelligent synopsis
follows:
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 21 last. His grea.
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-
alted motives. He has been removed from
the high office which he honored and dig
nified, but his lofty character, his devotion
to duty, his honesty of purpose, and noble
virtues remain with us priceless legacy
and example.
OUTSPOKEN FOR THE GOLD STAND
ARD.
Increased activity in industry, with its
welcome attendant larger employment
for labor at higher wages-gives to the
body of the people larger power to alb
sorb the circulating medium 1t is further
true that year by year, with larger areas
of land under cultivation, the increasing
volume of agricultural products, cotton,
corn and wheat, calls for larger volume
of money supply. This is especially no.
ticeable at the crop harvesting and crop
moving period.
In its earlier history the national bank
ing act seemed to prove reasonable ave-
nue. through which needfu1 additions to the
circulation could from time to time be
made. Changing conditions have appar-
emily rendered it 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
huences which impair it's public utility.
The attention of congress is respectfully
invited to this important matter with the
view of ascertaining whether or not such
reasonable notifications can be made in
the national banking act as will render its
service in the particulars here referred
to more responsive to the peoples needs
again urge that national banks be au-
thorized to organize with capital of $685.
900.
1 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 silver) 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
| sell United States bonds and to employ
such other effective means as may be nee
| essary 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 a rate of
| interest lower than that fixed by the act
| of January 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 fitting
| 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 as the best. The
| financial transactions Of the government
| are conducted upon 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 or 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 tc
leans to supply gold. 1t has been done il
the past, however, and may have to be
done in the future. It behooves us, there
fore, to provide at once the best means tt
meet the emergency when it arises, and tht
best means are those which are the mos
certain and economical. Those now au
thorized have the virtue neither Of di
rectness nor economy. We have alread,
eliminated one of the causes of our fnan
cial plight and embarrassment during thu
years 1898, 1894 1895 and 1896 Our receipts
now equal expenditures; deficient rev
enues no longer create alarm. Let us re
move the only remaining cause by con
ferring the full and necessary power ol
the secretary of the treasury and impos
upon him the duty to uphold the presen
gold standard and preserve the coins o
the two metals on a parity with eac
other, which is the repeatedly declared pol
icy of the United States.
| In this connection / repeat my forme
recommendations that a portion of tn
gold holdings shall be placed in a trus
fund from which greenbacks shall be re
deemed upon presentation, but when one
|
except for gold.
After pronouncing for a gold standard
the president urges aid for the mercha1
marine.
TRUSTS.
Combinations of capital organized int
= trusts to control the conditions of trad
among our citizens, to stifle competition
limit production, and determine the price
| of products used and consumed by the pee
pie, are justly provoking public discussion
and should early claim the attention of tt
congress.
The industrial commission, created /
the act Of the congress of June IS, 1S9
d has been engaged in extended hearing
: upon the disputed questions involved
) the subject of combinations in restraint
= trade and competition. They have not y
completed their investigation of this sui
tsct, and the conclusions and recommel