Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1896-12-14

/ tina. our tariff laws are only primarily
/ justified as sources of revenue to enable
/ the government to meet the necessary
/ expenses of it's maintenance. Considered
as To itH Efficiency in this aspect, the
present law can by no means fall under
/ lust cop,sennati ton. During the only COM
/ pIete fiscal gear of it's operation, it has
| Welded ne ~ly 5000, 900 more revenue than
/ was re,else ed from tariff duties in the
! preceding year. There was, nevertheless,
/ a deficit between our receipts and
! penditures of a little more than $25, 000,-
/ no. This, however, was not unexpected.
/ I believe our present tariff law if al
/ lowed fair opportunity, will in the near
| future yield a revenue which, with fea-
| sonabIy economical expenditures. will
! overcome all deficiencies. In the mean
| time no deficit that has occurred or may
| occur need excite or disturb u.s.
| To meet any such deficit have in
the treasury, in addition to gold reserve
of 800, 000, 900, suplus of more
| than $12S, 600 OOO,, applicable to the pay
ment of the expenses of the government,
and which must, unless expended for that
purpose, remain a useless hoard, or, if
not eXtravagantly wasted must in any
its exaction from people.
1t is immeasurably better to appropriate
our surplus to the payment of justifable
expenses than to ALLOW it to become an
invitation to reckless appropriations and
extravagant expenditures. I suppose it
will not be denied that under the present
law our people obtain the necessaries of
comfortable existence at a cheaper rate
than formerly. This is matter of SUI
preme Importance, since it is the palpable
duty of every just government to make
the burden of taxation as light as pos
SibIe. The people should not be required
to relinquish this privilege of cheaper
living except under the stress of their
governments necessity made plainly
manifest.
This reference to the condition and
of n9t1rallu
gests an allusion to the weakness and
vices of our financial methods. They
have been frequently pressed upon the
attention of congress E1 previous execu-
tive communica lions, and the inevitable
danger of their continued liberation point
ed out. Without now repeating these de-
tails / cannot refrain from again earnest
ly presenting the necessity of the prompt
reform of a system opposed to every rule
of sound finance and shown by exper-
fence to be fraught with the gravest peril
and perpleXity. The terrible civil war,
which shook the foundations of our gov
eminent more than 80 years ago, brought
in it's train the destruction of property,
the wasting of our country's substance
and the estrangement of brethren. These
past and forgotten. Even the
depressing loss of life the conflict en-
tailed is but a sacred memory whwich fos-
tiers patriotic sentiment and keeps alive
a tender regard for those who nobly died.
And yet there remains with us today in
full strength and activity as incident
of that tremendous struggle a feature OF
its financial necessities, not only unsuited
to our present circumstances, but mani |
testify disturbing menace to business
security and ever present agent OF
monetary distress.
Because we may be enjoying a tempo
rary relief from it's depressing influence
this should not lull US into a false Sc
curity nor lead to forget the sudden
ness of past ,visitatons
y I am more convinced than ever that we |
can have no assured financial peace and
safety until the government currency OBJ
legation upon which gold may be de- |
manded from the treasury are Withdrawn |
from circulation and Cancelled, This |
might be done as has been heretofore |
recommended, by their exchange for long |
term bonds bearing low rate of inter- |
est or by their redemption with the pro- |
ceeds of such bonds Even if only the |
United States notes known greenbaclzs |
We're thus retired, it is probable that the |
treasury 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 re- |
ceived in the treasury by redemption in
gold or otherwise, be gradually and pru-
IDENTIFY replaced by silver coin.
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 con-
tracing the currency, and have calculat-
ed 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 cur
rency that should be avoided as its I'M
equal distribution.
This might be obviated, and any fear
of harmful contraction at the same time
removed, by allowing the organization of
smaller banks, and in less populous com
munltleS than are now permitted, and
also authorizing existing banks to estab-
Hsh branches in small communities I'M
der 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 aban-
dons the banking business and the accu-
mutation of funds and confines its mon
etary 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 bust
ness interests and all good citizens long
for rest from feverish agitation, and the
Inauguration by the government of a re-
form financial policy which will encour-
age enterprise and make certain the re-
wards of labor and industry.
About Trusts
Another topic 1H which our people right
fully take deeA interest may be here
briefly consideredf I refer to the existence
of trusts and sitter huge aggregations of
capital, the object of which is to secure
the monopoly OF some particular branch |
of trade, industry commerce and to
stifie wholesome competition. When
these are defended it is usually on the
ground that though they increase profits
they also reduce prices, and thus may
benefit the public. It must be remem-
bered, however, that reduction of prices
to the people is not of the real objects
of these organizations, nor is their ten
dency 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
Though congress has attempted to deal
with this matter by legislation the laws