The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-12-10

principal. 1t is not one of the function.
OF our government to accumulate an,
make additions TO fund not needed fol
immediate expenditure. With indiyidu
ais It is the chief object of struggle unC
enort. The application of an accumulat
eu lund ny the government to the pay
ment of its running expenses is a duty
An individual living beyond his incom,
and embarrassing himself with debt oil
drawing. on his accumulated fund OF
principal is either unfortunate or improy.
ldent. The distinction is between a gov.
eminent charged with the duty of ex.
pending for the benefit of the people and
Tor proper purposes all the money It re,
, celVeS from any source and the individ.
ual who is expected to manifest a natural
desire to avoid debt or to accumulate as
much as possible and TO live within the
income derived from such Accommodations
to the end that they may be increased
or at least remain unimpaired for the
future use and enjoyment of himself
or objects of his love and affection who
may survive.
1t is UNNECESSARILY better to appro-
pirate our surplus to the payment Of
lustifiable expenses than to allow it to
become an invitation to reckless appro.
priatlons and extravagant expenditures.
| suppose it will not be denied that un.
der the present law our people obtain the
necessaries of comfortable existence AT
a cheaper rate than formerly. This is a
matter of supreme Importance since it is
the palpable duty of every just govern
ment to make the burdens of taxation
as light as possible. The people should
not be required to relinquish this privil-
ege of cheaper living except under stress
OF the governments necessity is made
plainly manifest.
THE GOLD RESERVE
This reference to the condition and
prospects of our revenues naturally sug
gests an allusion to the weakness and
vices of our financial methods. They
have been frequently pressed upon the
attention of congress in previous execu-
tive communications and the. inevitable
danger of their continued federation
pointed out. Without now repeating
these details, l can not refrain from
again earnestly presenting the necessity
OF the prompt reform of a system opposed
to every rule of sound finance and shown
by experience to be fraught with the
gravest peril and perplexity. The terri
bic civil war which shook the founda-
tons of our government more than thirty
years ago brought in its train the de-
struction of property, the wasting of our
IouilliS DluNc anu tuc tbtTuuBclueul VI
brethren; these are now past and forgot
ten. The distressing loss of life the con-
fiict entailed is but sacred memory
which fosters patriotic sentiment and
keeps alive tender regard for those who
nobly died. And yet there remains
with us today in full strength and activi-
ty as an incident of that tremendous
struggle feature of its financial neces-
sites not only unsuited to our present,
circumstances, but manfestly disturb
ing menace to business security and an
ever present agent of monetary distress.
Because we may be enjoying temporal
ry relief from its depressing influence,
this should not lull us into false Sc
curity, nor lead us to forget the sudden
ness of past visitations. | am more con-
WINGED than ever that we can have no
assured financial peace and safety until
the government currency obligations, upon
which gold may be demanded from the
treasury, be withdrawn from circulation
and cancelled. This might be done as
has been heretofore recommended, by
their exchange for long term bonds bear
ing low rate of interest or by their re-
demption with the proceeds of such
bonds.
Even if only the United States notes
known as greenbacks were thus retired
it is probable that the treasury notes
issued in payment of silver purchases
under the act of July 18th, 1890. now
paid in gold when demanded would not
create much disturbance, as they might
from time to time when received in the
treasury by redemption in gold or 9th
erwise be gradually and prudently re-
placed by silver coin. This plan of is
suing bonds for the purpose of ,redemp-
ton certainly appears to be the most
effective and direct path to the needed
reform.
In default of this, however, it would
be a step in the right direction if curren-
ry obligations redeemable in gold when
ever so redeemed should be cancelled
instead of being re-issued This opera
ton would be slow remedy, but il
would improve present conditions, Ma
tional 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
he tax on their circulation should be
'educed onefourth of one per cent.
In considering projects FOR the treat
nent of United States notes and treasury
notes issued under the new law of 1870,
I'm of theopinion We haveplaced too much
stress upon the danger of contracting the
currency and have calculated too little
lDOn the ROlu llldJ NOulu ne dtiutu W Oul
circulation if invited to us by better and
,afer financial methods. 1t is not so much |
of our currency that should
Ne avoided as its unequal distributions
This might be obviated and fear of harm +,
ul contraction at same time removed |
" allowing the organization of small !
,anks and in less populous communities |
han are now permitted, and also autho- |
izing existing banks to establish |
branches in small communities under
proper restrictions.
The entire case may be presented by |
he statement that the day of sensible |
md sound financial methods will not
lawn upon us, until our government
bandohs the banking business and the
accumulation of funds and confines its
operations to the receipt Of the
money contributed by the people for its
Import, and to the expenditure of such
money for the'peoples benefit. Our bust
less interests and all good citizens long
or rest from feverish agitation and the
by the government of re-
ormed financial policy, which will en-
ourage enterprise and make certain the
ewards OF labor and industry.
TRUSTS AND MONOPOLHS.
Another topic in which our people
ightfuy take deep interest may be !,
ere briefly considered. | refer to the
xistpnce Of trusts and other huge aggre
atoms of capital, the object of which
to secure the monopoly of some partic-
lar branch of trade industry or COM
lerce, and to sti1e wholesome compe-
tion. When these are defended it is
sTolly on the ground that though they