The People's friend., 1896-12-11


set in with a promise Of acceleration and i
continuance. / believe our present tariff
law, it allowed fair opportunity. will in the
near future yield a revenue which, with
reasonably economical expenditures, will I
overcome all deficiencies. !
In the meantime no deficit that has oc-
Cured or may occur need excite or disturb
US. To meet any such deficit we have in the
treasury, in addition to the gold reserve of
500, 600, ,OOO surplus of more than 1928.
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 exaclion from our peo-
pie, the payment, therefore, Of any def
cheney in the revenue from this fund is
nothing more than its proper and legitimate
use. 1t is immeasurably better to apprOpri-
ate our surplus to the payment OF justlhabIe
expenses than to allow it to become an invi-
tation to reckless appropriations and ex-
travagant expenditures.
1 suppose it will not be denied that under
the present law our people obtainthe neces-
saries of a comfortable existence at |
cheaper rate than formerly. This is mat |
ter of supreme Importance, since 1t Is the |
palpable duty of every just government to |
make the burdens of taxation as light as
| possible. The people should not be required
| to relinuuish 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
| alluslOn to the weakness and vices of our
| financial methods. They have been fire.
| uuently pressed upon the attention of the
| Congress in previous executive communlCa-
tions and the inevitable danger of their con-
tinued liberation pointed out Without now
repeating these details, | cannot refrain
1 60, Jy7 aor rnp DrPCPntinp the neCRS
sitv Of the prompt reform OF system op-
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 or
our government more than thirty years
ago brought in its train the destruction or
nropertv the wasting of our countrys sub
stance, and the eStrangement or brethren
These are now past and forgotten. Even
the distressing loss Of life the conflict en-
tailed is but a sacred memory, which los
ters natriotic sentiment and keeps alive a
2 ! tender regard for those who nObly ded
] | And vet there remains with US To-Day 40
= full strength and activity as an incident OF
! that tremendous struggle, feature ol ~ llS
Z financial necessity not only unsulted 10 oul
y nresent circumstances, but manltestly
e disturbing menace to business security ant
an ever present agent OF monetary olSHeSS
r Because we may be enjoying tempord ar.
a relief from its depressing lnnuehCe III
n lead rs to forget the suddenneSS OF past VlSl
re tation. IAN more convinced than ever ina
IA we can have not assured hnanCldl peace d u
10 safety until the government currency opll
+ cations upon which gold may be oenndhoe
from the treasury are Withdrawn from CH
cnlation and cancelled. This might pe doh
~ has been recommended, by their eXCnane
~ for long term bonds bearing a low rate
ts interest or by their redemption Will IL
g. proceeds of such DOndS.
10 even if only United States notes known
~ preenbacks were thus retired 1t is prooao
~ that the treasury notes issued in paymel
NJ of sil1 IL purchases under the act OF Ju
90 14 1890, now paid in gold when oemdlue
en- would not create much dlstur Dances' as LII
M might from time to time, when received
i'll the treasury by redemption Of gold or othe
he wise he gradually and prudently repldC
ass rv silver coin This plan Of issuing ooh
he for the purpose Of redemption certainty
.lly pears to be the .sRoSt effective ana olI 6
er- | nath to thesieeded reform
ca In default of this, however, II Woulu ue
err stem in the right direction II currency %
er- | cations redeemable in gold whenever
or redeemed should be cancelleu lnstedu VI
uch ING reissued. This operation Woulu oS
on- sIow remedy but it would improve pres'
APP conditions. .1.. =
+ IN National banks should redeem their O
lese notes They should be allowed TO issue {
,ro- culation to the par value OF Donds uePoSl
ex AZ secnrity for it's redemption ana lne
IN
ring one-fourth Of 1 per sent Inc e,ttl1
and NAV be presented by the statement lldC
,lip- day Of sensible and sound financial metn
ION will not dawn upon us until our goVeL ll
The abandons the DanKlns BUSINESS S.s,,.r 49, M
has cnmulation- Of funds, and confines us INC
and | tary operations 70 lhe IeC9lP1S " ~ 49,
neen | contributed bv the people tor It's supp
civil | and to the expenditure or suCh money
)ects the peoples DenenL ~ puai 1s,iloa* f,-oro
rqu- ana all good citizens long tor rest 1roLh
49, tt1n1
ern- government o1 feIoA llleu . 80 N
tne xyhich will encourage enterprise ana III
NAE | certain the rewards of labor ana lnousu
leme TRUSTS.
oin:- Another topic in which our people n
4 re- fully take a deep interest may DC
per- briefly considered. refer to the eXpdh
stra- trnstsa other huge aggregations OF {
:hief III III obiect of which is to secure the
} de- nonolv of some particular branch OF u
nShlp industry or commerce, and TO stlne WI
~ the some cor.pe titon When these are uele'
$, the Il II psca;?y IN the ground that though
who incraaxr or,,flts they also reduce prices
n or TINS NAV benefit the public Ii must
TO an membered however, that a reducuo
ltlcal rriraS to the people is not one VI
lesSly real objects of these organ'zdI
ish nor III thetr tendency necessarily In
,e dis ai,-actton III 1t occurs in a particular
If Is o1lv Because it accords with the
,,oses ~ interests of those managing
elsr- scheme Such occasional results Ian
nents ~ COMPOSING the palpable evils char
lrposS the account Of trusts and monoponeS
touch- tendency is to crush out individual
tauon. nendence ana to hinder and 70 preNel
day ot free use os human faculties ana the IL
snort yelopment of human character.
tarin Though Congress has attempted 10
It mas With this matter BY legislation the
er eN- nassed for that purpose thus 1dl
d other pssN,a inattartive not because of any l
I mar aisnositlon Or attempt to enforce the
81. simnlv because the laws themselves
IN TINS ternreted bv the courts do not red
OH uay diniculty. III the inSuficiencies OF =
'ortS IN Iaxys can be remedied by further lesls
ns ycar Il should be done, The fact must oe
E oI the niyed. however, that AIT tederai leer
! when nn this subject may fall short OF It's 7
70,Ooo,- herause of inherent obstacles an
Ne2-- because of the complex charaoteI
ur pco- governmental system. which whlIe Z
abroad IA feaeral authority SUI RENE VII
be in . na. -,rsfnlly limited that Spn'
J cNtcnt metes ana bounds which cannot pt
tEc gov qressed The decision OF our nlshSS
lin that al ,his precise question renders
articles aanntfnl whether the evils OF trusts q
crnment ,,oyolies can be adequately treated
lrpcse Of .iia-,l ,rtion unless they seek dlrec
-arE -H.vss.e