The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-08

from time to time when received in the
treasury by redemption IN gold or
otherwise, be gradually and prudently
/ replaced bv silver coin. This plan OF
issuing bonds for the purpose OF re-
demption certainly appears to be the
most effective and direct path to the
needed reform.
In default of this, however. it would
De step in the right direction II cur
rency obligations, redeemable in gold,
whenever so redeemed should be can
celled instead of being reissued- This
operation would be slow remedy, but
IT would imorove present conditions
National banks should redeem their
own notes. They should be allowed TO
issue circulation to the par value of
bonds deposited as security for its re-
demptfon and the tax on their circula-
ton should be reduced to one-fourth of
l per cent.
CURRENCY CONTRACTION.
In considering projects for the. retire.
ment of United States notes and treas
ury notes, issued under the law of 1890.
l am of the opinion that We have
placed too much stress upon the dan
ger of contracting the currency and
have calculated too little upon the gold
that would be added TO our circulation
if invited to US by better and safer
financial methods. 1t is not so much a.
contraction of our cure ncy that should
be avoided as such unequal distribu-
ton.
This might be obviated and any fear
of harmful contra ction at the same
/ time removed by allowing the organ
ization of smaller banks and in less
/ populouS communities than are now
permitted and Authorizing banks to
establish branches in small commune
ties under proper restriction.
The 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 accumulation of funds. and con-
fines its monetary operations to the
! receipt of the money contributed by the
! people for it's support, and TO the eX-
penditure If such money for the peo-
] pies benefit. Our business interests and
all good citizens long for rest from
feverish agitation, and the Inaugural
ton by the government of reformed
financial policy which will encourage
enterprise and make certain the re
wards of labor and industry
TRUSTS AND MONOPOLIES.
Another topic in which our people
rightfully take a deep interest may be
/ here briefly considered. l refer to the
! existence OF trusts and other huge ag-
gregations of capital. the object of
which is to secure the monopoly of
some particular branch of trade, in
dustry or commerce, and so stife
! wholesome competition. When these
are defended il is usually on the
/ ground that, though they increase
profits they also reduce prices, and
i thus may benefit the public. 1t must
be remembered, however, that a reduc-
! ton of prices TO the people is not one
of the real objects of these organiza-
/ lions. nor is their tendency necessarily
in that direction. If it occurs in d
particular case it is only because il
accCrdS with the purpose or interest
/ OF those managing the scheme.
Such irrational results fall far short
! OF compromising for the palpable evils
charged to the account of trusts and
monopolies. Their tendency is 10 crush
/ out individual independence. and him
| der or prevent the free use of human
! faculties and the full development of
/ human character. Through them the
/ farmer, the artisan and the small
trader is in danger of dislodgement
] from the proud position of being his
own master, watchful of all that
! touches his cOuntry's prosperity, in
which he has an individual lot, and
/ interested in all that affects the
advantages of business, of which
he is a factor, and to be rele-
gated to the level of a mere
appurtenance TO great machine.
! with little free will, with no duty but
that of passive obedience. and with
| little hope or opportunity of raising in
I the scale of responsibility and healthful
citizenship. To the instructive belief
! that such is the inevitable trend of
1 trusts and mOnOpOlies is due the wide
spread and deep-Seated popular aver
sion in which they are held and the
| not unreasonable insistence that what
ever may be their incidental economic
advantages, their general effect upon
personal character, prospects and use
| furious.
LEGISLATION NAY BE NECES-
SARy
Though congress has attempted to
deal with this matter by legislation.
> the laws passed for that purpose thus
far have proved ineffective. not be-
cause of any lack of disposition or at
! tempt to enforce them, but simply be-
cause the laws themselves as inter-
preted by the courts, do not reach the
/ difficulty. If the insufficiency of ex-
! listing laws can be remedied by fur
! Their legislation, il should be done 1t
! should be recognized, however, that
/ all financial legislation on this subject
may fall short of its purpose because
of inherent obstacles and also because
/ of the complex character OF our gov
ernmental system, which. while max
/ ing the federal authority supreme with
| in it's sphere, has carefully limited that
/ sphere DOu0QS winch cannot be
/ transgressed.
! The decision of our highest court on
the precise question renders it quite
doubtful whether the evils of trusts
and monopOlies can be adequately
/ treated through federal action unless
they seek directly and purposely to in
1 clude in their objects TRANSFORMATION
or intercourse between states or be-
tween the United States and foreign
countries
| 1t does not follow, however. that
! this is the limit of the remedy that
may be applied. Even though it may
| be found that federal authority is not
! broad enough to reach the case, there
1 can be no doubt of the power of the
| several states to act effectively in the
! premises, and there should be no rea-
lsson to doubt their willingness to ju-
diciously exercise such power.
AN Appeal. FOR ECONOMY.
/ In concluding this communication,
! its last words shall he an appeal to
the congress for the most rigid econ
| Omy in the expenditure of the money
! it holds in trust for the people. The
way to perpleXing extravagance is
easy, but a return to frugality is diff
! cult. When, however, it is consid-
cred that those who can bear the bur-
/ dens of taxation have no guaranty of
! honest care save in the fidelity of their
public servants, the duty of all posi-
/ bic retrenchment is plainly manifest.