Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1896-12-12


our markets MS to give American manufao-
turers and producers better and moro
profitable opportunities must agree that
justified rs sources OF rovonuo TO enable
the government to meet the necessary expenses
| OF It's maintenance. Considered as to Its suf-
hciency in this aspect the present law can by
no means fall under just condemnation. Dur
| ing the only complete fiscal year of its opera
tion It has yielded nearly sS. 900 900 more reve-
nue. than was received from tariff duties In the
presiding year There was nevertheless,
deficit between our receipts and expenditures
OF little moro than sSS, 100000 This, however.
was not unexpected
seven months before the close OF the fiscal
| year, that thesecretary of the treasury fore
told n deficiency OF Sl7,0O0 900. The great and
increasing apprehension and timidity In busi-
ness circles and the depression in oil activities
intervening since that time, resulting from
causes perfectly well understood and entirely
disconnected with our tarin law or It's opera
tion, seriously checked the imports we would
| have otherwise received aud readily account
| for the difference between this estimate OF the
secretary and the actual deficiency, as we'll
as @% for @% a continued atm deficit; Indeed It must DO
| more unfavorable period than the last two
years for the collection OF tariff revenue. We
cannot reasonably hope that our recuperation
| from this business depression will be sudden,
but 1t has already set in with promise OF ac-
| celeration and continuance / believe our
present tariff law, II allowed fair opportunity,
will in the near future yield q revenue which,
with reasonably economical expenditures. will
overcome all DEFICIENCIES. In the meantime no
deficit that has occurred or may occur need
excite or disturb us.
To meet any such deficit we have In tho
treasury, in addition to gold reserve OF $780,
10 1000 surplus of more than SlsS 00J, 900 appl-
cable to tho payment OF the expenses OF the
| government, ana which must, unless expended
| for that purpose, remain useless hoard, or, II
not extravaganty wasted, must in any event be
from our people. The payment, therefore, of
any deficiency in the revenue from this
| fund is nothing moro than its proper and le-
gitfmate use The government thus applying
q surplus fortunately in its treasury 10 the
payment OF expenses not met by its current
| revenues, is not at all to be likened to man
| living beyond his income, and thus mourning
debt and encroachlng on his principal.
1t Is not one OF the functions of our govern
ment TO accumulate and make additions to q
fund not needed for immediate expenditure.
With individuals it is the chief object OF
struggle and effort The application OF an ac-
cumulated fund by the government to the pay
ment Of its running expenses is duty.
THE MONETARY QUESTION.
This reference 20 the conditions and pros
| poets Of our revenues naturally suggests an al
lusion to the weakness and vices OF our Imam
cial methods. They have been frequently
pressed upon the attention OF congress in pre-
yious executive communications and the In
evitabe danger OF their continued toleraton
pointed out Without now repeating these de-
| tails, cannot refrain from again earnestly
| presenting the necessity OF the prompt reform
of system opposed to every rule of sound
finance and shown by experience to be fraught
with the gravest peril and perplexity. The
terrible civil war which shook the foundations
OF our government more than 10 years ago.
brought in its train the,destruction OF property,
the wasting OF our country's substance and the
eStrangement OF brethren. These are now past
and forgotten. And yet there remains with US
to-day, In full strength and activity, as an incl
dent OF that tremendous struggle, a feature of
its financial necessities not only unsuited to
our present circumstances, but manifestly q
disturbing menace to business security and an
ever-present agent OF monetary distress Be-
cause we may be enjoying q temporary relief
from its depressing influence this should not
lull us into a false security nor lead us to for
get the suddenneSs Of past visitationS
am more con vinced than ever that
have no assured financial peace and safety un-
Til the government currency obligations upon
which gold may be demanded from the treas
ury are withdrawn from circulation and can
Celled. This might be done, as has been here
tofore recommended, by their exchange for
long term bonds bearing low rate of interest
or by their redemption with the proceeds of
notes known as greenbacks were thus retired,
1t is probable that the treasury notes issued In
payment Of silver purchases under the act OF
July IL. lSe0-now paid in gold when demanded
would not create much disturbance as they
might from time to time when received IN the
treasury by redemption In gold otherwise,
be gradually and prudently replaced by silver
coin.
The plan OF issuing bonds for the purpose OF
redemption certainly seems to be'a most effect
i've and direct path to the needed reform In
default OF this, however, II would be step In
the right direction II currency obligations re-
deemable in gold, whenever SO redeemed should
be cancelled instead OF being reissued. This
operation would be slow one. but 1t would
improve the present conditions National
banks should redeem their own notes. They
par value OF bonds deposited as security for
its redemption and the tax on their circulation
should be reduced to one-fourth OF per cent
In considering projects for the retirement OF
United States notes and treasury notes issued
under the law OF 1890, am of the opinion that
we have placed too much stress upon the dam
ger of contracting the currency and have calcu-
lated too little upon the gold that would be
added to our circulation II invited to us by bet
ter and safer financial methods. It is not SO
much n contraction of our currency that should
be avoided us its unequal distribution.
Nfsrht ha oh tnt tnH md M m
full contraction ut the same time removed by
allowing the organization of smaller banks and
in less populous communities than are now
permitted, and also authorizing existing banks
to establish branches in small communities
under proper restrictions
The entire may be presented by the
statement that the day OF sensible and sound
financial methods will not dawn upon us unth
our government abandons the banking BUSH
ness and the accumulation of funds and con-
fines its monetary operations to the receipt OF
the money contributed 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
feverish agitation, and the inauguration by
the government OF reformed financial
policy which will encourage enterprise and
make certain the rewards of labor and industry
THE EVILS OF TRUSTS.
Another topic in which our people rightfuly
, take II deep interest may be here briefly con-
sidered. refer to the existence 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 COM
| merce ana so Stlte WnOleSOme cOmpetltlOn.
, | When these are defended 1t Is usually the
ground that though they increase profits they
also reduce prices and thus may benefit the pub
, lie. II must be remembered. however, that re-
duction OF prices to the people is not one OF the
real objects OF these organizations Nor is their
tendency necessarily in that direction. II IL
occurs in q peculiar case. 1t is only because ID
accords with the purpose or interest OF those
managing the scheme Such occasional re-
suits fall far short of compensating the palpa-
BILE evils charged to the account OF trusts and
monopolies.. Their tendency is to crush out
individual independence and to hinder or pre-
vent 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, watch
ful OF oil that touches his countrys prosperity,
in which he has an individual lot. and Interest,"
ed in oil that Affects the advantages OF busi-
ness of which he Is o factor
: To tho instructive belief that such is the In
) evitable trend OF trusts and monopolles Is due
the widespread and deep-seated popular aver
, sion in which they are held and the not unrea-
sonable insstence that, whatever may be III 'ir
| ttala nia thn r arnI