Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1896-12-11

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 It's redemption, and
the tax on their circulation should be re-
duced to one-fourth of / per cent.
In considering projects for the retire.
ment of United States notes, and treas
ury notes issued under the law of 1890,
am of 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. 1t
is not so much 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 populous COM
munities than are now permitted, and
also authorizing existing banks to estab-
lish branches in small communities I'M
der proper restrictions.
The entire case may be presented By
the statement that the day of sensible
and sound financial methods will no.
dawn upon us until our government a n
dons the banking business and the a
mutation of funds and confines its IA q
etary operations to the receipt of tn1
money contributed by the people for its
support, and to the expenditure Of such
money for the peoples benefit. Our busi-
ness interests and all good citizens long
for rest from feverish agitation, and the
Inauguration by the government of a re-
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. 1 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
stife wholesome competition. When
these. are defended 1t is usually on the
ground that though they increase proftn.
they also reduce prices, and thus may
dement, the public. 1t must be reRem-
psred' however. that reduction OF prices
TO the people Is not one Of the real objects
OF these organizations, nor is their ten
doncy necessarily in that direction. II
II occurs In particular case, 1t In only
because 1t accords with the purposes or
interests OF those managing the scheme.
Such occasional results fall far short OF
compromising the palpable evils chargod
to the account OF trusts and monopolios,
Their tendency is to crush out individual
independence and to hinder or prevent
the free use of human faculties and the
tull development of human character.
Through them the farmer, t. , artisan III
the small trader Is in danger of diaIodk
ment from the proud position Of being his
own master, watchful of all that touohol
his lntry's prosperity in which he has
an individual lot and interest in 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 in the scale Of re-
sponsible and helpful citizenship. To the
instructive belief that such is the insvita-
BILE trend of trusts and monopolies Is duo
the widespread and deep-seated popular
aversion in which they are held and
the not unreasonable insistence that
whatever may be their Incidental charac-
ter, prospects, and usefulness can not be
otherwise than inJuriou..
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 corrts do not
reach the difficulty. If the insufflciencies
OF existing laws can be remedied by fur
Their legislation 1t should be done. The
fact must be recognized, however, that
all federal legislation on this subject may
fall short of its purpose because Of in
hsrent obstacles and also because of the
complex character OF our goverrrsF(1p11
system, which, while making the federaI
authority supreme within its sphere, has
carefully limited that sphere by metes
ana bounds which cannot be transgressOd
The decision of our highest court on this
precise question renders 1t quite doubtful
whether the evils OF trusts and monopo-
lies can be adequately treated through
federal action, unless they seek directly
and purposely to ir elude in their objecfa
transportation or intercourse between
states or between the United States and
foreign countries.
It does not allow, however, that this n
the limit of the remedy that may be ap-
Olie6. Even though It may be found that
bedSral authority Is not broad enough to
fupt reach the case, there can be no
aopSt of the power Of the several states
to act effectively in the premises. and
there should be no reason to doubt their
willingness to judiciously exercise such
power.
In concluding this communication ifs
last words shall be an appeal to the oon-
gress for the most rigid economy in the
expenditure Of the money 1t holds In trust
fer the people. The way to perplexinH
extravagance is easy, but a return to
ru9ality II difficult.
When, however, 1t is considered that
those who bear the burdens of taxation
have no guaranty of honest care, save In
the fidelity OF their public servants, the
duty OF all possible retrenchment IL plain
" manifest.
When our differences are forgotten and
our contests of political opinion are NO
longer remembered, nothing in the retro
spect of our public service will be az tor
tunate and comforting as the recollection
Of official duty well performed. and the
memory Of a constant devotion to the
interests OF our confding fellow-country-
men.
GROVER CLEVELAND.
Executive Mansion. Dec. l. 1895.