New-York tribune., 1896-12-08
nv redemption In gold or otherwise: ,,e
Uy UH nrudentIy replaced by silver

Treasury by redemption in gold Or OF otrs Sv sver
be era gradually and prudently replaced '' '"'''
coin xa. for the purpose OF
ins p,an oartainly appears to be the moss e.
t.ctiva and direct path to the nee9eS .tan
In default of this however. IL wou lions re-.
in the right direction II so redeemed, should
he cancelled instead CT being reissued; !; wonIS
operation would be slow reiheu'' 'N'
! improve present condltlons' .a..r, their own
,o,es Thev should be allowed to issue eiaSo &C.
tion to the par value or ponus uep ptox On their
curty for Its redemptionI I,,aad n one-fourth Of
circulation snouio oe
In considering projects for the re.tet tes issued
United states notes ana IL, of The opinion that
we have placed too much stress upon III .ne oic,-
ger of contracting the currency anu ,omid he add
s.oS 900 Iittle ,,pon the gold that "oulu pe au
nd 70 orr circulation If invited TO US ny nsrh 'oh
a 20 ~ .oto Vn financial methods. 1t Is not so muS
a contraction of our curtrnvy 1ir,rh,,,;on on"
This might be obviated and any rear oi s ns' ~
mi contraction at the same time renot nuS,s ond
allowing the organization or snlaneI lain I'm, nar
a.; Ioss nonulous communities than are now pc.
m,tteJ and also authorizing existing panns au ~
est a bIish branches in small COMMUNITIES "
proper restrictions .oa h,, tho state-
,rent that the day OF sensible and souno ii''am an
cia methods will not dawn upon ,s,,ra.s us u end
Government abandons the 9shk',s "nnGnes its
tho accumulation Of funds ana coi,nneo com, p 10
monetary operations to the receipt Oh tne I,'o'r
contributed by the people for its supp s ,bo neo-
70 the expenditure of such money TOT '"e pe''
ples benefit. ~ xooa c,tizens
long for rest from feverish agitation nd anu .nS
Inauguration by the ,., enterprise
nnd mako certain the rewards OF labor anu III
dustry.
TRI-STs AND MONOPOLIES.
Aro,her tonic in which our people rightfuhy
,oko deem interest may be here briehy con-
sdered 7 refer to the existence OF trusts anu
other huge aggregations OF capital the opJeo'
NJ which is to secure the monopoly Oh soii'e p"'
ticuIar branch of trade. industry or commerce
or1 ~ stiae wholesome competition. "hen
,bcse are defended 1t Is usually on the grounu
that though they increase fronts tney also re-
INA. ma, tnJ ,es and thus may benefit the public
II must he remembered. however. tnat a reuuS
tion Of prices to the people is not one or tne esi
objects OF these organizations nor IS tner .e!iu
, nocossariIv In that direction. II II occurs
IN n particular case it is only because IL accoIoS
win the purposes interests OF those mahas-
ing the scheme ~, < shor+ ~ com.
nonsating the palnable evils charged TO the ac-
rornt Of trusts and monopoli"s TEelr tenueh.s
is IN crush out individual independence anu u
n,ndor or nrevent the free use Of human facul-
lies and the full development OF human cnarac,
ter Through them the farmer the ar.lsan rt anu
10 email trader is in danger OF dislodgement
IRON, the proud position of being his own mas
TOR vatchful OF all that touches his country
prosperity in which he, ne nas cas an hn advsntages
~ business OF which he Is factor. TO ne reie-
gated to the level Of a mere appurtenance 10
great machine. with little fice VIII. win n no
at h,t tha, Of massive obedience. and with
little hope or opportunity Of rising In the scaie
of responsible and helpful citizenship
To the instructive belief that such IS inc IN
ovitable trend OF trusts and monopolies Is due
tie widespread and deep seated popular aver
sion in which they are held and the not unrca-
aonable insistence that whatever may pc their
Incidental economic advantages. their generai
effect upon personal character prospectsl ana
usefulness cannot he otherwise than injurious
Though Congress has attempted to dsai WIN
this matter by legislation. the laws passed Tor
that purpose thus far have proved nenectVe,
not because Of any lack OF disposition or attempt
IN cuforc. them. but simply because the laws
themselves as interpreted by the courts do not
reach the difficulty. II the insufficiencies or ex-
isting laws can be remed.d by iurtner ,essla-
tion it should be done. The fact must be rec
oynized however that all Federal legislation
on this subject may fall short Of its purpose be.
cause Of inherent obstacles. and also because or
the complex character Of our governmental sys-
tenn which. while making the Federal authority
supreme within its sphere. has carefully limited
that sphcre by metcs and bounds which cannot
I've transgressed. The decision or our highest
court on this precise question renders II quite
doubtful! whether the evils Ok trusts ana mo-
nopolies can be adequately treated through
Federal action unless they seek directly ana
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 he applied Even
though II may he found that Federal authority
is no. broad enough to fully reach the case.
there can be no doubt Of the power OF the sew
cral States to act effectively In the premises
and there should be no reason 10 doubt their
Willingness to udciously exercise such power
A RETURN TO FRUGAIITY.
In concluding this communication. its last
words shall be an appeal to the Congress for
r;utJ in he
the money It holds in trust for the people The
way to perplexing extravaganza Is easy. but
return to frugality Is difficult. When. however.
1t is considered that those who bear the bur
dens of taxation have no guarantee Of honest
care save In the fidelity Of their public servants.
the duty OF all pocsb retrcnchment is plainly
manifest.
When ou' differences are forgotten and our
contests of political opinion are no longer re-
mcmbercd nothing In the retrospect of our pub
lie service will he as fortunate and comforting
as the recollection OF official duty we'll performed
and the memory of constant devotion To the
interests OF our confding fcow-counirymen.
GROVER CLEVELAND.
Executive Mansion. Dec I. 1896
-<
LITTLE EFFECT IN WALL STREET
SOME COMMENTS on THE PRESIDENTS sUGGEs-
TToNs-rHE ATTITUDE TOWARD CvpA.
Tho Presidents Message excited little comment.
probably. In the financial community as any message
sent to Congress. II had very little effect on the
stock market. In fact II might he said tha, Il ad
no effect The part devoted trusts and monopo-
les was seized upon by the bears the basis for an
attack OH the stock OF the American Sugar Refining
Company tSugar TrusO The price was knocked
down from I6as TO lis. There a recovery of one
eighth al the close which was seven-eighths lower
than on Saturday. There fractional losses In
American Spirits (Whiskey TRUST. American Tobacco
Cigarette TrusO United States Leather U.eather
TrusD and others Of the socallcd There
were practically no changes in bonds. Rates for
money not affected.