The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1896-12-10

near future yield . revenue which, WIN
reasonably economicAl Expenditures WIN
overcome an deAelenciea
In the meantime no de1cit that hAn 90.
Cured or may occur need excite Or disenxb
rs. TO meet any such dehcit we have In The
treasury. in addition to the gold reserve Of
800 600 900. a surplus Of more than S12e.-
100000 applicable to payment Of the ex-
penses OF the government, and which must,
unless expended for that purpose. remain =
useless hoard. or, If not extravagantly
wasted, must in any event be perverted from
the purpose of its exac1ion from our peo-
pie. the payment. therefore, of any den-
cheney In the revenue from this fund %
nothing more than its proper and legitimate
use. 1t Is immeasurably better to appropri-
ate our surplus to the payment of justinable
expenses than to allow it to become an invi.
tation to reckless appropriations and ex-
Gavagant expenditurea
suppose Il will not be denied fhat under
the present law our people obtain the neces-
saries Of q comfortable existence AZ =
cheaper rate than formerly. This is mat
ter OF supreme importance. since 1t Is the
palpable duty of every just government to
make the burdens of taxation as light an
possible. The people should not be required
TO relinquish this privilege of cheaper living
except under the stress of their govern
ments necessity made plainly manifest
FINANCIAL.
This reference to the condition and pros
pects OF our revenues naturally suggests An
allusion to the weakness and vices of tmr
financial methods. They have been fire.
quentiy pressed upon the attention of the
congress In previous executive communica.
IONS and the inevitable danger of their con-
t1nued liberation pointed out Without nov
repeating these details. I cannot refrain
rom again earnestly presenting the neces-
sity OF the prompt reform of a system on
posed to every rule of sound finance ana
shown iy experience to be fraught with the
gravest peril and perplexity. The terrible
civil war which shook the foundations Of
our government more than thirty years
ago, brought in its train the destruction Of
property. ne wasting of our country's sub
stance, anC the estrangement of brethren
These are now past and forgotten. Even
the distressing loss of life the conflict en-
tailed is but sacred me mory which fos-
tiers patriotic sentiment and keeps alive a
tender regard for those who nObly died.
And yet there remains with US to-day in
full strength and activity as an incident of
that tremendous struggle. a feature of its
financial necessity not only unsuited to our
present circumstances. but manifestly a
disturbing menace to business security and
an ever present agent of monetary distress
Because we may be enjoying temporary
relief from Its depressing influence this
should not lull US into false security or
lead us to forget the suddenness of past WISH
tation. am more convinced than ever that
We can have not 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 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 United States notes known as
greenbaCks were thus retired it is probable
that the treasury notes issued in payment
of silver purchases under the act OF July
IA, 1890, now paid in gold when demanded,
would not create much disturbances. as they
might from time to time, when received in
the treasury by rede mptiOn of gold or other
wise. be gradually and prudently replaced
by silver coin. This plan of issuing bonds
for the purpose of redemption certainly APP
pears to be the most effective and direct
path to the needed reform.
In default of this, however, it would be a
step in the right direction if currency Obli-
cations redeemable in gold whenever SO
should be cancelled instead of be-
ing reissued This operation would be a
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
of l per cent 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 ac-
emulation of funds, and confines its none
tary operations to the receipts of money
by the people for its support,
and to the expenditure of such money for
the peoples benefit Our business interests
TAI
erish agitation, and the Inauguration by the
government of a reformed financial policy
which will encourage enterprise and make
certain the rewards of labor and industry.
TRUSTS.
Another topic in which our people right
FULLY take deep interest may be here
briefly considered. refer to the expanse of
rusts and other huge aggregations of CAPT.
al. the object of which is to secure the mo-
lopOly of some particular branch of trade,
or commerce, and to stihe whole
ONE COR, s,ctition. When these are defended
is usually or the ground that though they
Increase profits, they also reduce prices and
hus EIay benefit the public II must be re-
rendered, however, that a reduction of
'rices to the people Is not one OF the
cal objects of these organizations,
Tor IS their tendency necessarily in that
direction. If it occurs in a particular case
is only because il aCCOrds with the pur-
oses interests of those managing their
cheEe. Slch occasional results fall short
f composing the pa!pable evils charged to
he account of trusts and mOnopOlies. Their
endency is to crush out individual indie
endence and to hinder and to prevent the
rec use of human faculties and the full de-
of human character.
Though Congress has attempted to deal
tth this matter by legislation. the laws
assed for that purpose thus far have
rOved ineffective, not because of any lack Of
isposition or attempt to enforce them but
IMPLY because the laws themselves as In
rpreted by the courts do not reacu the
Inicuity. If the insuhiciencies of e: ting
Tvs can BE- remedied by further Il gislation.
shoald b. done The fact mus u recog-
zed. however, that all federal legislation
! TITS subject may fall short of Its purpose
.Cau.r of inherent obstacles, and also
.cause of the complex character of our
system. which. while making
e federal authority SUI RENE within its
ere. has carefully limited that sphere by
etes and bounds which cannot be trans
essed. The decision of our highest court
this precise question renders It quite
ubtful whether the evils of trusts and mo-