The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1896-12-17
CLEvELAND'S
Continued from First Page

memory which fosters patriotic senti-
ment and keeps alive a tender regard
for those who nobly died. And yet
there remains with US today in full
strength, as an incident of that ire
mendOus struggle, a feature OF its
financial necessities, not only unsuited
to our present circumstances, but man
ifestly a disturbing menace to business
security and an ever present agent OF
monetary distress.
Il am more convinced than ever that
we can have no assured financial peace
and safety until the Government cur
rency obligations upon which gold may
be demanded from the Treasury are
withdrawn from circulation and can
celed. This might be done, as has been
heretofore recommended, by their eX
change for long term bonds bearing a
low rate of interest or by their redemp-
ton with the proceeds of such bonds.
Even if only the United States notes
known as greenbacks were thus retired
it is probable that the Treasury notes
issued in payment of silver purchases
under the act OF July IA, 1890 now paid
in gold when demanded, would not Gre
ate such disturbance as they might
from time to time when received in the
Treasury by redemption in gold or
otherwise, be gradually and prudently
replaced by silver COIN
In default of this, however, it would
be a step in the right direction if cur
rency obligations redeemable in gold,
whenever so redeemed should be can
celed instead of being reissued. This
operation would be a slow remedy, but
it would improve present conditions.
National banks should redeem their
TIL, i
sue circulated to the par value of bonds
deposited as security of their redemp-
ton and the tax on their circulation
should be reduced to one-fourth of l
per cent. 1t is no much a contraction
of our currency that should be avoided
as such unequal distribution.
This might be Obviated and any fear
of harmful contraction at the same
time removed by allowing the organi-
Zation of smaller banks and in less
populous communities than are now
permitted, and authorizing banks to
establish branches in small communi-
ties under proper restriction. The en-
tire case may be presented by the
statement that the day of sensible and
sound financial method will not dawn
upon us until our Government aban-
dons the banking business and the
accumulation of funds and confines its
monetary operations to the receipt of
the money contributed by the people
for it's support and to the expenditure
of such money for the peoples benefit.
TRUSTS AND MONOPOLIES.
Though Congress has attempted to
deal with this matter by legislation,
the laws passed for that purpose thus
far have proved ineffective, not because
of any lack of disposition or attempt to
enforce them, but simply because the
laws themselves as interpreted by the
courts do not reach the difficulty. If
the insufficiencies of existing laws can
be remedied by further legislation it
should be done. 1t should be recog-
nized, however, that all financial leg
islation on this subject may fall short
of it's purpose because of inherent OBJ
and also because of the COM
pick character of our Government sys-
tenn, which, while making the Federal
supreme within it's sphere,
has carefully limited that sphere by
bounds which cannot be tranSgressed.
The decision of our highest court on
the precise question renders it quite
doubtful whether the evils of trusts
and mOnOpOlies can be adequately
treated through Federal action, unless
they seek directly and purposely to
include in their objects transportation
or intercourse between States or be-
tween the United States and foreign
countries"