Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-12-08
his income, and thus mourning debt or

IL is not one OF the functions OF our
government TO accumulate and make adj
o,'iohs To fund not needed for imme-
u'ate expenditure. With individually, 1t
~ me chief object OF struggle and effort.
me application OF an accumulated fund
by the government 10 the payment OF It's
running expenses Is n duty. An indi-
Nidual living beyond his income. and en-
harrassing himself with debt or drawing
upon his accumulated fund or principals
IS either unfortunate or improvldent. The
instruction Is between "a government
charged with the duty OF expendlng for
the benefit OF the people. and for proper
purposes all the money Il receives from
any source. and the individual who is
expected 10 manifest a natural desire 10
avoid debt. or to accumulate as much "a
possible, and 10 live within the income
derived from such accumulations, to the
end that they may be increased. or. ut
least remain unimpared for the future
use and enjoyment OF himself, or the oh
jects Of his love and affection who may
survive him.
IL Is immeasurably better 10 appropriate
our surplus to the payment OF justihabe
expenses than TO allow It to become an
invitation TO reckless appropriations and
eXtravagant expenditures.
i suppose II will not be denied that
under the present law our people obtain
the necessaries Of a comfortable exist
ence at cheaper rate than formerly.
This is matter OF supreme Importance.
since II is the palpable duty of every
just government TO make the burdens of
taxation as light as possible. The peo-
pie should not be required to relinauish
this privilege of cheaper living, except
under the stress of their governments
necessity, made plainly manifest
GREENBACK RETIREMENT
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 liberation
pointed out. Without now repeating
these details, / cannot refrain from again
earnestly presenting the necessity OF the
prompt reform of a system opposed 10
every rule of sound finance and shown by
experience TO be fraught with the gravest
peril and perplexty. The terrible civil
war. which shook the foundations Of our
government more than thirty years ago.
brought in its train the destruction of
property. the wasting OF our country's
substance, and the estrangement OF
brethren. These are now past and for
gotten. Even the distressing loss Of life
the conflict entailed is but sacred
memory. which fosters patriotic ssnt
ment. 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 tre-
mendous struggle. feature of its imam
cial necessities, not only unsuited TO our
disturbing menace TO business security
and an ever-present agent of monetary
distress. Because we may be enjoying a
temporary relief from it's depressing in
huence. this should not lull us into n
false security, nor lead us TO forget the
suddenness Of past visitations.
l am more convinced than ever that we
can have no assured financial peace and
safety until the government currency ob-
legations upon which gold may be de-
manded from the Treasury are with
drawn from circulation and cancelled.
This might be done, as has been hereto
long-term bonds bearing a low rate Of in
terest or by their redemption with the
proceeds of such bonds. Even If only the
United States notes known as greenbacks
were thus retired ii is probable that the
Treasury notes issued in payment Of sill
yer purchases under the act Of July u,
1890, now paid in gold when demanded.
would not create much disturbance, as
they might from time to time when re-
ceived in the Treasury by redemption IN
gold or otherwise. be gradually and pru-
IDENTIFY 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
. la In If
however, it would be a step in the right
direction II currency obligations redeem
able in gold. whenever so redeemed
should be cancelled instead Of being re-
issued. This operation would be slow
but 1t would improve present con-
ditions.
National banks should redeem their
own notes They should be allowed to is
sue circulation TO the par value Of the
bonds deposited as security for its re-
and the tax on their circulation
should be reduced to one-fourth of l per
cent.
In considering projects for the retire
ment of United states notes and Treasury
notes issued under the law of 1890. l am
Of the opinion that we have placed too
much stress upon the danger of contract
ing the currency, and have calculated too
little upon the gold that would be added
to our circulation II invited to us by bet
ter and safer financial methods. 1t is not
so much a contraction of our currency
that should be avoided as its unequal dis
tribution.
SMALLER BANKS.
This might be obviated. and any fear
Of harmful contraction at the same time
removed. by allowing the organization Of
smaller banks and in less populous COM
q f..I ..s,1 Lee.
authorizing existing banks TO establish
branches in small communities, under
proper restrictions.
The entire case may be presented by
the statement that tie day Of sensible
and sound financial methods will not
dawn upon us until our government
abandons the banking business and the
Of funds. and confines It's
monetary operations 20 the receipt Of
he money contributed by the people for
It's support. and TO the expenditure OF
such money for the peoples benefit. Our
business interests and all good citizens
long for rest from feversh agitation. /
and the Inauguration by the government
Of a reformed financial policy which viii
encourage enterprise. and make certain
the rewards Of labor and Industry.
TRUSTS AND MONOPOLIES.
Another topic in which our people right
fully take a deep interest may be here |
briefly considered. / refer to the exis-
tence Of trusts and other huge agerega-
tons Of capital the object Of which is
TO secure the monopoly of some particular
branch OF trade, industry, or commerce, |
and to stife wholesome competition.
When these are defended. 1t is usually |
on the ground that though they increase |
profits they also reduce prices, and thus |
may benefit the public. 1t must be re- |
nembered, however, that reduction or
prices to the people is not one OF the |
real objects Of these organizations nor |
l. their tendency necessarily in that d. |
.ac.fon II II occurs I'm a particular case, |