The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-12-08

portance of the work committed to its
charge.
In view of the judicial Interpretation
which some provisions of the present
statute have received and the defects dis
closed by the efforts made for It's en-.
forcement. its revision and amendment
may more effectually reach the evils de-
signed to be corrected. l hope the recon-
mendations Of the commission upon this
subject will be promptly and favoraoiy
considered by the congress.
! desire to recur to the statements else
where made concerning the governments 5
receipts and expenditures for the purpose
of venturing upon some suggestions.
touching our present tariR law and It's
operation.
This statute took effect on the 2Sth day
OF August. 1891. Whatever may De us
shortcomings as complete measure Of
tariff reform, 1t must be conceded that II
has opened the way to greater chanse
OF commodities between US ana other
countries, and thus furnished wider
market for our products and manufac-
turerS.
The only entire fiscal year during which
this law has been in force ended on the
goth day of June 1896. In that year our
imports increased over those of the pre-
viOus year more than s6,5OO,oJo, while they
value OF the domestic products we eX-
ported and which found markets abroad,
was nearly $10.OUO.0o0 more than during the
preceding year.
| believe our present tariff law. If al
lowed fair opportunity, Will, in the near
future, yield "a revenue which. with rea-
sOnably economical expenditures. Will
overcome all deficiencies. In the mean-
time no deficit that has occurred or may
occur need excite or disturb us. To meet
any such deficit We have In the treasury,
in addition to u gold reserve OF one hun
dred millions, a surplus of more than one
hundred and twenty-eight millions of dol
lars, applicable to the payment of the ex-
penses of the government and which must,
unless expended for that purpose, remain
useless hoard, or II not eXtravagantly
wasted, must In any event be reverted
from the purpose of its election from our
people.
The payment therefore of any deficiency
in the revenue from this fund Is nothing
more than its proper and legitimate use.
CONDITION OF REVENUES.
This reference to the condition and
prospects of our revenues naturally suS.
sests an allusion to the weakness and
Vices of our financial methods. They
have been frequently pressed upon the
attention of congress In previous eNecu-
tive communications and the inevitable
danger of their continued liberation point
ed out. Without now repeating these de-
tails, 1 cannot refrain from again earn
estly presenting the necessity of the
prompt reform of a system opposed to
every rule of sound finance and shown by
experience to be fraught with the Sravest
peril and perplexity. / am more con-
vinced than ever that We can have no
assured financial peace and safety until
the government currency obligations
upon which gold may be demanded from
the treasury are withdrawn from circula-
ton and cancelled. This might be done
as has been heretofore recommended, by
their exchange for long term bonds beai-
ing low rate of interest or by their re-
demption with the proceeds of such bonds.
known as greenbacks. were thus retired
II Is probable that the treasury notes
issued in payment of silver purchases
under the act of July H. 1890, now paid in
gold when demanded, would not create
much disturbance as they might from
time to time. when received in the treas
ury by redemption in gold or otherwise,
be gradually and prudenty replaced in
silver coin. This plan of issuing bonds for
the purpose of redemption certainly tp-
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 II currency obligations re-
deemable In gold whenever so redeemed.
should be cancelled Instead of being re-
issued.
National banks should redeem their own
notes. They should be allowed to issue
circulation to the par value of bonds lie
posted as security for Its redemption, anu
the tax on their circulation should b.
reduced to one-fourth of one per cent. IN
considering projects for the retirement Of
United States notes and treasury notes
| issued under the law of 1890, 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 u contraction of our currency that
should be avoided as its unequal distri-
button. Another topic in which our people
rightfully take a deep interest may be
briefly considered The existence of trusts
and other huge aggregations of cap
ital. the object of which is to secure the
monopoly OF some particular branch of
trade. Industry or commerce., and to
stiile wholesome competition. When these
are defended ii is usually upon the ground
that though they increase. they also re-
duce prices, and thus may benefit the
public.
Such occasional results fall far short Of
cOmpensating the palpable evils charged
to the account of trusts and monopolies.
| Their tendency is to crush out individual
| independence and to hinder or prevent the
development of human character. Through
them, the farmer, the partisan and the
small trader IL in danger of dislodgment
from the proud position of being his own
master.
If the insufIiciencies Of existing laws can
be remeded by further legislation it
should be done. The decision of our high
est court renders 1t quite doubtful wheth-
er the evils of trusts and monopoles can
be adequately treated through federal ac-
ton, unless they seek directly and pur-
pOStly 10 lnCluuc III tntlF ODJectS tTdUs
portation or intercourse between states or
between the United States and foreign
| countries.
In concluding this communication. its
| last words shall be an appeal to congress
| for the most rigid economy in the expendi-
ture Of the money II holds In trust for the
| people. The way to perpleXing extrav-
aganse Is easy, but a return to frusality
| cred that those who bear the burdens of
| taxation have no guaranty of honest care.
says in the fidelity of their public SER
| wants, the duty of all possible retrench-
ment is plainly manifest. When our diff
ferences are forgotten. and our contests
of political opinion are no longer remem-
| bered, nothing in the retrospect OF our
| public service will be as fortunate and
| comforting as the recollection of official
duty well performed and the memory OF
a constant devotion to the interests of our
confiding fellow countrymen.
| GROVER CLEVELAND.
Executive Mansion.