Evening journal., 1896-12-08
gradnaiiy ana rrudontly replaced By silver


pose Of redemption cert linly appears 70 DO
The most effective and direct path to the
needed reform In default Of this, how
sver, 10 would be q step in the right direc-
ton II currency obligations redeemable in
gold whenever so redeemed. should bo
cancelled instead of being rcissued. This
operation would bo a slow remedy, but It
would improve present conditions.
National hanks should redeem their own
notes. They should be allowed to issue cir
culation to the par value of bonds deposited
as security for It's redemption, and the tax
ON their circulation should be reduced TO
ono-fourth OF per cent
In considering projects for the retire
ment Of United States notes and treasury
notes issued under the law Of 1880. am of
the opinion that we have placed too much
stress upon the danger of contracting the
currency and have calculated too httia
upon the gold that would be added t0 our
circulation n invited 81 us by better and
safer financial methods. II Is not so much
a contraction of our currency that should
be avoided as its unequal distribution.
smaller Hanks Suggested.
This might be obyiated and any fear Of
harmful contraction at the same time re-
moved by allowing the organization Of
munities than are now permitted, and also
authorizing existing banks TO establish
branches In small communities undor prop
or restrictions
The entire case may be presented by the
statement that the day Of sensible and
sound financial methods will not dawn
upon us until our government abandons
the banking business and the accumulation
of funds and confines It's monetary opera
tions to the receipt OF the money contrib
utcd by the people for It's support and 30
the expenditure of such money for the
peoples benefit
Another topic in which our people right
fully take n deep interest may be here
briefly considered. ! refer 10 the existence
Of trusts and othor huge aggregatlons Of
capital, the object of which Is 70 secure the
monopoly Of some particular branch Of
trade, industry or commerce and TO stiiie
wholesome competition When these are
defended, Il isusually on the ground that,
though they increase profits they also re-
duce prices. and thus may benefit the pub
lie IL must be remembered. however, that
a reduction Of prices to the people Is not
one of the real objects Of those orgnniza-
tions nor ia their tendency necessarily In
that direction. II 10 occurs In a particular
cas0, 40 Is only because it nccords with the
purposes or interests Of those managing
| tho schcmc
Such occasional results fall far short Of
/ compensating the pnlpable evils charged Co
the nccount Of trusts and monopolics.
/ Their tendency Is 10 crush out individual
Independence and TO hinder or prevent the
/ free use OF human faculties ana the full
development Of human character Through
thcm the fariner, the artisan. the small
trader, "a In danger of dislodgment from
the proud position of being his own master,
watchful of all that touches his country
prosperity in which he has an individual
lot and interested In all that affects tho
advantages of business of which be Is a
fuctor, 20 be relegated TO the level Of a
mere appurtensnce TO great machine,
with little ftcs VIII, with no duty but that
OF passive obedience. and with little hopo
or opportunity of rising In the scale OF re-
spOnsiblc and helpful citizenship
10 the instructive belief that such Is tho
inevitable trend OF trusts and monopolies
Is due the widespread and deep seated pop
ulur aversion ina which they are held and
the not unreasonable ins stcncc that, what
ever may be their Incidental economic adj
vantagcs, their general effect upon personal
character. prospects and usefulness cannot
be otherwise than injurious
Possible gcme1ies.
Though congros, has attempted 20 deal
witt this matter ly legislation, the laws
passed for Tint purpose thus far havo
Iroycd iref ectiVe, not because OF any lack
Of disposition or ttompt TO enforce them,
but simply lesnuse the laws themselves as
interpreted by the courts do not roach tho
difficulty 10 the nslni ien,ie of existing
laws can be rc.nedicd By further legisla-
tion. IL should lie dono Tho fact must bo
recognized, however, that all fodoinl lcgls-
lntiun on This subicst may fall shcr. OF its
purpose ho auso of Inherent obstacles, and
also DO ause of the complex charaster Of
our governmental system. which, while
making the federal authority supreme
within iis sphere has carefully limited
that sphere ly metcs md bounds which
cannot ic transgressed. The decision of
our highos. court on this precise question
renders 20 quite doubtful whether the OWLS
of trusts nnd mOnopolici can be adequately
treated through federal action unless they
seek directly and purposely 20 include iu
their objects transportation or intercourse
totwecn stit's or between tho United
States and foreign countries.
IL docs not follow, however, that this :.
the limit Of the remedy that may be ap-
piled Even though IL may he found that
federal authority is not broad enough O.
fully reach the cise there can be no doubt
Of the power Of the several states 10 go;
effectively IN he promises, and thcrc should
be- no reason TO doubt their Willingness Ia
judiciously exercise such power.
In concluding this communication, its
last words shall be an appeal 60 the con
gfess for the NOS rigid economy In the ex
pondituro of the money 10 holds in trust
for the people Tho way Ia perplexing ex-
travagance - easy but a return TO frugal
ity Is difficult VIXEN however 10 Is con-
sidered that those who bear the burdens OF
taxation have no guarantee Of honest care
save in the fidelity of their public servants,
the duty Of an possible retrenchment j.
plainly manifest
When our differences are forgotten and
our contest of political opinion are n,
longer remembered nothing in the retro
spect Of our pablc rvicc will te as for
tunato and comforting as tho recollection
cf official duty Voll performed and the
memory of o constant devotion O. the i'm.
tnrests of oul milling fellow couutiymer
GkOVER CLEVELAND