The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-12-08

mourning debt or encroaching on his prin.
cipal. 1t is not one of the functions of
our government to accumulate and make
additions to a fund not needed for imme-
| date expenditure With individuals it is
| the chief object of struggle and effort
| The application of an accumulated fund
by the government to the payment of its
running expenses is a duty. An individual
| living beyond his income and embarrass-
| ing himself with debt or drawing
| upon his accumulated fund of principal, is
| either unfortunate or improvident The
| distinction is between a government
charged with the duty of expanding for
the benefit of the people and for proper
! purposes all the money 1t receives from
any source and the individual who lis ex-
pected to manifest natural desire to
avoid debt or to accumulate as much as
possible and to live within the income de-
rived from such accumulation, to the end
that 1t may be increased, or at least remain
unimpaired for the future use and enjoy
ment of himself or the objects of his love
! and affection who may survive him.
1t is immeasurabiy better to appropriate
our surplus to the payment of justiiable
expenses than to allow it to become an
| invitation to reckless appropriations and
extravagant expenditures. 1 suppose it
will not be denied that under the present
law our people obtain the necessaries of a
comfortable existence at a cheaper rate
preme Importance, since 1t is the palpable
duty of every just government to make
| the burdens of taxation as light as possible.
| The people should not be required to re-
linquish this privilege of cheaper living
except under the stress of their govern
ments necessity made plainly manifest.
FINANCIAL SYSTEM.
This reference to the condition and pros
poets of our revenues naturally suggests
ol-s,o os,l vrg,, 90
| our financial methods. They have been
| frequently pressed upon the attention of
| congress in previous executive communica-
| lions and the inevitable danger of their
continued liberation pointed out Without
now repeating these details l cannot re-
| frain from again earnestly presenting the
necessity of the prompt reform of a sys-
TEN opposed to every rule of sound finance
| and shown by experience to be fraught
with the gravest peril and perplexity. The
1 terrible civil war which shook the founda-
| tons of our government more
| than thirty years ago brought IN
| its train the destruction of property
| the wasting of our country's subsIance
| and the estrangement of brethren. These
| are now past and forgotten. Even the dis
| tressing loss of life the conflict entailed
| is but a sacred memory which fosters pa
triotic sentiment and keeps alive tender
regard for those who nobly died And yet
| there remains with us to-day, in full
| strength and activity, as an incident Of
that tremendous struggle, feature Of its
| financial necessities, not only unsuited TO
| our present circumstances, but manifestly
| a disturbing menace to business security
and an ever present agent of monetary
distress.
Because we may be enjoying tempo
rary relief from it's depressing influence,
! this should not lull us into a false Sc
| curity, nor lead us to forget the sudden
| ness of past visitations. am more con-
vinced 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
treasurer are withdrawn from circulation
and cancelled. This might be done, as
| has been before recommended by their ex-
| change for long term bonds bearing a low
rate of interest, or by their redemption
| with the proceeds of such bonds. Even if
| only the United States notes known as
| greenbacks were thus retired, 1t is prob
able that the treasury notes issued in pay
ment of silver purchases under the act
of July IA 1890, now paid in gold when
demanded, would not create much disturb
ance, as they might from time to time
when received in the treasury by re-
| demption in gold or otherwise be grad
ually and prudently replaced by silver
| coin.
This plan of issuing bonds for the pur-
pose of redemption certainly appears TO
| be the most effective and direct path to
the needed reform. In default of this,
| however, it would be a step in the right
direction if currency obligations redeem
| able in gold, wherever so redeemed, should
| be cancelled instead of being reissued. This
| operation would be slow remedy, but
| it would improve present conditions.
| National banks should redeem their own
! notes, they should be allowed to issue CIR
cot s,fI Il
ed as security for its redemption and the
| tax on their cirulation should be reduced
| TO one-fourth of ! per cent. In consider
| ing projects for the retirement of United
| States notes and treasury notes issued I'M
der the law of 1890, l 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 to us by better and safer financial
methods. 1t is not so much a contrac-
ton of our currency that should be avoid
| ed as it's unequal 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 establish
! branches in small communities under
| proper restrictions
| The case may be presented by the state.
ment that the day of sensible and sound
| financial methods will not dawn upon US
until our government abandons the bank
ing business and the accumulation of
| funds, and confines its monetary opera
lions to the receipt of the money concen-
trated by the people for its support, and
to the expenditure of such money for the
peoples benefit.
TRUSTS.
Our business interests and all good cit
liens long for rest from feverish agitation
and the Inauguration by the government
of a reformed financial policy which will
encourage enterprise and make certain
the rewards of labor and industry
Another topic in which our people right
fully take a deep interest may be here
briefly considered. 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
stifle wholesome competition. When these
are defended it Is usually on the ground
that though they increase profits they also
reduce prices, and thus may benefit the
public. II must be remembered, however,