The advocate., 1896-12-09

nnanClal meGn0nS Will not dawn upon US unit
our government abandOns the banking bus
ness and the accumulation OF funds, and cor
fiReS its monetary operations to the receipt
OF money contributed by the people for Il
support, and to the expenditure Of such none
for the peoples benefit Our business inter
ests and all good citizens long for rest frou
feverish agitation and the Inauguration by tn
government OF q reformed financial polio
which will encourage enterprise and max
certain the rewards OF labor and industry
Trusts and MOnOpOlles.
Another topic in which our peo pie rightPull
take deep interest may be here briefly con
sidered. Irefer to the expense OF trusts an
other huge aggregations of capital the ObieC
of which is to secure the monopoly of som
particular branch OF trade, industry, or ON
merce and to stihe wholesome competition
When these are defended it is usually on tn
ground that though they increase profits the
also reduce prices and tn US may benefit tn
public. 1t must be remembered, however, tina
reduction OF prices to the people is not one O
the real objects OF these organizations, nor
their tendency necessarily In that direction
If it occurs in particular case
is only because it sCcords with the purpose
or interests OF those managing then
sating the palpable evils charged to the nc
count Of trusts and monopoheS Their ten
dency is to crush out individual independents
and to hinder and to prevent the free use @
human faculties and the full development @
human character. Through them the farmer
the artisan and the small trader is in DANCE
of dislodgement from the proud position OF be
ing his own master watchful OF all tina
touches his country's prosperity, in which h
has an individual interest in all that affects tn
advantages Of business OF which he is o factor
to be relegated to the level OF a mere appurte
nance to great machine, with little free will
with no duty but that Of passive obedience ant
with little hope or opportunity OF rising in tn
scale of responsible and helpful citizenship
To the instructive belief that such is the ineVi
table trend OF trusts and mOnOpolieS is due tn
widespread and deep-seated popular aversion
in which they are held and the not unreasona
BILE insistance that whatever may be their in
cidental economic advantages, their genera
effect upon personal character, prospects ant
usefulness can not be otherwise than injurious
Though congress has attempted to deal will
this matter by legislation, the laws passed TO
that purpose thus far have proved ineffective
not because OF any lack Of disposition or at
tempt to enforce them but simply because tn
laws themselves as interpreted by the court
do not reach the difficulty II the insufflclen
cieS Of existing laws can be remedied b.
further legislation it should be done TIT
fact must be recognized, however, that al
federal legislation on this subject NAV fal
short Of its purpose because OF inner
ent obstacles, and also because OF the com pie
character OF our governmental system, which
while making the federal authority suprem
within its sphere, has carefully limited tha
sphere by metes and bounds which cannot b.
transgressed. The decision OF our highestcour
on this precise question renders it quite doubt
full whether the evils OF trusts and mOnopole
can be adequately treated through federal &C
tion unless they seek directly and purposely Il
include In their objects transportation or in
tercourse between states or between thu
United States and foreign countries
1t does not follow, however, that this is thu
limit Of the remedy that may be applied
Even though It may be found that federal au
thority is not broad enough to fully reach thu
case, there can be no doubt Of the power OF thu
several states to act effectively in the prem
ises, and there should be no reason to doub
their willingness to judiciously exercise such
power.
In concluding this communication its las
words shall be an appeal to the congress fol
the most rigid economy in the expenditure O
the money 1t holds In trust for the people
The way to perplexing extraVag snce is easy
but q return to frugality is difficult
When, however 1t is considered that those
who bear the burdens Of taxation have NJ
guaranty OF honest care save in the fidelity oi
their public servants, the duty Of all possible
retrenchm ent is plainly manifest When ouI
differences are forgotten and our con-
tests Of political opinion are no longer re.
membered nothing in the retrospect OF ouI
public service will be as fortunate and COM
forting as the recollection Of f1cal duty well
performed and the memory Of a constant de-
votion to the interests OF our conhding fellow
countrymen GROVER CLEVELAND
Executive Mansion, December z, 1894