Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-12-10

The application of an accumulated funu
by the government to the payment OF
its running expenseB Is n duty, An
individual living beyond his income
and embarrassing himself with debtor
drawing upon his accumulated fund OF
principal is either unfortunate or Inn
provident. Tho distinction is between a
government charged with tho duty Of
expanding for the benefit Of the people
and for proper purposes all the money
il receives from any source and the IN
diyidual who is expected to manifest
natural desire to avoid debtor to
accumulate as much as possible and to
live within the income derived from
such accumulations to tho end that
they may lie increased or ut least re-
main unimpaired for the future use
and enjoyment of himself or the objects
Of his love and affection who may sur
yive him. ,F
II ia immeasurably better to appro-
pri8te our surplus to the payment OF
justifiable expenses than TO allow it to
become an invitation to reckless ap-.
preparations and extravagant eSpenGi-
lures, suppose it will not be
denied that under the present law our
people obtain the necossaries of COM
Portable existence at cheaper rate
than formerly. This is a matter of
supreme importance, since 1t Is the
palpable duty Of every just government
to maks the burdens of taxation as
light as possible. The people should
not be required to relinquish this privi-
lsge OF cheaper living except under the
stress of their governments necessity
made plainly manifest. This reference
to the condition and prospects OF our
revenues naturally suggests an allusion
to the weakness and vices OF our
| financial methods. They have been
frequently pressed upon the attention OF
Congress in previous executive COM
munications and the inevitable danger
Of their continued liberation pointed
| out. Without now repeating these
details l cannot refrain from again
earnestly presenting tho 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 shouk the
foundations OF our government more
than 30 years ago brought in it's train
the destruction of property, the vast
| ing Of our country's substance, and the
estrangemept of brethren. These are
now past and forgotten. Even the dis.
| tressing loss Of life and conflict entailed
| is but sacred memory, which fosters
patriotic sentiment and keeps alive a
| tender regard for those who nobly died.
| And yet there remains with us to-day,
| in full strength and activity, ns an
incident OF that tremendous struggle, a
feature of its financial necessities, not
only unsuited to our present circum
stances, but manifestly disturbing
menace to business security and an
ever-present agent OF none tary distress.
Because we may be enjoying fem
porary relief from its depressing in
flueuce this should not iul us into a
false security nor lead us to forget the
Huddenness of past yisitations. ! am
more convinced than ever that we can
have no assured financial peace and
safety until the government currency
obligations upon which gold may be
demanded from the Treasury are with
drawn from circulation and cancelled.
This might be done as has been hereto.
fore recommended by their exchange or
long term bonds bearing low rate of
interest or by their redemption with
the proceeds Of such bonds.
Even IL only the United States
notes known as ereenbacks were thus
retired. it is probable that the treasury
notes issued in payment OF silver pur-
chases under the act OF July 14th, 1890,
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 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 and direct path to the
needed reform. In default OF this,
however. it would be step in the right
direction if currency obligations re-
deemable in gold, whenever so re
deemed, should be cancelled instead OF
being reissued. This operation would
be slow remedy, but it would i'm.
prove present conditions. National
banks should redeem their cwn notes.
They should be allowed to Issue circu-
lation to the par value of bonds do
potsited as security for its redemption,
and the tax on their circulation should
be reduced to one-fourth Of l per cent.
In considering projects TO, the retire
ment of United States notes and
treasury notes issued under the law OF
1890, | am of tho opinion that we have
placed too much stress upon the danger
OF contracting tho currency, and have
calculated too little upon the gold that
would be added to our circulation ii
invited to US by better and safeI
financial methods. 1t ia not 80 much O
, contraction OF our currency that should
lie avoided as its unequal distribution.
This might be ohyiated and any fear OF
harmful contraction at tho same time
removed by allowing the organization
of smaller banks and in less populout
communities than arc now permitted
and also authorizing existing banks tt
establish branches in small communi
ties under proper restrictions. Th.
entire caHo may be presented by thu
statement that the day OF sensible ant
sound financial methods will not dawr
upon us until our government abandon
the banking business and the accumu.
i lation OF funds and confines it's mono
tary operations to tho receipt of til,
| money contributed by tho people for it
support and to tho expenditure of sucl
: a money for tho peoples benefit. Gu
business intarosts and all good citizens
long Tor rest from feyerish agitation
and the Inauguration by tho govern
!, mont of reformed financial polio,
which will encourage enterprise ant
mako certain the rewards Of labor mt
industry.
Another topic in which our peopl
rightfully take deep interest may bt
: here briefly considered. / refer to thu