The Portland daily press., 1896-12-08

principal, is 6iUu6E uuIOfbuQaJ0 or IN
provident. The distinction Is between q
government charged with the duty of ex-
pending for the benefit of the people ard
for proper purposes all ths money itaareoeives
from any source, and the individual who
is expected to manifest natural desire to
| avoid debt or to accumulate as much as
possible and to live Within the income
derived from such accumulations to the
end that they may be increased or at least
remain unimpaired for the future use and
enjoyment of himself or the objects of
his love and affection who may survive
| him.
1t is immeasurably better to appropriate
our surplus to the payment of justifiaDle
defenoes than to reckless appropriations
and extravaganza expen 1itures. suppose
it will not be denied that IN der the pres
ent law our people obtain the neoessaries
of a comfortable existence at q cheaper
rate than formerly, This is matter of su-
preme importance since it is the palpable
duty OF every 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 present conditions and
governments made plainly manifest.
FINANCIAL REFORM.
This reference to the condition and
prospects of GU revenues suggests an al
lussion to the weakness and vices OF our
| financial methods. They have been fire.
quently pressed upon the attention Of Con-
gress inprevious executive communications
and the inevitable danger of their con-
tinued liberation pointed out. Without
now repeating these details, l cannot
refrain from again earnestly presenting
the necessity of the prompt reform or a
system opposed to every rule OF sound
finance and shown by experience to be
fraught with the gravest peril and per-
| ~. It'll Nf11
shook the foundations our government
mora than thirty years ago brought
In its train the destruction OF property
the wasting OF our country's substance.
and the estrangement of brethren. These
are now past and forgotten. Even the
distressing loss of lite the conflict en-
tailed is but a sacred memory. which
fosters patriotic sentiment and keeps alive
tender regard for those who nobly died.
And yet there remains with us today,
in full strength and activity, as an mol
dent of that tremendous struggle, fea-
ture of it's financial necessities. not only
unsuited to our present circumstances,
but manifestly disturbing menace 60
business security ana an ever present
agent of monetary distress.
Because we may be enjoying temper
airy relief from it's depressing influence
this should not lull US into false secur-
ity nor lead us to forget the suddenness
OF past visitati0ns. l am more convinced
than ever that we can have no assured
financial peace and safety until the gov
eminent currency obligations upon which
gold may be demanded from the treasury
are withdrawn from circulation and
cancelled. This might besdone, as has
been heretofore recommended, by their ex-
change for long term bonds bearing
low rate of interest or by redemption with
the proceeds of such bonds. Even II only
TTpifad SEataS pntpG known as QF0enDaCkS
were thus retired it is probable that the
treasurey notes issued in payment OF sill
yer purchases under the act of July IA.
1890, now paid in gold, when demanded,
would not create much disturbance as
they might from time to time when
received in the treasury by redemption in
gold or otherwise be gradually andprudent-
ly replaced by silver coin. This plan OF
issuing bonds for the purpose of redemp-
tion certainly appears to be the most e11ec-
tive and direct path to the reform needed.
In default of this, however, it would De
step in the right direction it currency
obligations redeemahle in gold. whenever
SO redeemed should be cancelled instead
of being re-issued. This operation would
be a slow remedy, but it would improve
present conditions.
National banks should redeem their
own notes. They should be allowed to
issue circulation to the par value OF
JULIUS u0UOSlb6u d6 ScUulIOy I'LL LUIS ~
demption, and the tax on their circulation
should be reduced one-fourth.
In considering projects for the retire.
ment Of United States notes and treasury
notes issued under the law of 1890, am
of the opinion that we have placed too
much stress upon the danger OF contract
ing the currency, and have calculated too
little upon the gold that would be added
to our circulation if invited to us by bet
ter and safer financial methods. 1t is not
SO much a contraction OF our currency
that should be avoided as it's unequal
distribution. This might be obviated, and
any fear of harmful contraction at the
same time removed. ~ allowing tine Or
ganization of smalK. banks and In less
populous communities than are now per-
mitsed, and also authorizing existing
banks to establish branches IN small COM
munisies under proper 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 acoumula
ton of funds, and confines its monetary
operations to the receipt of the money
contributed by the people for it's support
and to the expenditure of such money for
the peoples benefit
Our business interests and all good
citizens long for rest from feverish agita-
'tion, and the Inauguration by the govern
ment of a reformed financial policy which
will encourage enterprise and make GEL
tain the rewards of labor and industry.
TRUSTS.
Another topic in whlon our people
rightfully take deep interest may be
here briefly considered. I refer to the
existence of trusts and other huge aggre-
atoms of capital. the object of which is
to secure the monopoly of some particu-
lar branch of trade and commerce and
to stife wholesome competition. When
these are defended 1t is usually on the
ground that through their increase profits
they also reduce prices and thus benefit
the public. 1t must be remembered, how
ever, that reduction of prices to the
people is not one of the real objects OF these
ORGANIZATIONS nor is their tendency neces-
sarily in that direction. If it occurs in
particular case it is only because it
accords with the purposes or interests of
those managing the scheme. Such COCA
sional results fall far short of oompen-
sating the palpable evils charged to the
account of trusts and monopolies. Their
tendency is to crush out individual indie
pendence and to hinder or prevent the
free use of human faculties and the full
DEVELOPMENT OF human character.
Through them the farmer, the artisan,