The evening tribune. (Pawtucket, R.I.) 189?-190?, 1896-12-07

And yet there remains with us today I'm
full stSngth and activity as an incident
OF tnat tremendous struggle feature OF
its hnanciai necessities not only unsuited
to our present circumstances. but mani
testify disturbing menace to business
security and an ever present agent of
monetary distress
Because We may be enjoying a tempo
rary relief from it's depressing influence
this should not iull US into false se-
curity nor lead us to forget the sudden
ness or past visitations.
am more convinced than ever that we
can have no assured financial peace and
satety until the government currency OBJ
hgation upon which gold may be de-
manded from the treasury are withdrawn
from circulation and Cancelled. This
might be done. as has been heretofore
recommended. by their exchange for long
term bonds bearing low rate of inter-
est or by their redemption with the pro-
ceeds OF such bonds Even If only the
United States notes known as greenbacks
were thus retired, IL Is probable that the
treasury notes issued I'm payment of sill
yer purchases under the act OF July IL.
1o9O, now paid I'm gold when demanded.
would not create much disturbance as
they might from time to time. when re-
ceived In the treasury by redemption In
gold or; otherwise, be gradually and pru-
IDENTIFY. replaced by silver coin.
pose OF redemption certainly appears to
be the most effective and direct path to
the needed reform. In default of this.
however. II would be a step I'm the right
direction IL currency obligations redeem
able In gold whenever SO redeemed, should
be cancelled instead OF being reissued
This operation would be a slow remedy.
but IL would improve present conditions.
National banks should redeem their own
notes. They should be allowed to issue
circulation to the par value OF bonds de-
posits as security for its redemption. and
the tax on their circulation should be re-
duced to one-fourth Of per cent.
In considering projects for the retire.
ment Of United States notes. and treas
ury notes issued under the law Of 1890.
am OF the opinion that we have placed
too much stress upon the danger OF con-
tracing the currency, and have calculat-
ed too little upon the gold that would be
added to our circulation II invited to. us
by better and safer financial methods. 1t
is not so much a contraction Of our cur
rency that should be avoided Ns its un-
equal distribution.
This might be obviated, and any fear
OF harmful contraction at the same time
removed, by allowing the organization OF
smaller banks. and In less populous COM
munities than are now permitted. and
also authorizing existing banks to estab-
lish branches In small communities UNI
der 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 aban-
dons the banking business and the accu-
mutation of funds and confines it's mon
etary 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. Our busi-
ness interests and all good citizens long
for rest from feverish agitation, and the
inauguration by the government of n re-
form financial policy which will encour-
age enterprise and make certain the re.
wards OF labor and industry.
ABOUT TRUSTS.
Another topic I'm which our people right
fully take a deep interest may be here
briefly considered. refer to the existence
OF trusts and other huge aggregations OF
capital, the object Of which is to secure
the monopoly OF some particular branch
of trade, industry or commerce and to
stifie wholesome competition. When
these are defended II Is usually on the
ground that though they increase profits.
they also reduce prices, and thus may
benefit the public II must be remem-
bered. however. that n reduction Of prices
to the people is not one Of the real objects
OF these organizations. nor Is their ten
dency necessarily in that direction. II
II occurs In particular case, Ii Is only
because II accords with the purposes or
interests of those managing the schenieH
Such occasional results fall far short of
compensating the paipable evils charged
to the account OF trusts and monopolies.
Their tendency Is to crush out individual
independence and to hinder or prevent
the free use of human faculties and the
full development of human character.
Through them the farmer, [. artisan and
the small trader Is In danger OF disodg-
ment from the proud position CT being his
own master, watchful Of all that touches
his country's prosperity I'm which he has
an individual lot and interest in all that
affects the advantages of business of
rclegated TO the level Of mere
appurtenance 10 "A great machine, with
ht'Ic free will. with no duty but that OF
passive evidence and with little hope or
opportunity OF rising I'm the scale of re-
sponsible and helpful citizenship To the
instructive belief that such is the inevita-
BILE trend of trusts and monopolies Is due
the widespread and deep-seated popular
aversion I'm which they are held and
the not unreasonable insistence that.
may he their incidental charac-
ter, prospects, and usefulness, can not be
than injurious.
Though congress has attempted to deal
with tniS 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 them
selves as interpreted by the courts do not
reach the difficulty. III the insufficiencies
Of existing laws can be remedied by fur
ther legislation IL should be done. The
fact must be recognized. however, that
all federal legislation on this subject may
fall short OF it's purpose because of in
herent obstacles end also because OF the
complex character of our governmental
system. which. while making the federal
supreme within its sphere. has
limited that sphere by metes
md bounds which cannot be transgressed.
The decision OF our highest court on this
precise question renders II quite doubtful
whether the evils of trusts and monopo-
les can be adequately treated through
ederal action. unless they seek directly
md purposely to include I'm their objects
or intercourse between
states or between the United States and
foreign countries.
IL does not allow. however, that this Is
he limit OF the remedy that may be ap-
lied. Even though IL may be found that
cdcral authority Is not broad enough to
a h..