Show GOLD STANDARD Act of March 14 1900 Shown to Be Timely and Judicious The act of March 11 1900 Intended unequivocally to establish gold as the standard money and to maintain at a parity therewith all forms ot money medium In use with us has been shown to be timely and judicious The price of our Government bonds In the worlds market when compared with the price of similar obligation Issued by other nations Is a flattering tribute to our public credit This condition Its It-s evidently desirable to maintain In many respects the national bonk lug law furnishes sufficient liberty for the proper exercise of the banking unction but there seems to be need of better safeguards against the deranging de-ranging Influence of commercial crises and financial panics Moreover the currency of the country should be made responsive to the demands of our domestic do-mestic trade and commerce REVENUE EXCEEDS EXPENSES The collections from duties on imports im-ports and internal taxes continue to exceed the ordinary expenditures of the Government thanks mainly to the reduced re-duced army expenditures The utmost care should be taken not to reduce the revenues so that there will be any possibility pos-sibility of a deficit but after providing against any such contingency means should be adopted which will bring the revenues more nearly within the limit of our actual needs In his report to the Congress the Secretary of the Treasury considers all these questions at length and I ask your attention to the report and recommendations ECONOMY IN EXPENDITURES I call special attention to the need of strict economy in I expenditures i s The fact that our national needs forbid us to be niggardly in providing whatever Is actually necessary to our wellbeing should make us doubly careful to husband hus-band our national resources as each of us husbands his private resources by scrupulous avoidance of anything like wasteful or reckless expenditure Only by avoidance of spending money on what is needless or unjustifiable can we legitimately keep our Income to the point required to meet our needs that are gcnulne |