Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1896-12-10

every Just government to make the burdens Of
taxation as light as possible. The people
should not be required to relinquish this
privilege Of cheaper living except under the
stress Of their governments necessity made
plainly manifest
Our Financial Metho d..
This reference to the condition and pros-
poets Of our revenues naturally suggests ~
allusion to the weakness and vices Of our hnan-
cial methods. They have been frequently
pressed upon the attention Of congress In pre-.
vious executive communications and the in-
evitable danger Of their continued liberation
pointed out Without now repeating these de-
tails cannot refrain from again earnestly
presenting the necessity Of the prompt reform
Of system opposed to every rule Of sound
finance and shown by experience 10 be fraught
with the gravest peril and perplexity. The
terrible civil war which shook the foundations
Of our government more than u years ago
brought Ia Its train the destruction Of property.
the wasting Of country's substances and tho
estrangement Of brethren. These are now
past and forgotten. Even the distressing loss
Of lie the conflict entaiied Is but sacred
memory, which fosters patriotic sentiment and
huoRs husO ~ sCuuCA lC64Iu Aut vuVoo WIN
nobly died, and yet there remains with US to-
LAY. in full strength and activity as an inct-
dent Of that tremendous struggle, feature Of
= u nss ssssy nS only aS ShsStd 70
turoing menace to business security and an
ever present agent Of monetary distress.
Beau we may be enjoying temporary re-
lief from Its depressing influence this should
n nj Il 4 ms into nj ritu lad tS
forget the suddenness Of past visitation. am
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 are with.
drawn from circulation and collected. This
might be done, as has been heretofore recom-
mended by their exchange for long term bonds
bearing o low rate Of intere t, or BY their re-
demption with the proceeds OF such bonds.
Even II only the United States notes known as
greenbacks we're 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 de landed, would not
create much disturbance as they might from
time TO time when received in the trea sury by
redemption In gold or otherwise be gradually
and prudently replaced by silver coin.
This plan Of issuing bonds for the purpose Of
redemption certainly appears to be the most
effective and direct path to the needed reform.
IN default Of this, however, 1t would be step
In the right direction II currency obligations
are redeemabe In gold whenever so redeemed
should be cancelled instead Of being reissued.
This operation would be slow remedy, but 1t
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 as
security for Its redemption and the tax on
their circulation should be reduced to one
fourth Of one per cent
In considering projects for the retirement Of
United States notes and treasury notes ISIS ued
under the new law Of 1890 am Of the opinion
we have placed too much stress upon the dam
ger Of contracting the currency and have cal
culated too little upon the gold that would be
added to our circulation II invited to US by het-
ter and safer financial methods. 1t is not so
much contraction OF our currency that should
be avoided as It's unequal distribution. This
might be obvated and fear OF harmful con-
traction at the same time removed by allowing
the organization Of small banks and In less
populous communities than are now permitted
and authorizing existing banks TO establish
branches in small communities under proper
restrictions.
The entire case may be presented by the
statement that the day Of sensible and sound
financial methods will not dawn upon u, until
our government aband0ns the banking busi-
ness and the accumulation Of funds and con-
fines Its monetary operations TO the receipts
Of money contributed by the people for its
support, and to the expenditure ofsuch money
for the peoples benefit Our business inter-
ests and all good citizens long for rest from
feverish agitation and the Inauguration by the
government Of o reformed financial policy
which will encourage enterprise and make
certain the rewards Of labor and industry
Trusts and Monopolies.
Another topic In which our PEG pie rghtfully
take o deep interest may be here briefly con-
sldered Irefer 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 or ON
MERGE and to stihe wholesome competition.
When these are defended it is usually on the
ground that though they increase profits they
also reduce prices and tn us NAV benefit the
public. 1t must be remembered. however, 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.
II 1t occurs in a particular case 1t
is only because 1t accords with the purposes
or interests OF those managing them
Such occasional results fall short of com en-
sating the palpable evils charged to the nc.