People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1896-12-10

than ever tndJ we can nave no assured
financial peace and safety until the gov
eminent currency obligations upon which
gold may be demanded from the treasury
are withdrawn from circulation and can
celled. This might be done, as has been
heretofore recommended, but their ex-
change for long term bonds bearing low
rate OF interest or by their redemption
with the proceeds Of such bonds.
Even if only the United States notes
known as greenbacks We're thus retired.
1t Is possible that the treasury notes issued
in payment Of silver purchases under the
act OF July "A, 1890 now paid in gold when
demanded, would not create much disturb
ance as they might from time to time
when received in the treasury by redemp-
ton in gold or otherwise, be gradually
and prudently replaced by silver coin.
This plan Of issuing bonds for the pur-
pose OF redemption certainly appears 10
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
obligations redeemable in gold, whenever
so redeemed, should be cancelled, instead
of being re-issued. This operation would
be slow remedy, but it 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-
posted as security for its redemption. and
the tax on their circulation be reduced to
a of per cent.
In considering projects for the retire
ment of United notes and treasury notes
issued under the law of 1880, am of the
opinion that we have placed too much
stress upon the danger of contracting the
currency and have calculated too little upon
the gold that would be added to our cir
culatiOn if invited to us by better and safer
financial methods. 1t is not so much u
contraction of our currency that should be
avoided as such unequal distribution. This
might be Obviated and any fear of harm
full contraction at the same time removed
by allowing the organization of smaller
banks and in less pOpulOus communities
than are now permitted and authorizing
banks to establish branches in small COM
munlties under proper restriction.
Ihe entire case may be presented by the
statement that the day of sensible and
sound financial method will not dawn
upon US until our government abandons
the banking business and the accumula-
ton of funds, and confines its monetary
operations to the receipt of the money con
tributed by the people for its support, and
to the expenditure of such money for the
peoples benefit. Our business interests
and all good citizens long for rest from
feverish agitation and the Inauguration bv
the government of a reformed financial
policy, which will encourage enterprise
and make certain the rewards of labor
and industry.
As to the Trusts.
Another topic in which our people right
fully take deep interest may be here
briefly considered. | refer to the exist
ence 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 so
stifie wholesome competition. When these
are defended, it is usually on the ground
that though they increase profits, they also
reduce prices and thus may benefit the
public. 1t must be remembered, how
ever, that 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 a particular case, it is only because it
accOrds with the purpose or interest of
those managing the scheme.
Such occasional results fall far short of
compensating for the palpable evils
charged to the account of trusts and mon.
OpOlieS. 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 char.
acter. Through them the farmer, the arti
san and the small trader is in danger OF
dislOdgment from the proud position of
being his own master. watchful of all
that touches his countrys prosperity, in
which he has an individual lot, and inter.
ested in all that affects the advantages OF
business Of which he is factor, to be rele
gated to the level of mere appurtenance
to a great machine, with little free will
with no duty but that Of passive obedience
and with little hope or opportunity of ris
ing in the scale of responsible and health
full citizenship. To the instructive belief
that such is the inevitable trend of trusts
and mOnopolies is due the widespread and
deep-Seated popular aversion in which they
are held and the not unreasonable insiS
tence that, whatever may be their Incl
dental economic advantages, their general
effect upon personal character, prospect.
and usefulness cannot be otherwise thar
injurious.
Though congress has attempted to deal
with this matter by legislation, the law,
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 insufl1ciencies of ex
listing laws can be remedied by further
legislation it should be done. 1t should
be recognized, however, that all legisla
ton on this subject may fall short of it;
purpose because of inherent obstacles, anC
also because of the complex character o.
our governmental system, which, while
making the federal authority supreme
within its sphere, has carefully limited
that sphere by bounds which cannot b
transgressed. The decision Of our highest
court on this precise question renders il
quite doubtful whether the evils of trust,
and monOpolies can be adequately treated
through federal action, unless they seel
directly and purposely to include in theh
object transportation or intercourse be
tween states, or between the United State:
and foreign countries.
1t does not follow, however that this /:
the limit Of the remedy that may be ap
piled. Even though it may be found that
federal authority Is not broad enough t.
fully reach the case, there can be no doubt
of the power of the several states to act eff
fectively in the premises, and there should
be no reason to doubt their willingness t
judiciously exercise such power.
In concluding this communication, it
last words shall be an appeal to the con
gress for the most rigid economy in thu
expenditure of the money it holds in trust
for the people. The way to perplexine
extravaganza is easy, but return to fru
gality is difficult. When, however, it i,
considered that these who bear the bur
dens of taxation haven no guaranty Of honest
care save in the fidelity Of their public
servants the duty of all possible retrench
ment is plainly manifest. When our differ
ences are forgotten and our contests o.
4 Mi 81. -