And State Papers 655 



to scan sharply any change in our fiscal revenue sys- 

 tem which may reduce our income. The need of 

 strict economy in our expenditures is emphasized by 

 the fact that we can not afford to be parsimonious in 

 providing for what is essential to our national well- 

 being. Careful economy wherever possible will alone 

 prevent our income from falling below the point re- 

 quired in order to meet our genuine needs. 



The integrity of our currency is beyond question, 

 and under present conditions it would be unwise 

 and unnecessary to attempt a reconstruction of our 

 entire monetary system. The same liberty should 

 be granted the Secretary of the Treasury to deposit 

 customs receipts as is granted him in the deposit of 

 receipts from other sources. In my Message of De- 

 cember 2, 1902, I called attention to certain needs 

 of the financial situation, and I again ask the consid- 

 eration of the Congress for these questions. 



During the last session of the Congress, at the 

 suggestion of a joint note from the Republic of 

 Mexico and the Imperial Government of China, and 

 in harmony with an act of the Congress appro- 

 priating $25,000 to pay the expenses thereof, a com- 

 mission was appointed to confer with the principal 

 European countries in the hope that some plan might 

 be devised whereby a fixed rate of exchange could 

 be assured between the gold-standard countries and 

 the silver-standard countries. This commission has 

 filed its preliminary report, which has been made 

 public. I deem it important that the commission be 



