Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1896-12-09

LlOn from our people. The payment, there
fore, of any deficiency in the revenue from
this fund is nothing more than it's proper
and legitimate use. The government thus
applying a surplus fortunately in it's treas
ury to the payment of expenses not met
by it's current revenues, is not at all to be
| likened to man living beyond his income
and thus mourning debt or encroaching on
his principal.
The Governments Functions.
| 1t is not one of the functions of our gov
| eminent to accumulate and make additions
| to a fund not needed for immediate ex-
penditure. With individuals it is the chief
object of struggle and effort. The appli-
cation Of an accumulated fund by the gov
| eminent to the payment of it's running
| expenses is duty. An individual living
beyond his income and embarrassing him
| self with debt or drawing upon his accu-
mulated fund of principal is either I'M
| fortunate OF improvident. The distinction
| is between a government charged with the
| duty Of expanding for the benefit OF the
! people and for proper purposes all the
! money 1T receives from any source and the
! individual who is expected to manifest
natural desire to avoid debt or to accu-
! mulate as much as possible and to live
within the income derived from such &C
cumulations to the end that they may be
| increased or at least remain unimpa1red
for the future use and enjoyment of him
self and objects of his love and affection
VINO may survive him.
1t is UNNECESSARILY better to appropriate
our surplus to the payment Of justiiable
expenses than to allow it to become an
invitation to reckless appropriations and
| eXtraVagant expenditures. | suppose II
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 a matter f SUI
preme Importance, since 1t is the palpa-
BILE duty of every just government to make
! the burdens of taxation as light as posi-
BILE. The people should not be required to
relinquish this privilege of cheap living
except under the stress Of their govern
ment's necessity made plainly manifest
Vicious Financial 71ethods.
The reference to the condition of
revenues naturally suggests an allu-
| sion to the weaknesses and vices OF
our financial methods. They have fire.
quently been pressed upon the attention of
Congress in previous executive communi-
cations, and the inevitable danger of their
continued liberation pointed out Without
now repeating these details l cannot re-
frain from again earnestly presenting the
necessity of the prompt reform Of syS-
TEN opposed to every rule of sound finance
and shown by experience to be fraugnt
with the gravest peril and perplexity The
terrible Civil war, which shook the foun-
dations of our government more than thlr-
| ty years ago, brought in it's train the de-
| struction Of property, the wasting Of our
country's substance and the estrangement
of brethren. These are now past and for
| gotten. Even the distressing loss Of life
| the conflict entaied is but a sacred mem
DRY which fosters patriotic sentiment and
! keeps alive tender regard for those who
| nobly died. An0 yet there remains with
| us to-day in full strength and activity as
an incident of that tremendous struggle,
| a feature of its financial necessities, not
| only unsuited to our present circum-
stances, but manifestly disturbing men
ace to business security and an ever pres
| ent agent Of monetary distress. Because
| we may be enjoying a temporary relief
| from its depressing influence, this should
| not lul US into false security nor lead US
to forget the suddenness of past vista
tons.
| l am more convinced than ever that we
| can have no assured financial peace and
| safety until the government currency OBJ
| legations upon which gold may be de-
manded from the treasury are withdrawn
| from circulation and cancelled. This might
be done, as has been heretofore recon-
mended by their exchange for long term
| bonds bearing low rate of interest or by
their redemption with the proceeds OF
bonds. Even if only the United States
notes known as greenbacks were thus
retired, it is probable that the treas
ury notes issued in payment of silver
purchases under the act of July il,
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.
Bonds to Redeem Greenbncks.
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-
ton if currency obligations redeemable in
| gold, whenever so redeemed, should be
| cancelled, instead of being 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
circulation to the par value of bonds de-
posted as security for it's redemption and
the tax on their circulation should be re-
| duced to Il Of 1 per cent.
In considering projects for the retire
ment 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
on 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
currency that should be avoided as it's
unequal dis ribution. This might be obvi-
ated and any fear of harmful contraction
at the same time removed by allowing the
organization Of smaller banks and 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 method will not dawn upon
0Y-Y1Y11 Qr1f hon Ions ho
banking business and the accumulation of
funds, and confines it's monetary opera
tons to the receipt of the money con-
tributed by the people for it's support and
to the expenditure of such money for the
peoples benefit Our business interests and
all good citizens long for a rest from the
feverish agitation and the inauguration by
/ the government of a reformed financial
/ policy which will encourage enterprise and
make certain the rewards of labor and in
| dustry.
CIVIL SERVICE REFORM.