Bridgeton pioneer., 1896-12-10

Because we may be enjoying tempo-
rary relief from it's depressing influence
this should not lull us into false security
nor lead us to forget the suddenness of pase
visitations.
I am more convinced than ever that we
can have no assured financial peace and
safety until the government currency obli-
cations upon which gold may be demanded
from the treasury are withdrawn from cir
culation and cancelled. This might be
done, as has been heretofore recommended,
by their exchange for long term bonds
bearing low rate Of interest or by their
redemption with the proceeds of such
bonds. Even if only the United States
notes known as greenbacks were thus re-
tired it is probable that the treasury notes
| issued in payment of silver purchases un-
der the act of July Id, 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, bS
gradually and prudently replaced by silver,
| coin.
| This plan of issuing bonds for the pur-,
pose of redemption certainly appears to be
the most effective and direct path to the
needed reform. In default of this, how,
ever, it would be step in the right direc,i
/
| gold whenever so redeemed, should be
Cancelled instead of being reissued. This
| operation would be slow remedy, but it
would improve present conditions.
National banks should redeem their own
notes. They should be allowed to issue cir,
culation to the par value of bonds deposited
as security for its redemption, and the tax
| on their circulation should be reduced to
one-fourth of 1 per cent.
In considering projects for the retire
ment of United States notes and treasury
notes issued under the law of 1890, I 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 to our
circulation if invited to us by better and
safer financial methods 1t is not so much
contraction of our currency that should
be avoided as it's unequal distribution.
| Smaller Banks Suggested.
This might be obviated and any fear of
harmful contraction at the same time re-
moved by allowing the organization of
smaller banks and in less populous COM
munities than are now permitted, and also
authorizing existing banks to establish
branches in small communities under prop
er 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 accumulation
of funds and confines its monetary opera
tions to the receipt of the money contrib
uted by the people for it's support and to
the expenditure of such money for the
peoples benefit.
Another topic in which our people right
fully take a deep interest may be here
briefly considered. l refer to the existence
of trusts and other huge aggregAHions Of
capital, the object of which is to secure the
monopoly of some particular branch Of
trade, industry or commerce and to stifie
wholesome competition. N6len these are
defended it is usually on the ground that,
though they increase profits, they also re-
duce prices and thus may benefit the pub
lie 1t must be remembered, however, that
a reduction of prices to the people is not
one of the real objects of these organiza-
tions, nor is their tendency necessarily 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 occasional results fall far short of
compensating the palpable evils charged to
Their tendency is to crush out individual
independence and to hinder or prevent the
free use of human faculties and the full
development of human character. Through
them the farmer, the artisan, the small
trader, is in danger of dislodgment from
the proud position of being his own master,
watchfu1 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 the level of
mere appurtenance to great machine
with little free will, with no duty but that
of passive obedience, and with little hope
or opportunity of rising in the scale of re-
sponsible and helpful citizenship.
To the instructive belief that such is the
Inevitable trend of trusts and monopolies
Is due the widespread and deep seated pop
ular aversion in which they are held and
the not unreasonable insistence that, what
ever may be their incidental economic ad-
vantages, their general effect upon personal
character, prospects and usefulness cannot
be otherwise than injurious.
Possible Remedies.
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 themselves as
interpreted by the courts do not reach the
difficulty If the insufficiencies of existing
laws can be remedied by further legisla-
tion it should be DONE The fact must be
recognized, however, that all federal legis-
lation on this subject may fall short of its
purpose because of inherent obstacles, and
also because of the complex character of
our governmental system, which, while
making the federal authority supreme
within it's sphere has carefully limited
that sphere by metes and bounds which
cannot 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