The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-12-12

more than ss.5oo.ooo. while t,.s value OF the
domestic products we exported and which
100000 more than during the preceding year.
Cannot Justly Be Condemned.
Those who insist that the cost "a. our
Abroad Abroad 70 FOR their needfui use should only
be increased through tariff charges 10 al
extent necessary 70 meet the expenses OF
claim that tariff charges may be laid upon
such articles beyond the necessities OF gov
PURPOSE OF so increasing their price IN our
markets as 70 give American MANUFACTURE
ers and producers better and more pront-
able opportunities. must agree that our
sources OF revenue 70 enable the govern
ms sh 1 es. 1 considsred as 70 It's sum
cheney In this aspect. the present law can
by no means fall under just condemnation;
its operation II has yielded nearly sSo0o.c0
more revenue than was received from
was n nI.et .ns dseit between our
receipts and expenditures OF little more
than s25ooo,ooo This. however. was not
Depression Not Due TO the Law.
The situation was such In December,
seven months before the close OF the fiscal
nat sae Of 5 THE srea
and increasing apprehension and timidity
In business circles. and the depression In
resulting from causes perfectly well under
stood and entirely disconnected Win our
eSr aw she o % %s woa have otSsr
wise received and readily account for the
difference between this estimate OF the
well as for continued deficiency. Indeed,
IL must be confessed that we could hardly
have had more unfavorable period than
the last two years for the collection or
tariff revenue
Believes IL WIN Prove n Success.
We cannot reasonably hope that our re-
cuperation from this business depression
will be sudden. but IL has already set In
with a promise OF acceleration and continu-
allowed a fair opportunity. viii in the near
future yield a revenue which. with reasona-
bly, economical expenditures, WIZ oSercome
oil deficiencies. In the meantime no dencit
that has occurred or may occur need exotic
or disturb US
Use of the Reserve Lawful.
To meet any suoh deficit we have In the
treasury, I'm addition TO gold reserve or
l00.000.O00, a surplus Of more than Sl2S.OOO,-
600 applicable TO the payment OF me e.-
unless expended for that purpose, remain
useless hoard, or, II not extravagantly
from the purpose OF its exaction from our
people. The payment. therefore, OF any de-
hciency in the revenue from this fund -
nothing more than It's proper and legiti-
mate use.
Vices OF Our Financial system.
The reference TO the condition ana pros
an aliuslon 10 the weakness and vices OF
our financial methods. They have been ire
quentIy pressed upon the attention or con-
grcss In previous executive communities
lions and the inevitable danger OF their
continued liberation pointed out. Without
now repeating any OF these details, can
not refrain from again earnestly presenting
the necessity OF the prompt reform OF q
system opposed to every rule oi s 20 ha
fraught with the gravest perm and per-
The Grcenbacix should Go.
l am more convinced than ever that we
can have no assured financial peace ana
safety until the government currency OBJ
legations upon. which gold may be de-
manded from the treasury are Withdrawn
from circulation and Cancelled. This might
BIO done, as has been heretofore recon-
mendcd, by their exchange Tor lonE-t term
bonds bearing n low rate OF interest or ny
their redemption with the proceeds OF suen
Even n only United states notes known
as greenbacks were thus retired, II In
probable that the treasury notes Issued In
payment OF silver purchases under the act
OF July IA. 1890. now paid n gold when de-
mandcd. would not create much dis
turbance, as they might from time 10 time
ton In gold or otherwise be gradually
and prudently replaced by silver coin.
Most Effective Path to Reform.
The plan OF Issuing bonds for the purpose
OF redemption certainly appears TO be the
most effective and direct path TO the
In default OF this, however. II would be
n step In the right direction IL currency
obligations redeemable In gold, Whcnever
so redeemed, should be Cancelled instead
OF being reissued. This operation would
be slow remedy. but II would improve
present conditions.
notes. They should be allowed TO issue
circulation 10 the par value OF bonds dc.
the tax on their circulation should DO re-
duced TO one-fourth OF one per cent.
Real Source of Danger.
In considering projects for the retirement
OF United states notes and treasury notes
issued under the law OF 1890. am or the
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 on
circulation II invited TO us by better and
safer financial methods
Must Abandon Banking business.
The entire case may be presented by tho
statement that the day OF sensible ana
sound financial method Will not dawn upon
us until our government abandons the
banking business and the accumulation or
funds and confines It's monetary operations
TO the receipt OF the money contributed by
the people FOR its support and to the OK
pendlture OF such money for the peoples
benefit.
Hot Shot for Trusts.
Another topic IN which our people right
fully take a deep interest may be here
briefly considered. l refer to the existence
OF trusts and other huge aggregations OF
capital, the object OF which ~ TO secure the
monopoly OF some particular branch ot
wholesome competition When these are
defended, Il is usually on the ground that
though they Increase profits, they also re-
duce prices, and thus may benefit the public.
lt must be remembered, however, that u
reduction OF prices TO The people Is not ono
OF the real objects OF these organizations,
nor Is their tendency necessarily in that
direction IL Il occurs In a particular case.
Il is only because IL accords with the pur-
pose or interests OF those managing the
Fcneme. Such occasional results fall far
short OF oompensating the palpable evils
charged to the account OF trusts and mo-
nopolios.
Laws inefficient for Their Control.
To the instructive belief that such IL the
Inevitable trend OF trusts and monopolies
is due the widespread and deep-seat pop
ular aversion In which they are held aud
the not unreasonable lnsiatence that.
Whatever may be their Incidental ecOn-
omic advantages. their general cffect
upon personal character. prospects and
usefulness cannot be otherwise than
Injurious Though congress has att
tempted to deal with this matter by leg
islatiUn the fws passed for that purpose
thus far have proved Ineffective, not be-
,.at,ae Of my lacl of diapOsitfOD or attompf