The Beaver herald. [volume] (Beaver, O.T. [Okla.]) 1895-1923, 1896-12-17


purpose OF its exaction from our people, the
payment therefore. OF any deficiency in the /
revenue from this fund Is nothing more than /
its proper and legitimate use. 1t is immensur- i
ably better to appropriate our surplus to the
payment OF iustihable expenses than to allow
II to become an invitation TO reckless appro- /
priatiGns and extravagant expenditures.
suppose IL win not be denied that under the /
present law our people obtain the necessaries |
OF n comfortable existence Mt q cheaper rate l
than formerly. This is a matter of supreme
importance since II is the palpahle duty OF |
every Just government to MAKE the burdens of /
| taxation us 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 Nc hois
This reference to the condition and pros-
| poets OF our revenues naturally suggests an
| alluson to the weakness and vices OF our finan-
| cial methods. They have been frequently
pressed upon the attention OF congress in rre-
vious executive communications and the In
| evitable danger OF their continued liberation
| pointed out Without new repe ating these &C.
| tails cannot refrain from again earnestly
presenting the necessity OF the prompt reform
| OF system opposed to every rulc OF sound
finance and shown by experience 10 be fraught
with the grIvest peril and perplexity. Tho
| terrible civil war which shook the ioun cations
| OF our government more than o. years ago
| brought in its train the destruction OF property,
| the wasting Of country's substances, and tho
ostrangement OF brethern. These are now
| past and forgotten Even the distressing loss
| OF life the conflict Outailed l. bat sacred
| memory, which fosters patriotic sentiment and
| keeps alive tender regard for those who
| nooly died, and Yet there remains with us to-
day, in full strength and nctivity as an inci-
dent OF that tremendous struggle, q featurs OF
| its financial necessity not only unsuited to our
present circumstances, but mapitestly q dis
Tturbing menace to business security and an
ever present agent of monetary distress
| Because we may be enjoying a temporary re-
| lief from its depressing influence this should
not lul us into false security nor lead us TO
| 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 low rate Of interest, or by their re-
| dempton with the proceeds OF such bonds
| Even II only the United States notes known rs
greenbacks were thus retired, IL is probable
| that the treasury notes issued In payment OF
| silver purchases under the act OF July a. 1890
now paie in gold wnen demanded would not
create much di turbance. 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
redemption certainly appears to be the most
effective and direct path to the needed reform.
In default Of this, however, IL would be n step
In the right direction II currency obligations
are redeemabe in gold whenever so redeemed
| should bo cancelled instead of being reissued.
This operation would be a slow remedy, but 1t
would improve present conditions.
National banks sholld redeem their own
notes. They should be allowed to issue circu-
lation TO the par value Of bonds deposited as
I for 10 adam afatf apI th.
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 issued
under the new law OF 1890 am OF the opinion
we have placed too much stress upon the dam
ger OF contracting the currency aud have call
culated too little upon the gold that would be
added to our circulation II invited to us by het-
ter and safer financial methods. IT is not so
much contraction OF our currency that should
be avoided as its unequal distribution. This
might be obviated 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 permits ed
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 avn upon us until
our government abandons the banking busi-
! ness and the accumulation of funds, aud con
fines its monetary operations to the receipts
of money contributed by the people for its
support, and to the expenditure OF such money
for the peoples benefit Our business inter
ests and all good citizens long for rest from
feverish agitation and the inaugurati on by the
: government of reformed financial policy
which will encourage enterprise and make
a certain the rewards of labor and industry.
' Trusts and Monopolies.
{ Another topic in which our peop .ightfully
take deep interest may be here briefly con-
9 sdered refer 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 C om-
merce and to stihe wholesome competition.
When these are defended II is usually on the
I ground that though they increase profits they
! also reduce prices and thus NAV benefit he
: public. II must be remembered. however. that
" a 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 "A particular case II
= : is only because 1t aecords with the purposes
! or interests OF those managing them.
Z : Such occasional results fall short OF com q l.
/ sating the palpab evils charged 10 the ac-
| count OF trusts and monopolies Their ten
| dency is to crush out individual independence
:. | and to him Ter and TO prevent the free use OF
! human faculties ana the full development OF
: human character. rough them the farmer,
! the artisan and tbs small trader is In danger
, ! Of disloigement from the proud position OF be-
: ing his own master watchiul OF all tnat
: touches his eountry's prosperity. in which he
, has an individual interest in all that affects tho
!. advantages OF business of which he is "A factor.
. to be relegated 10 the level OF a mere appurte-
nance to u great machine with little free will.
! with no duty but that of passive obedience and
with little hope or pportunity Of rising in the
scale OF responsible and helpful citizenship.
To the instructive belief that such is the inevf-
table trend of trusts and monopolles Is due the
Z widespread and deep-Seated popular aversion
$ in which they held and the not unrea soma
> bic insistance that whatever may be their in
cidental economic advantages. their general
. effect upon personal character, prospects and
z usefulness can not be otherwise than injurious
Though congress has attempted TO deal W h
I this matter by legislation, the laws passed fol
that purpose thus far have proved ineffective
not because or any lack OF disposition or at
v tempt To enforce them but simply because The
! laws Themselves as interpreted by the courts
l do not reach the df1culty II the insuficlen.
? cies OF existing laws can be remedied by
: further legislation IL should be done The
fact must be recognized, however, that all
federal Legislation this subject NAV fall
short Of its purpose because OF inner
ent obstacles. and al because OF the co mplex
: character OF our governmental system. which
u while making the federal authority supreme
y within its sphere. has carefully limited that
sphere by metes and bounds which cannot be
transgressed The decision Of our highest court
on this precise question renders IL quite doubt
full whether the evils OF trusts and mono poles
can be adequately treated through federal ac-
tiOn unless theV seek diractlv and nurnosalv N