The evening times., 1896-12-07

1 The terrible civil war which shook the
| foundations or our government more than
| thirty years ago brought in its train the
destruction Of property. the wasting OF our
| coUntry's substance, and the cstrangernent
| or brethren. These are now past and for
1 gotten. Lven the distressing loss of life the
| conflict entailed is but sacred memory,
| which fosters patriotic sentiment and
| KEEPS alive tender regard for those who
| nooiy dled, and yet there Remains with US
| To-Day, In full strength and activity, as
| an incident OF that tremendous struggle a
! feature OF Its financial necessities, not only
| uhsliteu TO our present circumstances. but
| mailfeS,ly disturbing menace to busI-
| n@eSs 49, security ana IN ever present agent OF
| monetary distress.
Because we may be enjoying temporary
| rehe1 from ITS depressing Influence, this
| should not lull US into false security,
| nor lead US u forget the suddenu. - of
/ past VisltdtiouS
| am more convinced than ever that we
can have no assured financial peace and
| safety until the government currency OBJ
nenllOiis, pDn which gold ma y lie demanded
from the treasury. are Withdrawn from
| circulation and cancelled This might
be done, and has been heretofore recon-
lneHded, by their exchange for IOng-teEIn
bonds, bearing a low rate OF interest, or
! such bonds
| known as greenbacks were thus retired, it
| IS probable that the Treasury notes in pay
,nen' OF SILVER purchases under the act OF
| nanded, would not create muc h dis; urbaDce,
| as they might from time to time when re-
| ceiyed In the Treasury by redemption in
| gold or otherwise be gradually and pru-
dentiy replaced by silver coin.
This plan OF issuing bonds for the pur-
| pose OF redemption certainly appears to be
the most eTfectINv and direct PAIN TO the
needed Reform In default of this. however,
| 1t would be a SteD IN the right direction IL
| currency obligations redeemable in gold,
Whenever So Redeemed. should be Cancelled
instead or being reiSsued.
This operation would be slow remedy,
Dut IL would Improve present conditions.
National banks should redeem their own
notes They should be allowed 20 issue
circulation to the par value Of bonds de-
posted as security for its redemption, and
the tax on their circulation Siiultd t,,- re-
| duced to one-fourth OF l per cent
In considering projects for the retirement
or United States notes and Treasury notes
Issued under the law OF $50. | am OF
the opinion that we have placed too much
stress upon the danger Of contracting the
currency, and have calculated too little
upon the gold that would be added to our
circulation if invited 10 US by better and
safer financial methods. Ii is not 10 IL uch
be avoided as its unequal distribution.
This might be obviated, aud any fear
or harmful contraction at the same time
removed by allowing the organization OF
smaller banks and in less populous COM
uunitleS than are now permitted, and lso
authorizing existing banks to establish
branches N small communities under prop
er RESTRICT ons.
The enure case may he presented by the
statement that the day of sensible and
sound financial met / ols VIII not tla wn upon
is until our government abandons the bank
ing business and the accumulation OF funds
and confines / II onetary operations 10 the
receipt Of the money contributed by the
people Tor It's SUPPORT ana TO the cApeI.di-
iure Of such money for the peoples bene-
fit.
Our business interests and all &c od ctti-
zenS long for rest from fevcrish agitation
and he inauguration hy the government OF
a reformed financial Obey which VIII en-
courage enterprise and make certain the
rewards Of lal or and industry.
Another topic in which our people right
fully take a deep interest NAV be here
briefly considered. ] refer 10 the exist
ence OF trusts and
TRt SIS. other huge acgrcGa-
tons of capital. the
object Of which is to secure the monopoly
OF some particular branch Of L ade, Indus
some competition. When these are de-
Tended il is usually on the ground that
though they increase profit, they also re-
duce prices and thus may benefit the
public. 1t must be remembered, however,
that reduction Of prices 70 the people
is not one of the real objects of these
organizations, nor S their tendency neCes-
Sarly in that direction. II u occurs in a
particular case, it is only because it ac-
cords with the purpose or interests OfthUSe
managing the scheme.
Such occa Siunal results fall far short of
CompCHSating the Dalpable evils charged to
the accounts uftruSts ana mCn0pOiies Their
tendency is to crush out Individual indie
pendeuce AMI to hinder or prevent the free
nent of human character Through them
the farmer. the artisan and the small
trader Is in danger of dislodgment from the
prouu position of being his own master.
watthfuI OF all that touches his couHtry's
prosperity. in which he has an irGividGaI
lot, and interested in all that affects the
advantages OF business of which he is
factor. tC be reicsated to the level Of mere
appurtenance to a great machine. with
passive obedience, and with little hope
OF opportunity OF rising in the scale of re-
>ponsibie and helpful citizenship.
70 the Instructive belief that such is he
Inevitable trend OF trusts and monopoiies
is due the Widespread and decp-seated
popular aversion in which they ire held,
whatever may bc their Incidental economic
advanta ges. their general effect upon per-
sonai character. prospects and usefulness
cannot he 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
reach the dirficuIty. II the insufficiencies
OF existing laws can be remedied V further
LEGISLATION. it should be done.
The fact must be recognized, however,
that all federal legislation on this subject
may fall shortof its purpose. because ~ in
herent obstacles and also because of the
TEN, which while making the federal au-
thority supreme within its sphere, las
carefully limited th1t sphere by mrtes anu
bounds which cannot tie transgressed,
The decision or our highest court on This
precise question renders it quite doubtful
whether the evils OF trusts and n1nupu.ies
can be adequately treated through Federal
action, unless they seek directly and pur-
posely to include in their OBJ jects transpnrta-
ton intercourse between States or be-
tween the United States and foreign coun-
tres.
II does not follow no wever, that this is
theiiuit OF the remedy [ ha { ma V be applied
Even though it may he found that federal
luthorityis not broad enough 70 fully reach
the case there CT n be no doubt of the power
of the several States to act effectively in
tie promises. and there should be no reason
to doubt their willingness TO judiCiously ex-
ercisc such power.
In concluding this communication, its
last words shall be an appeal to the Con-
eresS for the most rigid economy in the
for the people. The way To perplexing eX-
travagance is easy. but a return to frugal
ity Is difficult When, however, IL is con-
Sldered that those who have the burdens
or taxation have no guaranty or honest
care save in tile fidelity OF their public
servants the duty of all possible rctrench-
rnent is plainly IN anirest-
When our differences are forgotten and
our contests or political opinion arc no
longer remembered. nothing IN thu retro
sDact of our public service viii be ms for
tiInate and comforting rs the recollection OF
ory OF constant devotion to the interests
of our conf1iiug rellow-eountrymen
GROVER CLEVELAND.
Executive Mansion, Dec Z, 1896
Which Shall 1t He?
The birds are flying Southwark, for they
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