The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-12-08

necessities not only unssissa 10 our arrs-
ent circumstances but F7anIfeSt1y a 6ts-
titTbfrlg menace % Business security 7sl1
an ever present agent of monetary Dis
T-ess Because We may be eajoyfng 4
temporary retsef from rs decreasing iafIn-
snce. that should not iun US into = fasse
security nor lead Us 70 forget the sudden
ness OF pas; visifatiors i an more con-
WINGED than ever that " can have 70 zs-
sure5 financial peace and safety until the
government currency Obligations upon
49,. - 49, - - -. ,s.s
treasury are Withdrawn from circgIatioa
and cancelled. TINS might Be done as has
been heretofore recommended. by their
exchange for longtime bonds bearing
low rate OF interest or their redemption
with the proceeds Of such bonds Even i
only the United States notes known as
f-Feenbzcks are thus retired e IS proba-
hls that xhe treasury notes issued IN pay
rnent Of silver purchases usSer the act -
July a. Issa TOW paid in gold when de-
rnanded would not create such Z disturb
anca as they might from time 10 TfE1e
when received IN the treasury By re5emp-
tion in gold or otherwise. be gradually
and prudently replaced by silver coan-
This plan 81 issuing bonds for the pur-
pose OF redemption certainly appears 20
be the most effective and direct path to
the needed reform In default o. This.
direction Il currency obligations redeem
able IN gold, whenever so redeemed,
should be cancelled instead OF being rsis-
sued This operation would be a slow
remedy GAl II H"NAA Azcsc2l~ Gu
National banks should redeem their own
notes They should be allowed 10 issue
circulation 10 the par value OF bonds de-
posted as security for redemption and
the tax on their circulation should be re-
duced TO /. OF / per cent.
In considering projects for the retire
rnent 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 contracting the
currency and have calculated too little
upon the gold that would be added 70 our
circulation II invited TO US By better and
safer financial methods. II is not so much
a contraction OF our currency that should
be avoided such equal Gisfri button.
This might be obviated and any fear Of
harmful contraction at the same time re-
moved by allowing the organization Of
smaller banks in less popuious com9iuni-
ties than are now permitted and aathorTZ-
ing banks 10 establish branches in small
communities under proper restriction.
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
tons TO the reception of the money con-
tributed by the people for its support and
70 the expenditure OF such money for the
peoples benefit. Our business interests
and all good citizens long for rest from
feverish agitations. and for the Inaugural
ton by the government of a reformed
financial policy which VIII encourage en-
terprise and make certain the rewards OF
labor and industry.
Trusts and MonopoIies.
Another topic in which our people right
fully take a deep interest may be here
briefly considered ! refer TO the exist
ence OF trusts and other huge aggregations
OF capital. the object of which Is 10 secure
the monopoly Of some particular branch or
trade industry or commerce and so stlre
wholesome competition. When these are
~ z4.a.f ia m he
though they may increase profits they also
reduce prices. and thus benefit the public
IL must be remembered. however, that a
reduction of prices 10 the people is not one
of the real objects OF these organizations,
nor is their tendency necessarily In that
direction. II 1t occurs in particular case
IL is only because II accords with the par-
pose or interest OF those managing the
scheme. Such irrational results fall far
short OF compensating the palpable evHs
charged TO the account OF trusts and mo-
nopoles. Their tendency is TO crush out
individual independence and 10 hinder or
prevent the free use of human facultiesand
the full development OF the human char
acter. Through these the farmer, the ar
tisan and the small trader is in danger or
dislogmert fr I'm the proud position or
being his own master, watchful OF all That
touches his country's prosperity. in which
he has an individual lot, and interested in
all that affects the advantages OF business
OF which he is a factor, 10 be relegaied 10
the level OF a mere appurtenance 10 great
but that OF a passive obedience. aud with
aittle hope or opportunity or rising IN the
scale of responsible and healthful citizen
ship. To the instructive belief that such is
the inevitable trend OF trusts and mcndpo-
lists is due the widespread and deep-seated
popular aversion In which they are held,
and the not unreasonable insistence that
whatever may be their incidental economic
advantages. their general effect upon per-
sonal character. prospects and usefulness
cannot be otherwise than INJURIOUS
V=r, hl
with this matter by legislation, the laws
passed for that purpose thus Tar nave
proved Ineffective. not because OF any lack
OF disposition or attempt 20 enforce them,
but simply because the laws themselves as
INTERPRETED By the courts do not reach the
difficulty. II the insufiiciency OF existing
ton 1t Should be done. II should be recog-
nizesi however that all legislation
ON the subject may fall short OF fts
purpose because Of Inherent obstacles, and
also because of the complex character OF
our governmental system. which. while
making the Federal authorities supreme
within their sphere. has carefully limited
that Sphere by bounds which cannot De
trsnsgressed The decision Of our highest
court on the precise question renders IL
quite doubtful whether the evils or trusts
and monopoles can be adequately treated
through Federal action unless they seek
directly and purPOse.y TO inciude IN thtT
objects transportation or intercourse be-
tween states or between the United STATES
II does not follow. however, that this is
the limit Of the remedy that may be en-
p'oved Even though Il may be found that
the Federal authorities are not broad
enough 10 fully reach the case. there can
no no doubt OF the power OF the several
states to act effectively In the premises,
and there should be no reason TO doubt
their willingness 10 exercise such power.
Let Congress Practice Economy.
In concluding this communication its
last words shall be an appeal 10 the con-
e-ress for the most rigid economy in the ex-
Dand{tiIrea OF the money IL holds ia trust
for the y,eonle The way 20 perplexipg ex-
fraVagauceS is easy, bat the return TO frG-
ealitv is difficult. When. however. IL Is
considered that those who can bear the
burdens OF taxation have no guaranty OF
honest care save IN the fidelity or their
r,lbft. servants the duty Of all possible re-
treurhuent Is plainly manifest
When our differences are forgotten and
o,,r contests OF political opinion ara no
longer remembered nothing IN the retro
sra.,t ~ our public service Viii be "a for
ts5nafa and comforting as the recollection
OF Official duty wei performed and the
s-',vv Of A constant devotion 20 the inter-
ests Of our confding fellow colntTyTnen.