The daily morning journal and courier., 1896-12-08

and have calculated too little upon the gold that would be added to our circu- lation If invited to us by better and safer financial methods. It Is not so much a contraction of our currency that should be avoided as Its unequal distribution. This might be obviated, 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 permitted, and also authorizing existing banks to establish branches In small communities under proper re- strictions.
 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 confines 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 business interests and all good cit- izens long for rest from feverish agita- tion, and the inauguration by the gov 
 which will encourage enterprise and make certain the rewards of labor and | industry.
 THE TRUSTS.
 | Another topic in which our people rightfully take deep interest may be l here briefly considered I refer to the existence of trusts and other huge ag- gregations of capital, the object of which is to secure the monopoly of some particular branch of trade, indus l try or commerce and to stifie whole some competition. When these are de- tended it is usually on the ground that though they increase profits they also reduce prices and thus may benefit the public It 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 necessarily in that direction. If it occurs in any particular case 1t is only because it accords with the pur- | poses or interests of those managing | the scheme Such occasional results i fall far short of compensating the pal pablo evils charged to the account of trusts and monopolies Their tendency is to crush out individual independence and to hinder or prevent the free use of human faculties and the full develop ment of human character. Through | them the farmer, the artisan and the small trader is in danger of dfslodge- ment from the proud position of being his own master, watchful of all that 1 touches his country's prosperity, in which he has an individual lot, and in terested in all that affects the advan- | tages of business of which he is fac- tor, 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 l scale of responsible and helpful citi- | zenship.
 l To the instinctive belief that such is | the inevitable trend of trusts and mo- nopolies is due the widespread and | deep seated popular aversion in which | they are held and the not unreasonable instance that whatever may be their | incidental economic advantages, their general effect upon personal character, prospects and usefulness can not be 2 otherwise than injurious. Though I congress has attempted to deal with this matter by legislation. the laws passed for that purpose thus far have | proved ineffective, not because of any lack of disposition or attempt to en- force them, but simply because the | laws themselves as interpreted by the courts do not reach the difficulty. If the insufficiencies of existing laws can be remedied by further legislation it | should be done. The fact must be rec ognized, however that all federal legis- lation on this subject may fall short of it's purpose because of inherent obsta- cles and also because of the complex character of our governmental system, which while making the federal au- thority supreme within it's sphere, has carefully eliminated that sphere by metes and bounds which cannot be transgressed The decision of our highest court on this precise question renders it quite doubtful whether the evils of trusts and monopolies can be adequately treated through federal ac- tion, unless they seek directly and pur- posely to include in their objects trans portation or intercourse between states or between the United States and for eign countries. It does not follow, however that this is the limit of the
 remedy that may be applied. Even though it may be found that federal
 authority is 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 not reason to doubt thei~
 willingness to judiciously exercise such
 power.
 In concluding this communication, its
 last words shall be an appeal to the
 congress for the most rigid economy in
 the expenditure of the money it holds
 in trust for the people. The way to
 perplexing extravaganza is easy, but a
 return to fruga1ity is difficult.
 ECONOMY NEEDED.
 When, however, it is considered that
 those who bear the burdens of taxa
 tion have no guaranty of honest care
 save in the fidelity of their public ser
 wants, the duty of all possible retreneh-
 nent is plainly manifest.
 When our differences are forgotten
 and our contests of political opinion are
 no longer remembered, nothing in the
 retrospect of our public service will be
 as fortunate and comforting as the re-
 collection of official duty we'll per-
 formed, and the memory of constant