The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1896-12-15

mont management, ana recommends
that they be looked after by a commits
sion, one of whom shall be an army
officer
President Cleveland hits the pension
grabbers a hard blow. He shows that
last year the number of pensioners
materially increased, until the list is
the largest ever reported numbering
970.673 persons. ard costing S13S,214,-
161.9S.
President Cleveland demands the
speedy settlement Of the Pacific rail-
way loans md gratis. and especially
the foreclosure Of tue Union Pacific
mortgage.
lie shows iii the agricultural depart
ment that the vafle Of farm products
exported in 1896 amounted to 500
100000. He Is opposed to further graz
tuitous distribution of seed
The interstate commerce and civil
service laws are highly commended.
While admitting a deficit of little
more than $25,OO000O. the president
defends the Wilson bill ais having
opened up foreign markets and stimu-
lated trade with other countries. The
present bill, he says, will yield suffi-
cient revenue, If givensa fair trial; but
| the deficit was to be expected iii the
| face Of the business depression of the
! past two years. In this connection he
| defends the drafts made on the re-
serve fund as he says it is immeasura-
bly, better to appropriate our surplus
to the payment of justifiable expenses
than to allow it to become an invita-
ton to reckless appropriation and eX-
| travagant expenditures.
| President Cleveland alludes to our
| financial methods as ''Weak and avari
cions. and asks prompt reform Of
the system, which is opposed to every
rule of sound finance and shown by
experience to be fraught with a griev-
ols peril and perpleXity. He refers to
! the late contest as being a greater
| menace to property than the late civil
war He declares financial peace can
not be secured until the governments
| currency obligations upon which gold
may be denOminated are withdra Wn
! from circulation and cancelled. He adj
| vOcateS their re-eXChange for long-term
! loW-intereSt bonds. or their redemption
| with the proceeds of such bonds. If
| this is not DONE he believes such cur
| Fency obligations. when redeemed.
| should be cancelled, instead of being
reissued. National banks should re-
deem their own notes. They should be
allowed to issue circulation to the par
value of their deposited security. and
their circulation tax should be reduced
to one-fOurth of l per cent Summing
up the financial situation, the preSi-
dent says: "The entire case may be
presented by the statement that the
day of sensible and sound financial
method will not dawn upon rs until
cur government abandonS he banking
| business and the accumulation OF
| frnds and confines its monetary opera
| tons to the receipt of the money con-
| tributed by the people for its support
and to the expenditure of such money
for the peoples benefit"
Our business interests and all good
| citizens long for rest from feversh agi-
| tation, and the Inauguration by the
| government Of Il reformed financial
policy which will encourage enterprise
and make certain the rewards of labor
and industry"
| Another topic in which our people
! rightfully take deep interest may
/ be here briefly considered. | refer to
| the existence of trusts and other hugo
aggregations of capital, the object OF
| which is to secure the monopoly Of
some particular branch of trade, in
tlustry or commerce, and SO stif1e
wholesome competition. When these
are defended it is usually on the
ground that, though they increase
profits, they also reduce prices and
thus may benefit the public. 1t must
be remembered however, that Il reduc-
| ton of prices for the people is not one
of the real objects of these organiza
lions. Nor is their tendency necessary
in that direction. If it occurred in a
| particular case it is only because it ac-
cords with the purpose or interest of
those managing the scheme.
| Such occasional results fall far short
of compromising the palpable evils
| charged to the account of trusts and
monopolies. Their tendency is to crush
out individual independence and to
hinder or prevent the free use of hui
man 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 touch
es his countrys prosperity, in which
he has an individual lot, and interested
in all that affects the advantages of
business of which he is a factor.
To be relegated to the level of a
mere appurtenance to a great machine
with little free will. with no duty but
that of passive obedience, and with lit
tie hope or opportunity of rising in the
scale of responsible healthful citizen
ship; to the instructive belief that such
/ is the inevitable trend of trusts and
monopolies, is due the widespread and
deep-seated popular aversion in which
they are held and the not unreasonable
renaissance that whatever may be