Courier Democrat. (Langdon, N.D.) 1891-1920, 1896-12-17

serve fund as he says 1t is immeasurn-
bly, better to appropriate our surplus
to the payment of justifiable expenses
than to allow it to become an invita-
ton to reckless appropriation and cx-
travagant expenditures.
President Cleveland allN,les to our
tina ncial methods as "wrak and avari-
cioMs.'' and asks a prompt reform CT
the system, which is opposed to every
rule of sound finance, and shown by
Gus peril anl perpleXity. He refers to
menace to property than the late civil
war. He declares financial peace car-
not he secured until the governments
currency obligations upon which gold
may he denominated IRE withdra WI
| from circulation and cancelled. He adj
| vocates their rc-cNchange for long-term
low-interest bonds. ar their redemption
with the proceeds Of such honds If
this is not DONE he believes such cur
rency obligations. whr0 redeemed.
should be cancelled. instead of being
reissued. National banks Should re-
deem their own notes. They should be
allowed to issue circulation to the par
value of their deposited security. and
their circulation tax should be reduced
to One-fOurth of l per cent. Summing
up the financial situation. the presi-
dent says: 1.-The entire case may he
presented by. the statement that the
day OF sensible and sound financial
method will not dawn upon rs until
business and the accumulation OF
finds and confines its monetary opera
tons to the receipt of the money con-
tributcd by the people for its support.
and to the expenditure of such money
for the peoples benefit"
"Our business interests and all good
citizens long for rest from feverish agi-
tation, and the Inauguration by the
government of Il reformed financial
policy which will encourage enterprise
and make certain the rewards of labor
and industry
Another topic in which our people
rightfully take Il leep interest may
be here briefly considered. I refer to
the existence of trusts and other huge
aggregations of capital, the object OF
which is to secure the monopoly of
| Sssluc DIduC1l vi Ill.
lustry or commerce, and so stifle
are defended it is usually on the
ground that. though they increase
profits, they also reduce prices and
thus may benefit the public. 1t must
be remembered, however, that reduc-
ton of prices for the people is not one
Of the real objects of these organiza-
tons. Nor is their tendency necessary
in that direction If it occurred in a
particular case it is only because it ac-
cords with the purpose or interest of
those managing the scheme.
Such occasional results fall far short
of compensating the palpable evils
charged to the account of trusts and
monopolics. Their tendency is to crush
out individual independence and to
hinder or prevent the free use of hui
man faculties and the full development
of human character. Through them
the farmer, the artisan and the small
trader is i'll danger of dislodgement
from the proud position Of being his
own master, watchful Of all that touch
es 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 a
mere appurtenance to great machine
with little free will, with no duty but
that Of passive obedience, and with lit
tie hope or opportunity of rising in the
scale of responsible healthful citizen
ship; to the instructive belief that such
is the inevitable trend of trusts and
monopolies, is due the widespread and
deep-seated popular aversion in which
they are held and the not unreasonable
renaissance that whatever may be
their incidental economic advantages,
their general effect upon personal char
acter. prospects aud usefulness cannot
be otherwise than injurious.
Though congress has attempted to
deal With this matter by legislation,
the laws passed for that purpose thus
far have proved ineffective, not be-
cause of any lack of disposition or at
tempt to enforce them, but simply be-
cause the laws themselves as inter-
preted by the courts do not reach the
difficulty. ..
If the insufficiencies of existing laws
can be remedied by further legislation
it should be done. 1t should be recog-
nized, however, that all financial legis-
lation on this subject may fall short
of it's purpose because of inherent OBJ
stacles, and also because of the COM
pick character OF our governmental
system, which, while making the fed
eral authority supreme within its
sphere, has carefully limited that
sphere by bounds which cannot be
transgressed. The decision of our high
est court on this precise question rem
ders it quite doubtful whether the evils
of trusts and monopolies can be ade-
quately treated through federal action
unless they seek directly and purposely
to include in their objects transporta-
ton or intercourse between states or
between the United States and foreign
countries.
1t does not follow, however, that
this is the limit Of the remedy that
may be applied. Even though it may
be found that federal authorities not
broad enough to fully reach the case.
there can be no doubt Of the power of
the several states to act effectively in
the premises, and there should be no
reason to doubt their willingness to jul
diciously exercise such power.
He then concludes as follows: "When