The fiscal clauses of the Message require separate notice. After
mentioning that there is now in the Treasury some £27,000,000 in gold coin, another £27,000,000 in gold bullion, and about £18,000,000 in silver bullion, the President states that " the provisions for strengthening the resources of the Treasury in connection with the war have given increased confidence in the purpose and power of the Government to maintain the present standard, and have established more firmly national credit. Marked evidence of this is found in the inflow of gold into the Treasury." The Message declares, however, that it must not be inferred that other currency legislation is not required. On the contrary," the importance of ad, quate provision which will ensure to our future a money standard related, as our money standard now is, to that of our commercial rivals, is generally recognised." This apparently means that the President intends that the United States shall have a gold standard by law as well as by Executive action, and that his hopes of an international bimetallic half- way house have been abandoned.
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