Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1896-12-10
Pensions

President Cleveland hits the pension
grabbers a hard blow He shows that
last year the number of pensioners
materially increased until the list is
the largest ever reported, numbering
970,67S persons and costing s1SS 214,-
1914.
President Cleveland demands the
speedy settlement of the Pacific rail-
road loans and grants and especially
the foreclosure Of the Union Pacific
mortgage. He shows in the agricu.-
turaT department that the value of
farm products exported in 1896
amounted to S75o,000 600 He is op-
posed to a further gratuitous distribu-
tion of seed. The inters tate Commerce
and civil service laws are highly COM
mended.
Defends Wilson Bill.
While admitting a deficit of little
more than s25,OOOOOO the president
defends the Wilson tariff bill as hay
ing opened up foreign markets and
stimulated trade with other countries.
The present bill, he says, will yield
sufficient revenue if given a fair trial,
but the deficit was to be expected i'll
the face CT the business depression of
the past two years. In this connection
he defends the drafts made on the re-
serve fund, as he says it is immeasur-
ably better to appropriate our surplus
to The payment of justifiable expenses
than to allow it to become an invita-
ton to reckless appropriation and ex-
travagant expenditures.
Financial Reform.
President Cleveland alludes to our
financial methods as weak and vicious
and asks a prompt reform of the sys-
tenn which is opposed to every rule of
sound finance and shown by experience
to be fraught with a g1rievous peril
and perpleXity. He refers to the late
contest as being a greater menace to
property than the late civil war. He
declares that financial peace cannot be
secured until government currency OBJ
legations upon which gold may be de-
manded are withdrawn from clrcula-
ton and cancelled. He advocates their
exchange for long term, low interest
bond or their redemption with the pro-
ceeds of such bonds. If this is not
done he believes such currency obliga-
tions when redeemed should be cam
celled instead of being reissued. Ma
tional banks should redeem their own
notes They should be allowed to is
sue circulation to the par value of
their deposed security and their circu-
latiom tax should be reduced to one
fourth of one per cent. Summing UP
the financial situation the president
says: 1.-The entire case may be pre-
scented by the statement that the day
of sensible and sound financial method
will not dawn upon us until our gov
eminent abandons the banking bust
ness and the accumulation of funds
and confines it's monetary operations
to the receipt of the money con-
tributed by the people for it's support
and to the expenditure OF such money
for the peoples benefit" "Our bust
ness interests and all good citizens
long for rest from feverish agita-
ton and for the Inauguration by the
government Of a reformed financial
policy which will encourage enter
prise and make certain the rewards of
labor and industry"
Trusts.
After denouncing the tendency OF
the times towards the creation of
trusts and monopolists the tendency Of
which the president said is to crush
out individual independence and to
hinder or prevent the free use OF the
! human faculties and the full develop
| ment of human character, the presl-
dent appeals to congress to exercise
rigid economy, saying, "the way OF
perplexing extravaganza is easy but a
return to frugality is difficult" He
then concludes as follows:
when our differences are forgotten
and our contests of political opinion
are no longer remembered, nothing in
the retrospect of our public service will
be as fortunate and comforting as
the recollection of official duty we'll
performed and memory of a constant
devotion to the interests of our conhd-
ing fellow countrymen."