Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-12-19

have been frequently pressed upon the
attention of ngres In private COM
munications, and the inevitable danger
Of their continued federation pointed
out. Without now repeating these de-
tails, ! cannot refrain from again earn
estly presenting the necessity OF the
prompt reform Of a system opposed to
every rule Of sound finance and shown
by experience to be fraught with the
gravest peril and perplexity. The terrl-
| bic civil war, which shook the founda-
tions Of our government more than
thirty years ago, brought In Its train
the destruction of property, the vast
ing of our country's substance and the
or brethren. These are
now past and forgotten. Even the dis
tressing loss Of life the conflict entailed
is but a sacred memory which fosters
patriotic sentiment and keeps alive a
tender regard for those who nobly died.
And yet there remains with us today
in full strength and activity. as an incl
dent OF that tremendous struggle, a fea-
ture OF Its financial necessities, not only
unsuited to our present circumstances,
but manifestly a disturbing menace to
business security and an ever present
agent OF monetary distress.
Because we may be enjoying a tempo
rary relief from It's depressing influence.
his should not lull us into a false Sc
curity nor lead US to forget the sudden
ness of past visitations. l am more
convinced thar ever that We can have
no assured financial peace and safety
until the government currency obliga-
tions upon which gold may be demand
ed from the treasury are Withdrawn m
Cancelled. This might be done as has
been heretofore recommended-by their
exchange for long term bonds bearing
a low rate OF interest or by their re-
demption with the proceeds OF such
bonds.
Even IL only the United States notes
known as ~greenbacks were thus retired
IL is probable hat the treasury notes
issued in payment OF purchases under
the act Of July IL, 1890, now paid In
gold when demanded. would not create
such disturbance as they might from
time to time when received In the treas
ury by redemption i'm gold or otherwise,
be gradually and prudently replaced by
silver coin. This plan OF issuing bonds
for the purpose OF redemption certainly
appears to be the most effective ana
direct path to the needed reform.
In default of tins, however, 1t woul
be a step in the right direction III cur
rency obligations redeemable IN gold'
wheneve so redeemed should be cam
celled instead OF reissued. This opera
ton would be a slow remedy but IL
would improve present conditions. Ma
tional banks should redeem their w
notes.
They should be allowed to issue and
circulate to the par value of bonds de-
posted as security for its redemption
and the tax on their circulation should
be reduced 20 one-fourth of one per
cent.
In considering projects for the retire
ment Of United States notes and trea-
sury notes issued under the law OF 1890.
/ am of the opinion that we have placed
too much stress upon the danger OF con-
tracing the currency and have calcu-
lated too light upon the gold that would
be added to our circulation IL invited to
us by better and safer financial meth
DDS. 1t is not SO much a contraction oil
our currency that should be avoided al
! such unequal distribution.
l This might be obviated by any fear
OF harmful contraction as the same time
removed by allowing The organization o1
smaller banks and in less populous com
: munities than are now permitted, and
authorizing banks to establish anche
, in small communities under proper re-
: striction.
/, The entire case may be presented by
the statement that the day of sensible
y and sound financial method will no'
, dawn upon US until our government
y abandons the banking business n the
a accumulation of funds, and confines it,
monetary operations to the receipt o.
the money contributed by the people
for its support, and to the e~Xpenditur,
-. -. .~ pcoisr~o o~ucnt
Our business interests and all good cit
{ izens long for rest from feverish agi
tation and the Inauguration by the gov.
. eminent OF a reformed financial poll
= cy which Will encourage enterprise anC
make certain the rewards of labor and
industry.
$ trusts.
Another topic I'm which our peopl,
: rightfully take a deep interest may be-
! here briefly considered. l refer to the
existence of trusts and other huge ag.
gregatlons OF capital. the object OF
, which Is to secure the monopoly OF
some particular branch of trade, indus.
try or commerce, ana 80 stife whole.
some competition. When these are de.
/ Tended 1t is usually on the ground thai
!, though they increase profits, they also
reduce prices and thus they benefit tho
public. 1t must be remembered, how.
: ever, that a reduction OF prices to the
people Is not one of the real objects OF
I these organizations. Nor is their ten
dency necessary In that direction. II
2 II occurred in a particular case IL is only
| because 1t accords with the purpose on
: interest OF those managing the scheme.
such occasional results fall far short
OF compromising the palpable evils
charged to the account of trusts and mo-
nopolies. Their tendency is to crush out
individual independence and TO hinder
or prevent the free use of human facul-
tiese and the full development of human
character. Through them the farmer.
the artisan and the small trader is I'm
danger OF dislodgement from the proud
position OF being his own master
watchrul OF all that touches his coun-
trys prosperity, in which he has an in
diVidual lot, and Interested in all that
aHects the advantages of business of
when ne Is a factor. To he reieSatcd "a
the level OF q mere appurtenance to q
graf machine with little free will with
no duty but that Of passive obedience
and with little hope or opportunity OF
raising In the scale OF Responsible
healthful citizenship.
TO the instructive belief that such is tho
inevitable trend Of trusts and monopolies
Is due the widespread and deep seated
popular aversion In which they are held
ana the not unreasonable renaissance thai
Whatever ma be their incidental economic
advantages their general effect upon oer-
sonai character prospects and usefulness
cannot be otherwise than injurious.
Though congress has ttempte Ia aaa,
with this matter by legislation the laws
passed for that purpose thus far have
proved ineffective not because of any ,.cL
OF disposition or attempt to enforce t,a,n
put simply. because the law themselvas 90
interpreted by the courts do nor reach az
uimculty. III the insuficiencies OF ex,ss
ing laws can be remedied by further ieeis-
laton IL should be done. 1t shouid te IS
cognized. however, that all federsi Isg,s-
laton on this subject may fan short az ~.
purpose because OF inherent obstacle, ana
also because OF the complex characfer -,
our governmental system, which. vsh,Ia
making the federal authority s,,nrerns
. WITHIN Its sphere has carefully Ifrnit~S
that sphere by bounds which cannot ~
transgressed The decision Of our hishest
court on this precise question rendsrs a.
quite doubtful whether the evils al frn.ts
and monopolies can be adequately treated
through federal action unleaa thai s~sS