Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1896-12-10

near 4ututG ylGl0 revenue which, NlLu
reasonably economical expenditures, will
overcome all deficiencies
In the meantime no deficit that has oc-
CURED or may occur need excite or disturb
us. To meet any such dehclt we have In the
treasury, in addition to the gold reserve Of
100000, 600, surplus of more than S128,.
100000 applicable to payment OF the ex-
penses of the government, and which must,
unless expended for that purpose remain a
useless hoard, or, If not extravagantly
wasted must in any event be perverted from
the purpose of its exacllon from our peo-
pie the payment, therefore, of any deh-l
cheney In the revenue from this fund lei
nothing more than its proper and legitimateA
use. It Is immeasurably better to approprf;f
ate our surplus to the payment of justinabl
expenses than to allow it TO become an invik
tation to reckless appropriations and ex-
ravagant expenditures.
suppose 1t will not be denied that under
the present lay our people obtain the neces-
saries OF comfortable existence at q
cheaper rate than formerly. This is a mat
ter OF supreme Importance, since It is the
palpable duty of every Just government to
make the burdens of taxation as light a.
possible. The people should not be required
to pelinquish this privilege Of cheaper living
except under the stress Of their govern
ment's necessity made plainly manifest
FINANCIAL.
This reference to the condition and pros
poets of our revenues naturally suggests an
alluston to the weakness and vices of our
financial methods They have been fre-
quentiy pressed upon the attention of the
Congress in previous executive communica-
lions and the inevitable danger of their con-
tinued liberation pointed out Without now
repeating these details, cannot refrain
from again earnestly presenting the neces-
sity of the prompt reform of a system OBJ
posed to every rule of sound finance and
shown by experience to be fraught with the
gravest peril and perplexity. The terrible
civil war which shook the foundations Of
our government, more than thirty years
ago, brought in its train the destruction OF
properly, he wasting of our country's sub
stance, anu the estrangement of brethren.
These are now past and forgotten. Even
the distressing loss of life the conflict en-
tailed Is but sacred memory. which fOs-
ters patriotic sentiment and keeps alive a
tender regard for those who nobly died
And yet there remains with US to-day, in
full strength and activity as an incident of
that tremendous struggle feature of its
financial necessity not only unsuited to our
present circumstances, but manifestly q
disturbing menace to business security and
an ever present agent of monetary distress
Because we may be enjoying temporary
relief from its depressing influence this
should not lull us into a false security or
lead us to forget the suddenness of past Vlsi-
tation. am more convinced than ever that
we can have not assured financial peace and
safety until the government currency obli-
cations upon which gold may be demanded
from the treasury are Withdrawn from cir
culation and cancelled. This might be done
as has been recommended, by their exchange
for long term bonds bearing low rate of
interest, or by their redemption with the
proceeds of such bonds
Even if only United States notes known as
greenbacks were thus retired 1t 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 create much distur Dances, as they
might from time to time, when received in
the treasury by redemption of gold or other
wise be gradually and prudently replaced
by silver coin. This plan of issuing bonds
for the purpose of redemption certainly APP
pears 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 if currency obli-
cations redeemable in gold whenever so
redeemed should be cancelled instead of be-
ing reissued This operation would be
slow remedy, but it would improve present
conditions.
National banks should redeem their OwA
notes. They should be allowed to issue cir-N
culation to the par value of bonds deposited
as security for its redemption and the tax
on their circulation should be reduced to
one-fOurth of 1 per cent 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 banking business and the ac-
nf nd 10
tary operations to the receipts of money
by the people for its support,
and to the expenditure of such money for
the peoples benefit Our business interest
and all good citizens long for rest from fe9 }
erish agitation, and the inauguration by the
government of a reformed financial policy
which will encourage enterprise and make
certain the rewards of labor and industry.
TRUSTS.
Another topic In which our people right
fully take a deep interest may be here
briefly considered. / refer to the expanse of
trusts and other huge aggregations of capt.
tai, the object of which is to secure the mo-
nopOly of some particular branch of trade,
industry or commerce, and to stihe whole
some con- 9stltion. 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. 1t must be re-
however, that a reduction of
prices to the people is not one of the
real objects of these organizations,
nor is their tendency necessarily In that
direction If It occurs in particular case
II is only because II accOrds with the pur-
poses IL interests of those managing their
scheme. Such occasional results fall short
of composing the palpable evils charged to
the account Of trusts and monopolies. Their
tendency is to crush out individual indie
pendehce and to hinder and to prevent the
free use of human faculties and the full de-
of human character
Though Congress has attempted to dRf
with this matter by legislation, the laws
passed for that purpose thus far have
proved ineffective, not because of any lack Of
or attempt to enforce them but
simply because the laws themselves as In
terpreted by the courts do not reach the
dif1culty. If the insuficiencle5 OF e. ting
laws can be remedied by further legislation,
It should b, done. The fact must 5t recog-
nized, However, that all federal legislation
on this subject may fall short of It's purpose
becansr of inherent obstacles, and also
because of the complex character OF our
governmental system, which, while making
the federal authority SUI RENE within Its
there, has carefully limited that sphere by
metes and bounds which cannot be trans
crossed. The decision of our highest court
on this precise question renders It quite
doubtful whether the evils of trusts and mo-
nopolies can be adequately treated through
federal action unless they seek directly and
purposely TO include in their objects trans
portation or intercourse between states or
between the United States and foreign
~ does not folio,, bou,s,,ey ,haf thta 10 the