The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-12-08

ing loss OF life the conflict entailed Is
but sacred memory which fosters pa
triotic sentiment and keeps alive ten
der regarl Tor those who nohly died,
And yet there remains with us today
In fun strength as an incident OF that
tremendous struggle, feature of Its
financial necessities not only unsuited
to our present circumstances, but man
security and an ever present agent Of
monetary Distress Because we may be
enjoying temporary relief from Its de-
pressing influence should not lull us
into false security nor lead us TO for
get the suddenness ot past visltations,
am more convinced than ever that we
can have no assured financial peace and
safety until the government currency
obligations upon which gold may be
demanded from the treasury are with
drawn from circulation and cancelled.
This might be done, as has been here
tofore recommended, by their exchange
FOR long time bonds bearing low rate
OF interest or by their redemption with
the proceeds OF such bonds. Even II
only the United States notes known as
greenbacks were thus retired Il Is prob
able that the treasury notes issued In
payment Of silver purchases under the
act Of July Il, 1890. now paid In gold
when demanded would not create such
disturbance as they might from time
to time when received In the treasury
by redemption in gold or otherwise and
might be gradually and prudently re-
placed by the silver coin. This plan ~
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 how
ever It would be step In the right
direction II currency obligations re-
deemable in gold, when ever so redeem
ed should be cancelled instead OF being
reissued. This operation would he a
slow remedy. but II would improve
should redeem their own notes. They
should be allowed to issue circulation
10 the par value Of bonds deposited as
security for its redemption and the tax
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 treas
ury notes issued under the law OF 1890
l am Of the opinion that we have plac-
80 too much stress upon the danger OF
contracting the currency, and have cal
culated too little upon the gold that
would be added to our circulation II
invited to us by better and safer finan-
cial methods. II Is not so much n
Of our currency that should
be avoided as such unequal distribu-
tion. 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 authorizing banks
10 establish branches in small commu-
mites 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 confines It's
operations to the reception |
Df the money contributed by the people |
for its support and to the expenditure |
of such money for the peoples benefit
Our business interests and and all good |
citizens long for rest from feyerish agl- |
tation and the Inauguration by the
government Of a reformed financial |
policy which will encourage enterprise
and make certain the rewards Of labor
and industry.
MONOPOLIES AND TRUSTS.
Another topic in which our people
take a deep interest may be
lere briefly considered. | refer to the
existence Of trusts and other huge ag-
Of capital, the object Of
which is to secure the monopoly Of some
particular branch Of trade, industry or
commerce. and so stiAe wholesale com
petition. When these are defended, 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 however, that
Of prices to the people Is not
me of the real objects Of these organi-
.atiOns, nor Is their tendency necessa-
lily in that direction. II It occurs In a
particular case, 1t Is only because II &c
,ords with the purpose or interest OF
hose managing the scheme. Such IRA
ional results fall far short Of compen-
iating the paIpable evils charged to
he account Of trusts and monopolies.
Their tendency is 10 crush out individ-
lal independence and hinder or prevent
he free use Of human faculties and the
'ull development Of human character.
them the farmer, the artisan
Ind the small trader is in danger Of
from the proud position OF
,eing his own master, watchful Of all
hat touches his country's prosperity m
which he has an individual lot, and In
crested in all that affects the advan-
ages Of business Of which he is a fac
or, TO be relegated to the level Of a
mere appurtenace to a great machine,
With little FIRE will, with no duty but
hat Of passive obedience, and with lit
le hope or opportunity Of rising in the
cale Of responsible and healthful citi-