The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1896-12-12

ana vices Oh our HIaiiciai ihStiiods. -
have been frequently pressed upon the
attention of congress in private COM
m%unications, and the inevitable danger
of their continued liberation pointed
out. Without now repeating these de-
tails, / annot refrain from again earn
estly presenting the necessity OF the
prompt reforms of a system opposed to
every rule of sound finance and shown
by experience to be fraught with the
gravest peril and perplex,ty. The terri
BILE civil war, which shook the ounda
tons of our government more than
thirty years ago, brought in its train
the destruction of property, the vast
ing of our countty's substance and the
enlargement of brethren. These are
now past and forgotten. Even the dis
tressing loss of life the conflict entailed
is but a sacred memory which fosters
patriotic sentiment and keeps alive a
tender regard for those who nobly died.
And yet there remains with us today
in fun strength and activity, as an incl
dent of thai ~,remendou struggle. a fea-
ture of its financial necessities, not only
unsuited to our present circumstances,
bur manifestly a disturbing menace to
business security and an ever present
o6Stit VI
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 us to forget the sudden
ness of past visitations. l am more
convinced than aver that we car have
no assured financial peace and safety
until the government currency obliga-
tions upon which gold may be demand
ed from the treasury are Withdrawn and
Cancelled. This might be done as has
been heretofore recommended-by their
exchange for long term bonds bearing
a low rate of interest or by their re-
demption with the proceeds of such
bonds.
Even If only the United States notes
known as greenbacks were thus retired
it is probable that the treasury notes
issued in payment of purchases under
the act of July IA, 1890. now paid in
gold when demanded, would got create
such disturbance as they might from
time to time when received in the treas
ury by redemption in gold or otherwise,
be gradually and p%rudently replaced by
silver coin. This plan of issuing bonds
for the purpose of redemption certainly
appears to be the most effective and
direct path to the needed reform.
In default of tins, however, ii would
be a step in the right direction il cur
rency obligations redeemable in gold.
whenever SO redeemed should be cam
celled instead of reissued. This opera
ton would be q slow remedy but it
would improve present conditions. Ma
t.onal banks should redeem their own
notes.
They should be allowed to issue and
circulate to the par value of bonds de-
posted as security for its redemption
II the a on their circulation should
be reduced to one-fourth of one per
cent.
In considering projects for the retire
ment of United States notes and trea-
sury notes issued under the law of 1890,
l am of the opinion that We have placed
too much stress upon the danger of con-
tracing the currency and have calcu-
lated too light upon the gold that would
be added to u circulation If invited To
us by better and safer financial meth
DDS. 1t is NOT 50 much a contraction of
u currency that should be avoided as
such unequal distribution.
This might be obviated by ally fear
of harmful contraction as the anne time
removed by allowing The organi2a ton of
smaller banks and in less %populous o m
munities than are now permitted, and
authorizing banks to establish branches
in small communities under proper re-
striction.
The entire case ma be presented by
the statement that the day of sensible
and sound financial method will not
dawn upon us until cur government
abandons the banking business ana the
accumulation of funds. and confines its
monetary operations to the receipt OF
the money contributed by the people
for its support. and to the expenditure
of such money for the peoples benefit.
Our business interests and all good cit
liens long for rest from feverish agi-
tation and the Inauguration by the gov
ernment of a reformed financial poll
cy which will encourage enterprise and
make certain the rewards of labor and
industry.
Trusts. L
Another topic in which our people
rightfuliy take a deep interest may be
here briefly considered. refer to the
existence of trusts and other huge ag-
sregations of capital. the object OF
which is to secure the monopoly of
some particular branch OF trade, indus
try or commerce, and so stifle whole
some competition. When these are de-
Tended 1T is usually on the ground that
though they increase profits, they also
reduce prices and thus they benefit the
public. 1t must be remembered, how
ever, that a reduction of prices to the
people is not one of the real objects of
these organizations. Nor is their ten
dency necessary in that direction. II
1t occurred III a particular case it is My
because 1T accordS with the purpos or
interest of those managing the scheme.
Such occasional results fall far short
OF c"oml9ensating the palpable evils
charged to the account of trusts and mo-
nopol1es. Their tendency is 70 crush out
individual independence ana to hinder
or preyen the free use OF human facul-
tlese and the full development of human
character. Through them the farmer,
the artisan n the small trader is in
danger OF dislodgement from the proud
position OF being his own master
watchful of all that touches mis- coun-
try's prosperity, in which he has an in
diVidual lot, Il 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 a.
graf machine with little free will with
no duty but that of passive obedience
n with little hope or opportunity OF
raising In the scale of responsible
lealthful citizenship.
To the Instructive belief thai 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
\ b nN.a~ 49,, H. 1850 -.