The times. (Owosso, Mich.) 1882-1897, 1896-12-11

| ugat,ons upon which gold may be de-
| handed from the treasury are withdrawn
| from circulation and canceleu. rms might
be done. as has been nert tor Ienrsternn
| bonds bearing a low rate OF interest or ny
their redemption with the proceeds OF SUCH
| bonds.
Even IL only United States notes known
| as greenbacks were thus retired, IL is
probable that the treasury notes ISSUED IN
payment of silver purchases under the act
| of July Ia, 1890, now paid I'm gold when de-
manded, would not create mucn us
turbance. as they might from ti I'm r 20 time
| tion in gold or otherwise be gradually
and prude4itly replaced by silver CON-
Most Effective Path to Reform.
The plan of issuing bonds Tor the purpose
of redemption certainly appears to be the
most effective and direct path TO the
needed reform.
ste I in the right direction il currency
obligations redeemable in gold, whenever
so redeemed should be Cancelled instead
of being reissued. This operation would
be a slow remedy, but 1t would improve
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 its redemption. and
the tax on their circulation should be re-
Real Source of Danger.
In considering projects for the retirement
of United States notes and treasury notes
issued under the law of 1880, ! am OF the
opinion that we have placed too much
stress upon the danger of contracting the
currency and have calculated too little
Circulation il invited to us by better and
safer financial methods. II 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 re-
moved by allowing the organization OF
smaller banks and in less populous com
munties than are now permitted, and also
authorizing existing banks to establish
branches in small communities under prop1
er restrictions.
Must Abandon Banking Business.
The entire case may be presented by the
statement that the day Of sensible and
sound financial method 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 Ute by
pendlture OF such money for the peoples
benefit.
Our business interests and all good citi-
zens long for rest from feverish agitation
and the Inauguration by the government of
a reformed financial policy which will en-
courage enterprise and make certain the
rewards of labor and industry.
Hot Shot for Trusts.
Another topic in which our people right
fully take a deep interest may be here
briefly considered. / refer to the existence
of trusts and other huge aggregations of
capital, the object of which is to secure the
monopoly, of some particular branch Of
trade, industry or commerce, and 80 stife
wholesome competition. When these are
defended, it is usually on the ground that
though they increase profits, they also re-
duce prices and thus may benefit the public.
1t must be remembered, however, that a
reduction of prices to the people is not one
of the real objects of these organizations.
nor Is their tendency necessarily in that
direction. If it occurs in a particular case,
It is only because it accords with the pur-
pose or interests of those managing the
Ephama Such occasional results fall far
short OF compromising the palpable evils
charged to the account of trusts and mo-
Individual independence and to hinder or
prevent the free use of human faculties
and the fun development of human char
acter. Through them the farmer, the arti-
san and the small trader is in danger of
from the proud position of
being his own master, watchful of all that
touches his country's prosperity, In which
he has an individual lot, and interested In
all that affects the advantages OF bust
gated to the level of a mere appurtenance
to a great machine, with little free will;
with no duty bat Of passive obedience, ana
In the scale of responsible and helpful citi-
zenship.
Laws inefficient for Their Control.
To the instructive belief that such is the
inevitable trend of trusts and monopolies
Is due the widespread and deep-seated pop
ular aversion in which they are held and
the not unreasonable insistence that
omic advantages, their general effect
upon personal character, prospects and
be has th a
tempted to deal with this matter by leg
lslation the laws passed for that purpose
thus far have proved ineffective, not be-
cause of any lack of disposition or attempt
to enforce them, but simply because the
laws themselves as INT ihnterRreted by the
of existing laws can be
remedied by further legislation 1t should
Do done.
states Should Take Effective Action.
It should be recognized however, that
Ill federal legislation on this subject may
all short of its purpose because of inherent
Obstacles and also because of the complex
character of our governmental system,
which, while making the federal authori-' X
y supreme within its sphere, has carefully
lot be transgressed. The decision of our
ers it quite doubtful whether the evils
Iuately treated through federal action, I'M
ess they seek directly and purposely to
include in their objects TRANSPORTATION
n intercourse between states or between
he United States and foreign countries.
{ does not follow, however, that this is the
Ven though It may be found that e a fPederai
Is not broad enough to fully
each the case, there can be no doubt of the
over of the several states to act effec-
lively in the premises, and there should
% no reason to doubt their willingness to
uuiciouSiy exercise Such power.
A Plea for Rigid Economy.
In concluding this communication. its
ast words shall be an appeal to the con-
ress for the most rigid economy in the ex-
enditure of the money it holds in trust
Or the people. The way to perplexing ex-
rayagance Is easy, but a return to fru-
alty IL diiiicult. When, however, 1t is
onsidered that those who bear the bur-
ems of taxation have no guarantee of
onest care save in the fidelity of their
ublie servants, the duty Of all possible re
renchment is plainly manifest
When our differences are forgotten and
ur contests of political opinion are no
niger remembered nothing in the retro
pect of our public service will be a s for
mate and comforting as the recollection
official duty well performed. and the
lemory of a constant devotion to the in
'rests OF our contiding fellow-countfy-
len. GROVER CT ,IrViTf AMI
Executive Mansion, Washington. Dec. T.
9e