The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-08

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 contract
ing 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 contraction of our currency
that should be avoided as it's unequal dis
tribution.
This might be obyiated, and any fear
Of harmful contraction at the same time
removed, by allowing the organization
Of smaller banks and in less populous
communities than are now permitted and
also authorizing existing banks to es-
tabish branches in small communities
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 bank business and the accumulation
Of funds, and confines its monetary opera
tions to the receipt of the money contrib
uted by the people for its support, and
to the expenditure Of such money for
the peoples benefit. Our business inter
ests and all good citizens long for rest
from feverish agitation, and the inaugur-
alton by the government of a reformed
financial policy which will encourage en-
terprise and make certain the rewards
Of labor and industry.
ABOUT TRUSTS AND OTHER AG-
GREGATIONS.
Another topic in which our people right
fully take a deep interest may be here
briefly considered. / refer to the exist
ing, Of trusts and other huge aggrega-
tons of capital, the object of which is
to- secure the monopoly of some praticu-
lar branch of trade, industry or com
MERGE aud to stine wholesome competi-
ton. When these are defended it is US
ually on the ground that though they in
crease profits they also reduce prices and
thus may benefit the public. 1t must
be remembered, however, that a reduc-
tion of prices to the people is not one
Of the real objects OF these organizations
nor is their tendency necessarily in that
direction. If it occurs in a particular
case, it is only because it accords with
the purposes or interests Of those man
aging the scheme. Such occasional re-
Sulln 4tlA AhI cJtDl VI LtAAtotlttAis5 tAAG
palpable evils charged to the accounts
OF trusts and m0nopolies. Their tenden-
cy is to crush out individual indepen-
dence and to hinder or prevent the free
use of human faculties and the full de-
yelopmcnt Of human character Through
them the farmer, the artisan and the
small trader is in danger of dislodgment
from the proud position Of 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, to be relegated to a
great machine, with little free will, with
the level of a more appurtenance to
no duty, but that Of passive obedience,
and with little hope Of opportunity of ris-
ing in the scale Of responsible and help
full citizenship. To the instructive be-
lief that such is the inevitable trend OF
trusts and monopolies is due the wide
spread and deep-heated popular aversion
in which they are held and the not UNI
reasonable insistence that, whatever may
be their incidental economic advantages,
their general effect upon personal char
acter, prospects and usefulness can not
be otherwise than injurious.
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 courts do not
reach the difficulty. If the insuficiencies
of existing laws can be remedied by fur
Their legislation it should be dones The
fact must be recognized, however, that
all Federal legislation on this subject may
fall short of its purpose because of In
| herent obstacles and also because OF the
complex character of our governmental
system, which while making the FEEDER
al authority supreme within its sphere
has carefully limited that sphere by
| metes and bounds which can not be
| transgressed. The decision Of our highest
court on this precise question renders
it quite doubtful whether the evils Of
trusts and monOpOlies can be adequately
treated through Federal action unless
they seek directly and purposely to in
clude in the objects transportation or
interiors between States or between the
United States and foreign countries.
IT does not follow, however, that this
is the limit of the remedy that may be
applied Even though it may be found