The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-12-08

Treasury are withdrawn from circulation and
cancelled. This might be done, as has been
heretofore recommended, by their exchange for
long-term bonds bearing a low rate of interest
or by their redemption with the proceeds of such
bonds. Even IL only the United states notes
known, as greenhacks were thus retired. 1t is
probable that the Treasury notes issued in pay
mont of silver purchases under the act of July
IA. 1890. now paid in gold when demanded,
would not create much disturbance, as they
misht, from time to time, Ynen, received in the
Treasury by REDEMPTION IN gold or otherwise,
be gradually and prudently replaced BY silver
coin. .
redemption certaiuly appears to be the most
effective and direct path to the needed reform.
In default, of this, however. 1t would be n step
in the right direction IL currency obligations
redeemable In gold, whenever so redeemed,
should be cancelled instead of being reissued.
This operation would DO u slow remedy. but 1t
would improve present conditions.
National banks should redeem their own
ton to the par value of bonds deposited AS
security for it's redemption. and the tax on their
circulation should be reduced to one-fourth OF
l per cent.
In considering projects for the retirement of
United states notes and Treasury notes issued
under 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
s Se sdded To- TOO our lr'' cir SpGa tns f Fla invi teSt to w us BY
better and safer financial methods. 1t is not
50 much q contraction OF our currency that
should be avoided rs its unequal distribution.
This might be obviated, and any fear Of harm
full contraction at the SAINT time removed. by al
loWllk Vic OEedlllLhlloll VI ohIlhN aill
In less populous communities than are now per-
mitted. and also authorizing existing banks TO
establish 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 banking bush
ness and the accumulation of funds. and con
fines its monetary operations to the receipt or
the money contributed by the people for its
support. and To- the expenditure OF such money
for the peoples benefit.
Our business interests and all good citizens
long for rest from ieverish agitation and the
inaugaration by the Government OF a reformed
prise and make certain the rewards Of labor
and industry.
TRUSTS n CONVERSATIONS
Another topic in which our people riShttully
take a deep interest may be here briefly con-
sidered. Irefer 10 the existence OF trusts and
other huge agErcgations OF capital. the object
ticular branch OF trade. industry, or commerce,
and to stitle wholesome competition. When
these are defended 1t Is usually on the ground
that though they increase profits they also re-
duce prices. and thus may benefit the public.
1t must bo remembered, however, that n re-
ductiUn of prices to the peunle is not one of the
real objects OF these organizations. nor Is their
tendency necessarily in that direction. II It
1t accords with the purposes or interestso of
those managing the scheme.
Such occasional results fall far short of COM
pensating tho palpahle evils charged TO the ac-
count of trusts and .monopolies. Their ten
dency is to crush out individual Independence
LII I % illnue u I prevent Tie Tree use OIL nuUlln
faculties and the full development Of human
character. Through them the farmer. the
dislodgement from the proud position OF being
HIS own master, watchful of all that touches
his country's prosperity. In which, he, has an in.
dividual lot. and Interested In all that affects
the advantages OF business of which no Is a
factor. to be re!egated to the level OF q mere
appurtenance to II great machine. with little
FREQ will. with no duty but that Of passive
obedience. and with little hope or opportunity
OF rising in the scale OF responsible and help
To tho instructive belief that such is the in
evitable trend of trusts and monopolies is due
the widespread and deep. seated popular aver
sion in which they are held and the not I'M
reasonable, insistence that, whatever may DO
their incidental economic advantages. their
general effect upOn personal character. pros
pects, and usefulness cannot 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,
tempt to enforce them, but simply because the
laws themselves as interpreted ~ the courts do
not reach the difficulty. II the nsuhciencios
Of existing laws can Ge reInedied b, further
legislation II should be done. The fact must
be recognized, however, that all Federal legisia-
pose because of inherent obstacles. and also be-
cadse Of the complex character OF our govern.
authority supreme within Its sphere, has care
fully. limited that sphere by metes and bounds
OF our highest court on this precise question
renders 1t quite doubtful whether the evils OF
trusts ana InOnpnuIltt can be adequately
treated through Federal action, unless they
seek directly and purposely to include In their
objects transportation or Intercourse between
States or between the. United States and foreign
countries.
1t does not follow. however, that this is tho
limit Of tho remedy that may be applied. Even
though II may he found that Federal authority
Is not broad enough to fully reach the cosc,
there can be no doubt OF the power of The
several States to act effectively in the premis4s,
and ther- should bs no reason to doubt their
willingness to judiciously exercise such power.
LAST WORDS.
In concluding this communication, Its last
words shall be an appeal to tine Congress for
tine most rigid economy In the ex penditure OF
the money IL holds IN trust Tor the people. The
way to perplexing extravaganza l. easy, hut a
return to frugality Is difficult. When. how
ever, II Is considered that those who bear the
burdens of taxation have no guaranty of honest
care save In the fidelity of their public servants,
:he duty of all possible retrenchment Is plainly
manifest.
Wien our differences are forgotten. and our
contests Of political opinion are no longer re-
membered,. nothing In the retrospect of our
public service will he as fortunate and comfort
Ing NJ the recollection of official duty we'll per-
formed ana the memory of a constant devotion
TO the interests OF our confding fellow country
men. GROVER CLEVELAND.
EXECUTIVE MANSION, Dec. 7, 1896.
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