Mexico weekly ledger., 1900-01-11

upon it the power to expand or con-
tract the volume of our circulating
medium at will, a power too vast and too
dangerous to be Entrusted to any priv
ate persons or to any corporation what
soever.
Here are the exact words of his mes
sage. They constitute his latest utter
ance. He says:
In its earlier history the national banking act
which needful additions TO the circulation
could from time to time be made. Changing
conditions have apparently rendered u now
imperative TO that end The nigh margin IN
premiums which Government bonds coGnmana
In the market, or the tax on note issues, or
both operating together appear 70 be the IN
~iuences which impair its public utility.
The attention Of Congress is respectfully in-
vited to this important matter with the view OF
ascertalning 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 70
the peoples needs. | again urge that national
banks be authorized to organize with capital
/ urgently recommend that 20 support the
existing gold standard, and to maintain tine
parity in value OF The two metals gold and
all times In the market and In the payment OF
debts, t" the Secretary Of the Treasury be given
additional power and charged with the duty to
sell United States bonds and 70 other snectise
means as may be necessary to these ENDS.
The authority should include the power 70
sell bonds on long and short time, hs conditions
may require, and should provide for Q rate OF
interest lower than that 1xed by the act OF
January IA, 1875. While there is now no COM
merciai fright which withdraws gold from the
Government. but, on the contrary. such VICE.
spread confidence that gold seeks the treasury
demanding paper money in exchange, yet the
very situation points to the present as tine most
fitting time TO make adequate provision 70 ~.
sure the continuance OF the gold STANDARD ana
Of public confidence In the ability and purpose
Of the Government to meet all its obligations
In the money which the civilized world recog-
nizes as the best. The financial transactlonso q
the Government are conducted upon a goio
we receive gold when we sell United States
bonds and use gold for their payment We are
maintaining the parity OF all the money lss9eo
or coined BY authority OF the Government. We
are doing these things with the means az hano.
Happily at the present time we are not COM
PEELED to resort to loans to supply gold. II has
been done In the past, however, ana may nave
to be done 10 the future. 1t behooves us. there
fore, to provide at once the best means 70 meet
the emergency when 1t arises. and the pest
means are those which are most certain and
econ omical. Those now authorized have the
virtue neither of dlreetness nor economy.
We have already eliminated one OF the causes
OF our financial plight and Embarrassment o1r-
ing the years 1893, 1894, 1895. and 1895 Our
receipts now equal our expenditures; dencient
revenues no longer create alarms. Let ms
remove the only remaining cause by comforting
Of the Treasury, and impose upon him the duty
60 uphold the present gold standard and pre-
serve the coins Of the two metals on q parity
with each other, which y the repeatedly
In this connection / repeat my former recon-
mendations, that q portion OF the gold holoings
shall be placed in a trust fund, from when
tion, but when once redeemed shall not there
after be paid out except for gold
| have no unkindness in my heart
toward the President. / repeat now in
this distinguished presence, what /
have said repeatedly elsewhere, that
be is a gracious, graceful, tactful,
agreeable gentleman. AS a Presiden-
tial politician he ranks with Martin
Van Buren, and Abraham Lincoln.
He is never in advance of his party.
He never lags behind 1t. He keeps
abreast of it. His finger is constantly
on the Republican pulse; his a close
to the Republican heart to catch its
every throb. His position may always
be safely taken as the position of the
Republican majority.
So far as / know, he Is the only oc-
cupant of the White House that ever
by an oratorical tour elected enough
of his party to the House of Represen-
tatives to change into a majority what
would otherwise have been a minority.
With consumate skill he converted
popular enthusiasm for his high posi-
ton to partisan advantage, a perfor-
nance which can be complained of, If
at all, only on grounds of taste.
Whether to his Saving around the
circle" may be applied the old Latin
dictum" de gustibus o est disbutan-
dunn l shall not now undertake to say.
! assume that the President spoke
and voted his honest sentiments when
voting and speaking for silver in the
years agone and that he voices his
honest sentiments now in urgently
recommending Congress to legislate
in support of the single gold standard,
but surely the evolutionary process in
his case has been as miraculous aHd
radical, il not as swift, as that of Sanl
of Tarsus, who began his religious
career by prosecuting the early Chris
tians and ended by becoming the chief
propagandist of their faith; for from
his official coigue of vantage the Pres
ident speaks as one having authority
at least to a majority of this House,
and l have no doubt, to a majority of
the other House.
81 urgently recommend that to sup
port the existing gold standard" ETC.,
says the President. Not only recon-