Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1896-12-12

! ri suppose It viii not he denied tnat under
the present law our people obtain the neces-
saries OF comfortable existence Mt u cheap
or rate than formerly. This is matter Of
supreme importance. since 1t Ia the palpable
duty OF every just Government TO make the
, burdens OF taxation as light rs possible. The
people should not bs required to relinquish
this privilege of cheaper living except under
the stress Of their Governments necessity
made plainly manifest
Reform in Finnrce.
Upon the question Of reforming tho finance
system OF tho country the President says:
am more convinced than ever that We
eau have no assured financial peace and
safety until the Government currency obli.
cations upon which gold may be demanded
from the Treasury are withdrawn from
circulation mud cancelled. This might be
done, as has been heretofore recommended,
by thelr exchange Tor long-term bonds boar.
ing II low rate OF interest or by their re.
demption with the pro ee1s OF such bonds.
Even II only the United States notes known as
greenbackS were thus retired, it is probable
that tho Treasury notes issued In payment
OF silver purchases und the act Of July
IA, 1899, now naid in gold when demanded,
would not create much disturbance, as they
might, from time to time, when received 10
the Treasury by redemption in gold or other
wise, be gradually and prudently replaced
by silver coin
This plan Of issuing bonds for the purpose
OF redemption certainly appears to be the
most effective and direct path to the needed
reform. In default Of this, however, it
would be step in the right direction il eur
rency obligations redeemable in gold, when
ever so redeemed, should be cancelled in.
stead Of being reissuei. This operation
would be slow remedy, but it would i'm
prove present conditions.
National banks should redeem their own
notes. They should be allowed to issue cir
cuiatiOn to the par value OF bonds deposited
rs security for Its redemption, and the tax
on their circulation should be reduced to
oue-fourth Of per cent.
In considering projects for the retirement
of United States notes and Treasury notes
issued under the law OF 1890, | am OF the
opinion that we have placed too much stress
upon the danger OF contracting the cur
rency. and have calculated too little upon
the gold that would be added to our circula-
tion II invited to us by better and safer 1lnan-
cial methods. 1t Is not so much contrac.
tlon OF our currency that should be avoided
rs its unequal distribution.
This might be obviated. aud any fear OF
harmful friction at the same time removed.
by allowing the organization OF smaller
banks and in less Dopulous communities than
are now permitted. and also authorizing
existing banks to establish branches in small
communities under proper restrictions.
The entire case may be presented by the
statement that the day of sensible and sound
financial methods will not dawn upon us
until our Government abandons the bank
ing business and the accumulation Of funds,
and confines its monetary operation to the
receipt of the money contributed by the
people for its support. and to the expend-
iture of such money for the peoples benefit.
Our business interests and all good citi-
and the inauguration by the Government Of
a reformed financial policy which will en-
courage enterprise and make certain the re-
wards OF labor and Industry.
"rrusts and Monopolies."
Another topic in which our people right
fully take deep interest may be here briefly
considered. refer to the existence Of trusts
OBJECT % Of which IS S 70 secure the O. mohopoiy of Of
some particular branch of trade, industry, or
commerce and to stitie wholesome cOmpeti-
on the %rouna l"ase tIat boush thew increase pro
fits they also reduce prices and thus may ben
eft the public. 1t must be remem bered, how
IS s Ss ae
atiOns, nor Is their tendency necessarily in
that direction, If 1t occurs In a particular
case 1t Is only because IT accords with the
scheme.
Such occasional result, fall far short of
compensatng the palpable evils charged to
the account Of trusts and monopolies. Their
dence hinder or % preHen eahe
human faculties and til, full development of
human character. Through them the farmer,
the artisan and the small trader is in danger
Of dislodgment from the proud position of
being his own master, watchful Of all that
touches his cOuntry's prosperity. in which he
has an individual lot, and interested in all that
affects the advantages of business Of which
he is factor, to be relegated to the level Of
mere appurtenance to great machine, with
little free will, with no duty but that of pas,
sive obedience, and with little hone or oppor-
tunity Of rising IN the scale of responsible and
To tho instructive bell that such is the in.
evitabe trend of trusts and monopolies is due
the and deep seated pSSpuar aver
reasonable insistence that, whatever may be
their incidental economic advantages, their
general effect upon personal character, pros
poets, and usefulness cannot be otherwise
than in riOus.
Though Congress has attempted to deal with
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