THE FRONTIER. rtniLISHED EVERY THURSDAY BY TRR FRONTIER PRINTING COMPANY. O’NEILL, - - NEBRASKA. JTKINLEY’S MESSAGE. READ BEFORE THE NATION AL CONGRESS. ENMlta *f Our Money isy.tem Pointed Oat—The Caban Qncltlon DI.en.MiA at bnith — Other Foreign Matter.— Ip«ed7 Annexation of Unwell Urged Ala.Ira in Mood of Attention, Ktc. Jtatlonal and International Qu*«tlon«. WASHINGTON. Dec. 7.—The mes sage of President McKinley is as fol lows: . _ To the Senate and House of Repre sentatives: It gives me pleasure to ex tend greeting to the Fifty-fifth con gress,assembled in regular session at the seat of government, with many of -whose senators and representatives 1 have been associated .in the legisla tive sort ice. Their meeting occurs lin ger lelicltous conditions, justi'ylnj sincere congratulation and calling for «ur grateful acknowledgment to a be neficent Providence which has so sig nally blessed and prospered us as a nation. Peace and good will with all the nations of the earth continue un broken. A matter of genuine satisfaction is the growing feeling of fraternal ro gard and unification of all sections of «ur country, the Incompleteness of which hat too long delayed realization cf the highest blessings of the union. The spirit of patriotism is universal and is ever increasing in fervor. The public questions which now most en gross us are lifted far above either partisanship, prejudice or former sec tional difference. They affect every part of our common country alike, and permit of no division on ancient lines. Questions of foreign policy, of revenue, the soundness of the currency, the Inviolability of national obligations, the Improvement of the public service appeal to the individual con»etouC'> every earnest citizen to whatever party he belongs, or in whatever sec tion of the country he may reside. The extra session of thlB congress, which closed during July last enacted Important legislation, and while its tttll effect has not yet been realized, what it has already acompllshed as sures os of its timeliness and wisdom. To test its permanent value further time will be required and the people, satisfied with itB operation and re sults, thus far, are in no mind to with hold from it a fair trial. Tariff legislation having been settled by the extra session of congress, the question next pressing for considera tion is that of the currency. The work st putting our finances upon a sound basis, difficult as it may seem, will appear easier when we recall the finan cial operations of the government since 1866. On the 30th day of June ®f that year we had outstanding de mand liabilities in the sum of $728, •68,477.41. On the 1st of January, 1879. these liabilities had been reduced to $443,889,495.88. Of our Interest-bear tag obligations the figures are even more striking. On July 1, 1866, the principal of the interest-bearing debt of the government was $2,332,331,208. On the 1st of July, 1803. this sum had boTi reduced to $585,037,108 or u:i ag Segate reduction of $1,747,294,108. The tereat-bearlng debt of the United States on the 1st day of December, 1897, was $847,365,620. The govern ment money now outstanding (Decem ber 1) consists of $346,681,016 of United States notes, $107,793,280 of treasury notes issued by authority of the law of 1890, $384,963,304 of Bllvor certificates and $G1,280,761 of standard diver dollars. With the great resources of the gov ernment and with the honorable ex cmple of the past before us, we ought Cot to hesitate to enter upon a cur rency revision which will make our demand obligations less onerous to the government and relieve our. flnan dial laws from ambiguity and doubt. The brief review of what was ac complished from the close of the war - to 1893, makes unreasonable and •roundless any distrust either of our •naneitil ability or soundness, white the situation from 1893 to 1897 must admonish congress of the immediate .aecessity of so legislating as to make the return of the conditions then pre vailing impossible. There are many plans proposed as a remedy for the evil.' Before we can and the true remedy we must appre ciate the real evil. It is not that our currency of every kind is not good, for every dollar of it is good; good be cause the government’s pledge is to *WP lt *o- and that pledge will not be broken. However, the guaranty of our Purpose to keep the pledge will be best mown by advancing toward its ful filment. of th? pr€Mnt "jrstem is found In the great cost to the govern ment of maintaining the parity of our aurerent forms of money, that is,keep tag all of them at par with gold. We aurely cannot be longer heedless of the burden this imposes upon the people, awn under fairly prosperous condl nons, while the past four years have demonstrated that it is not only an ex pensive charge to the government but a dangerous menace to the national tt is manifest that we must devise 2*5“ P,a“ to Protect the government ***ln®t bond issues tor repeated re demptions. We must either curtail the opportunity for speculation, made easy nythe multiplied redemptions of our demand obligations or to increase the aold reserve tor their redemption. We Save 9900,000,000 of currency which the ■onrnment by solemn enactment has XS^Sk,en l0,.ke!p at p*r with gold. Kobody is obliged to redeem in gold Mt the government The banks are cot required to redeem in gold. The forernment is obliged to keep equal With gold all its outstanding currency «M coin obligations, while its re not roquired to be paid in CMd. They are paid in every kind of 2®»«y but gold, and the only means ag which the government can with osrtslnty get gold is by borrowing. It dan get it in no other way when it meat needs it The government, with dnt any fixed gold revenue, is pledg ed to maintain gold redemption, which is has steadily and faithfully done, and which under the authority now given it will continue to do. The law which requires the govern ment after having redeemed its notes to pay them out again as current funds demands a constant replenish ment of the gold reserve. This is es pecially so in times of business panic and when the revenues are insuffi cient to meet the expenses of the gov ernment. At such times the govern ment has no other way to supply its deficit and maintain redemption but through the increase of its bonded in debtedness, and during the adminis tration of my predecessor 1262,313,409 of 4% per cent bonds were Issued and sold and the proceeds used to pay the expenses of the government in excess of the revenues and sustain the gold reserve. While it is true that the greater part of the proceeds of these bonds were used to supply deficeint revenues, a considerable portion was required to maintain the gold reserve. With our revenues equal to our ex pend'tures there would be no deficit requiring the issuance of bonds. But If the giiJd reserve falls below $100, 000,000 li able condition of a righteous peace, just alike to the Cubans and to Spain, ps well as equitable to all our interests so intimately involved in the welfare of Cuba, is likely to be attained. If not., the exigency of further and other ti action by the United States will re- J main to be taken. When that time 'r comes that action will be determined 1 in the line of the indisputable right and duty. It will be faced without misgiving and hesitancy in the light of the obligation this government owes to itself, to the people who have con.'