Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1896-12-12

privilege OF cheaper living except under the
stress Of their governments necessity m>os
oar FinaueIaI Methods
This reference to the condition and pros
poets of our revenues naturally suggests ar
aIlusion TO the weakness and vices of our hnan-
eial methods. They have been frequently
pressed upon the attention of congress in pre-
vious executive communications and the m
evitable danger of their continued toieratioo
pointed out Without now repeating these de-
tails I cannot refrain from again earnestly
presenting the necessity OF the prompt retofM
of n system opposed TO every rule OF SOUND
finance and shown by experience 10 be fraugnt
with the erlvest peril and perplexity- The
terrible civil war which shook the foundations
Of governments more than 81 years ago
brought in its train the destruction of property.
the wasting of oountry's substances. and the
eStrangenens OF brethren These now
past and forgotten Even the distressing loss
of life the conflict entailed is but q sacred
memory. which fosters patriotic sentiments ana
keeps alive y tender regard for those who
Robly died. and yet there remains with US to-
day. in full strength and activity Incl
dent of that tremendous struggle. 3 feature OF
its financial necessity not only unsuited TO our
present circumstances. bat manifcstly a dis
turoiDg menace to business security and an
ever present agent of monetary distress
Because may be enjoying temporary re-
lief from its depressing influence this should
not lun into a false security lead to
forget the suddenness of past visitation ann
more convinced than ever that we cannot have
assured financial peace and safety until
the government obligations upon which gold
may be demanded from the treasury with
drawn from circulation and collected This
might be done as has been heretofore recon-
uended by their exchange for long term bonds
bearing a low rate of interest, by their
dem ptton with the proceeds of such bonds
Even If only the United States notes known
gree1backs 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
create much disturbance they might from
time to time. when received in the trea sury by
and prudently replaced by silver coin
This plan of issuing bonds for the purpose Of
redemption certainly appears to be the mosa
effective and direct path to the needed reform
| In default of this however, it would be step
| in the right direction if currency obligations
| are redeemable 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 circu-
| lation to the par value of bonds deposited
security for it's redemption and the ON
| their circulation should be reduced to ono
! fourth of per
| In considering projects for the retirement OF
| United States notes and treasury notes issued
under the new law of 1890 am of the opinion
we have placed too much stress upon the dan
| ger of contracting the currency and have call
| cuated too little upon the gold that would be
added to our circulation If invited to by bet
ter and safer financial methods. Tt is not so
much contraction of our currency that should
be avoided as it's unequal distribution This
might be obviated and fear of harmful con-
traction at the same time removed by allowing
| the organization OF small banks and in less
| populous communities than permitted
and authorizing existing banks to establish
| branches in small communities under proper
| restrictions.
| The may be presented by the
statement that the day of sensible and sound
1 financial methods will not d avn upon until
our government abandons the banking BUSH
| ness and the accumulation of funds, and
| fines its monetary operations to the receipts
| of money contributed by the people for its
support, and to the expenditure of such
for the peoples benefit. Our business inter-
| ests and all good citizens long for rest from
feverish agitation and the inaugurati on by the
| government of a reformed financial policy
| which will encourage enterprise and make
| certain the rewards of labor and industry.
Trusts and MonopoIies.
| Another topic in which our people rfghtfuIIy
| take deep interest may be here briefly
sldered. refer to the expense of trusts and
other huge aggregationS of capital, the object
| OF which is to secure the monopoly of some
particular branch of trade. industry,
| merce and to stife wholesome competition
When these defended it is usually the
| ground that though they increase profits they
also reduce prices and tn US may benefit the
| public 1t must be remembered however. that
reduction of prices to the people is not of
| the real objects of these organizations. nor Is
their tendency necessarily In that direction
If it in particular 10
is only because it accords with the purposes
| or interests of hose managing them
Such occasional results fall short of compen-
sating the palpable evils charged to the
| count of trusts and monopolies. Their ten
and to hinder and to prevent the free use OF
human faculties and the full development of
human character. Through them the farmer,
the artisan and the suHlI trader is in danger
| of dislodgement from the proud position OF be-
| ing his own master, watchful of all that
touches his country's prosperity, in which he
| has individual interest in all that affects the
advantages OF business of which he is a factor,
| to be relegated to the level of mere appurte-
| nance to great machine, with little free will.
| with duty but that of passive obedience and
with little hope or opportunity of rising in the
| scale of responsible and helpful citizenship
To the instructive belief that such is the inevi-
| table trend OF trusts and monopolies is due the
| widespread and deep-seated popular aversion
in which they held and the not unreasona-
| BILE insistance that whatever may be their in
| cdental economic advantages, their general
| effect upon personal character prospects and
usefulness can not be otherwise than injurious.
| 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
| tempt to enforce them but simply because the
| laws themselves as interpreted by the courts
| do not reach the difficulty. If tine insufficient
| ceS of existing laws be remedied by
| further legislation it should be done Tho
| fact must be recogni zed, however, that all
| federal legislation on this subject NAV fan
| short of its purpose because of inher-
| ent obstacles. and also because of the com plex
| character OF our governmental system. which,
| while making the federal authority supreme
| within its sphere. has carefully limited thas
| sphere by metes and bounds which cannot bo
| transgressed- The decision of our highest court
| on this precise question renders it quite doubt
| full whether the evils of trusts and monopolies
| can be adequately treated through federal ac-
1v