The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1896-12-11

TNTTdNUFdVTIV WUNTNU,
any event be perverted from the pur-
pose OF its eXaction from our peo.Ie.
The payment, therefore. of any defic-
iency in the revenue from this fund Is
nothing more tnan It's proper and legiti-
mate use.
1t is UNNECESSARILY better to appropriate
our surplus to the payment of tustifiabIe
expenses than TO allow II to become an
invitation to reckless appropriations and
eXtravagant expenditures. 1 suppose IL
will not be denied that under the present
law our people obtain the necessaries OF
a comfortable existence at a cheaper rate
than formerly. This is matter of SUI
premc Importance since IL is the palpable
duty of every just government to make
the burdens of taxation as light as pos
sible, 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.
And Now "A WhirI Mt Finances.
This reference to the condition and pros
poets of our revenues naturally suggests
an alluslon to the weakness and vices of
our financial methods. They have been
frequently pressed upon the attention of
congress In previous executive ccmmuni-
cations, and the inevitable danger of their
continued federation pointed out With.
out now repeating these details, / cannot
refrain from again earnestly presenting
the necessity of the prompt reform OF n
system opposed to every rule of sound
finance and shown by experience to be
fraught with the gravest peril and per-
that we can have no assured financial
peace and safety until the government
currency obligations upon which 1t may be
demanded from the treasury are with
drawn from regulation and Cancelled.
This might be done, as has been hereto
tore recommended, by their exchange for
long-term bonds bearing a low rate of in
terest, or by their redemption with the
proceeds OF such bonds. Even If only the
United States notes, known as green
backs, were thus retired. il is probable
mat the treasury notes issued in payment
OF silver purchases under the act OF July
II, 1880 now paid in gold when demanded,
would not create much disturbance,
as they might from time to time when re-
celVed in the treasury by redemption i'm
gold or otherwise. be gradually and pru-
IDENTIFY replaced by silver coin. This pan
OF issuing bonds for the purpose of re-
demption certainly appears to be the most
effective and direct path to the needed
reform: In default OF this, however, II
would be step in the right direction II
currency Obligations are redeemable I'm
sold whenever so redeemed, should be
Cancelled instead OF being reissued. This
operation wolld be a slow remedy, but 1t
would improve present conditions.
NatioLal banks should redeem their own
notes. They should be allowed TO issue
circulation to the par value of bonds de-
posted as security for its redemption
and the tax on their circulation should
be reduced 10 one-fourth of l per cent
In considering projects for the retire
mcnt Of United States notes and treasury
notes issued under the law of 1890, / am
of tho opinion that we have placed too
much stress upon the danger of con-
tracing the currency and have calculat-
ed too little upon the gold that would be
added TO our circulation II invited to us
by better and safer financial methods. 1t
is not so much a contraction of our cur
rency that should be avoided as it's une-
dual distribution. This might be obviat-
ed and any fear of harmful contraction
ut the same time removed by allowing
the organization of smaller banks and in
less populous communities than are now
permitted, and also authorizing exist
ing 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 methods will not
dawn upon us until our government
abandons the banking business and the
accumulation of funds, and continues its
monetary operations TO the receipt of the
money contributed by the people for it's
support. and TO the expenditure of such
money for the peoples benefit. Our bus
| mess interests and al good citizens long
! Inaugural ton by the government Of a re-
| formed financial policy which will en-
courage enterprise and make certain the
| rewards Of labor and industry.
| Death to Trusts and Combinations.
| Another topic in which our people right
| fully take a deep interest may be here
| briefly considered. / refer TO the exis-
! tencc of trusts and other huge aggre ga-
| lions OF capital, the object OF when is 10
/ secure the monopoly Of some particular
| branch oil trade, Industry, or commerce,
/ and so stifle wholesome compCti ion.
| When these are defended IL is usually
! on the ground that though they increase
| pIoLts lney also reduce prices and thus
! may benent the public. 1t must be re-
membered, however. that a reduction OF
! prices to the people is not one of the real
| objects of their organization, nor is their
! tendency necessarily in that direction. IF
| il occurs in a particular case IL is only
| because IL accords with the purpose or IN
terest OF those managing. the scheme:
/ nj lfG fal IN n
| compensating the palpable evils charged
| To the account OF trusts and monopolles.
| Their tendency Is to crush out individual
| independence and to hinder or prevent the
| free use of human facilities and the full
! development of human character;
| Through them the farmer, the arti an and
the small trader Is in danger of dislodg-
| ment from the proud position OF being his
| own master, watchful OF all that touches
| his country's prosperity, in which ne has
| an Individual iot, and interested in all that
| affects the advantages OF business OF
| which he is a factor, TO be relegated TO
the level of mere appurtenance to a
| great machine, with little free will, with
\ no duty but that of passive obedience,
! and with little hope of opportunity or
| rising in the scale OF responsible ana
! helpftl citizenship.
TO the instructive belief that such is the
! inevitable trend of trusts and lnon"polieS
| is due the widespread anu deep seatS9
| nopular aversion i'm which 'hey are held
| and the not UNI - sonable lnsistence mat
| whatever may be their inciuen,9l econ S-
|
| personal character, prospects ann use
| fulness can not be otherwise than lh,ur-
| ious Though congress nls attempted. 20
/ deal with this matter by Legislation inc
| laws passed for that purpose thus lar
! have proved Ineffective, n It because oi
! anv lac k y disposition pr attempt 10 en-
| force them out simply because the laws
| themselves as interpreted by the ours
| 10 not reach .he difficulty. " the msuln,
! ciencies of existing laws can pe repleuieu
| by further Legislation Ii should pc uohS'
In concluding this communicaIon' us
| last words shall be an appeal TO inc con-
gross for the most rigid economy IN the
exnenditure of the money it holds I'm trust
| Gov tbe neoDle. The WaV 10 pcrplc1nE
! ,Xtravagance Is easy but the return to
H Win however, 1t is considered that
! .hosc who bear the burdens OF taxation
/ 100 no Guaranty of honest care save I'm
| tbc ddelitv of their public servants, the
! duty of ali possible retrencnment Is plain
when our differences are forgotten and
| our political contests of political opinion
! arc no longer remembered Hcthlng in the
! retrospect of our public service Will be as
! fortunate and comforting as The recollec-
| ton of official duty well performed ana
the memory of q constant devotion TO the
interests of our confiding fellow country
| men. - ,,,-,-, ,s,,~