The Providence news. (Providence [R.I.]) 1891-1906, 1896-12-07

And vet there remains with US today In
full strength and activity as an incident
of that tremendous struggle feature OF
its financial necessities. 4, not only unsuited
to our present circumstances. but mani
testify 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
this should not lull us into a false Sc
curity nor lead US 10 forget the sudden
ness OF past visitations.
am more convinced than ever that we
can have no assured financial peace and
safety until the government currency OBJ
legation upon which gold may be de-
manded from the treasury are withdrawn
from circulation and Cancelled. This
might be done. as has been heretofore
recommended. by their exchange for long
term bonds bearing a low rate OF inter-
est or by their redemption with the pro-
ceeds OF such bonds. Even If only the
United States notes known as greenbacks
were thus retired. IL is probable that the
treasury notes issued In payment of sill
yer purchases under the act OF July IA,
1890. now paid In gold when demanded,
would not create r04lch disturbance, as
they might from tifie TO time. when re-
ceived I'm the treasury by redemption in
gold or otherwise. be gradually and pru-
IDENTIFY replaced by silver coin.
This plan OF issuing bonds for the pur-
pose OF redemption certainly appears to
be the most effective and direct path to
the needed reform. In default OF this.
however, Il would be a step i'm the right
direction IL currency obligations redeem
able in gold whenever SO redeemed should
be cancelled instead of being reissued.
This operation would be a slow remedy.
but IL would improve present conditions.
National banks should redeem their own
notes. They should be allowed TO Issue
circulation TO the par value Of bonds de-
posits as security for its redemption. and
the tax on their circulation should be re-
duced to one-fourth OF l per cent.
In considering projects for the retire
ment OF United States notes, and treas
ury notes issued under the law of $500.
am or the opinion that we have placed
too much stress upon the danger OF con-
tracing the currency. and have calculat-
ed too little upon the gold that would be
added TO our circulation II invited to us
by better and safer financial methods. II
Is not so much a contraction of our cur
rency that should be avoided as its un-
equal distribution.
This might be obviated. and any fear
of harmful contraction at the same time
removed, by allowing the organization OF
smaller banks. and In less popuious COM
munities than are now permitted, and
elso authorizing existing banks to estab-
lish branches in small communities un-
der proper restrictions.
The entire case may be presented by
the statement that the day of sensible
and sound 1rancial methods will not
dawn upon us until our government aban-
dons the banking Isiness and the accu-
mutation of funds and confines it's mon
etary operations to the receipt Of the
money contributed by the people for it's
support. and TO the expenditure of such
money for the peoples benefit. Our busi-
"a cff ion
for rest from feverish agitation. and the
Inauguration by the government of rer
form financial policy which will encour-
age enterprise and make certain the re-
wards of labor and industry.
ABOUT TRUSTS.
Another topic In which our people right
fully take a deep interest may be here
briefly considered. / 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 commerce and to
stihe wholesome competition. When
these are defended II Is usually on the
ground that though they increase profits,
they also reduce prices, and thus may
benefit the public. 1t must be remem-
bered, however, that a reduction of prices
to the people is not one of the real objects
of these organizations. nor Is their ten
dency necessarily in that direction. II
because IL accords with the purposes or
interests OF those managing the scheme.
Such occasional results fall far short OF
compensating the ralpable 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 human faculties and the
full development of human character
Through them the farmer the artisan and
the small trader is in danger of dislodg.
ruent from the proud position OF being his
own master, watchful OF all that touches
his country's prosperity in which he has
an individual lot and interest i'm all that
affects the advantages of business OF
which he Is 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 evidence and with little hope or
opportunity OF rising I'm the scale OF re-
sponsible and helpful citizenship. To the
instructive belief that such is the inevita-
bic trend of trusts and monopolies Is due
the widespread and deep-seated popular
aversion In which they are cid and
the not unreasonable ,ns.stsnc' that,
whatever may be their Incidental charac-
ter. prospects, and usefulness, can not be
otherwise than injurious.
Though congress has attempted to deal
with this matter by legislation. the laws
passed for that purpose thus far have
proved ineffective. not because OF any
lack OF disposition or attempt to enforce
them. but simply because the laws them
selves as Interpreted by the courts do not
reach the 6jficulty. If the insufilciencies
OF existing laws can be remedied by fur
ther legislation II should be done. The
fact must be recognized. however, that
all federal legislation on this subject may
fan short of it's purpose because of in
herent obstacles and also because of the
complex character OF our governmental
system. which, while making the federal
authority supreme 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 II quite doubtful
whether the evils of trusts and monopo-
lies can be adequately treated through
federal action, unless they seek directly
and purposely TO include in their objects
TRANSPORTATION or intercourse between
states or between the United States and
foreign countries.
II does not allow. however. that this IL
the limit of the remedy that may be ap-
piled. Even though IL may be found that
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