Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-12-19

suggests an allusion TO the weahness
"a vices of onr financial methods. They
haye been frequently pressed upon the
attention OF congress I'm private com
ro,nica lions and the inevitable danger
~ THAR continued federation pointed
out Without now repeating these de-
toll, 7 cannot refrain from again earn
estIy presenting the necessity oi -
nromnt reform OF a system opposed 10
every rule OF sound finance ana shoWh
NV experience 10 be fraught with the
gravest peril and perplextty. Ihe terri
| BILE civil war, which shook the louhua-
tions of our government more ina"
thirty years ago, brought III lts ur","
the destruction OF property, the Wast-
ing Of our country's substance ana the
estra pemen of brethren. These are
now past and forgotten. Even the us,
tressing loss OF life the conflict entalIea
is but a sacred memory when rosters
patriotic sentiment and Keeps ahVe a
tender regard for those who nobly dleu'
| And yet there remains with us toda!
in full strength and activity. as an incl
dent of that tremendous struggle, a fea-
ture OF It's financial necessities, not ohiy
unsuited 10 our present circumstances
but manifestly a disturbing menace TO
business security and an ever present
agent of monetary distress.
Because we may be enjoying a tempo
rary relief from It's depressing influence,
| this should not lull us into a false Sc
curity nor lead us to forget the sudden
ness OF past visitations. / am more
convinced than ever that we can nave
no assured financial peace and SAFETY
| until the government currency obliga-
tions upon which gold may be demand
ed from the treasury are withdrawn ana
Cancelled. This might be done as has
been heretofore recommended-by their
exchange for long term bonds bearing
a low rate Of interest or by their re-
demption with the proceeds OF such
bonds.
Even IL only the United States notes
known as ~greenbacks were thus retired
IL is probable that the treasury notes
issued in payment OF purchases under
the act OF July IA, 1890. now paid in
gold when demanded. would not create
such disturbance as they might from
time 10 time when received in the treas
ury by redemption in gold or otherwise,
be gradually and p~rudently replaced by
silver coin. This plan OF issuing bonds
for the purpose Of redemption certainly
appears to be the most effective ana
direct path 10 the needed reform.
In default OF tins, however, it would
be a step in the right direction II cur
rency obligations redeemable in goid.
whenever so redeemed should be can
celled instead OF reissued. This opera
ton would be a slow remedy but it
would improve present conditions. Ma
tional banks should redeem their own
notes.
They should be allowed to issue and
circulate TO the par value OF bonds de-
posted as security for it's 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 trea-
Jury notes issued under the law OF 1890.
l am of the opinion that we have placed
too much stress upon the danger of con-
tracing the currency and hay calcu-
lated too light upon the gold that would
be added to our circulation II invited TO
us by better and safer financial meth
DDS. 1t is not SO much a contraction OF
our currency that should be voide az
such unequal distribution.
lnlS HilEnl Dt oDNldltu Wy any l'aI
OF harmful contraction as the same time
removed by allowing the organization Of
smaller banks and in less populous COM
munities than are now permitted, and
authorizing banks to establish branches
in small communities under proper re-
striction.
The entire case may be presented by
the statement hat the day of sensible
n sound financial method will not
dawn upon US until our government
abandons the banking business n the
accumulation OF funds, and confines its
monetary operations to the receipt of
the money contributed by the people
for its support. and to the expenditure
of such money for the peoples benefit.
Our business interests and all good cit
liens long for rest from feverish agi-
tation AMI the Inauguration by the gov
eminent Of a reformed financial poll
cy which will encourage enterprise and
make certain the rewards Of labor and
industry.
Trusts.
Another topic in which our people
r~ightfully take a deep interest may be
here briefly considered. / 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
try or commerce. and SO 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 they benefit the
public. 1t must be remembered, how
| over thar "a raAIInfiAn Df rrtoap 80. The
people is not one of the real objects of
these organizations. MOI is their ten
dency necessary I'm that direction. IL
1t occurred in a particular case It Is only
because IL accords with the purpose or
interest OF those managing the scheme.
Such occasional results fall far short
of comDensating the palpable evils
charged to the O of trusts and mo-
nopolies. Their tendency is to crush out
individual independence and to hinder
or prevent The free use of human facul-
these n the full development of human
character. Through them the farmer,
the artisan and the small trader is In
danger OF d~islodgement from the proud
position OF being his own master
watchful OF all that touches his u
try's prosperity, I'm which ne has an in
N''iuuoi iott anu interested IN AL that
affects the advantages OF business OF
I which he Is a factor. To be relegated to
the level Of a mere appurtenance to a
graf machine with little free will with
no duty but that of passive obedience
and with little hope az opportunity of
raising In the scale OF responsible
healthful citizenship.
To the instructive belief tina such is tho
inevitable trend OF trusts and monopolies
Is due the widespread and deep seated
popular aversion In which they are held
ana the not unreasonable renaissance that
whatever may be their incidental economic
advantages their general effect upon per-
sonal character prospects and usefulness
cannot be otherwise han injurious.
Though ongres has attempted 10 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 enforce them
but simply because the laws themseives a.
interpreted by the courts do not roach ira
difficuIty. Ir the insuficienc.es or er,.,s
ing law can be remedied by further lagis-
lation IL should be done. 1t should he re-
cognized, however, that ali federal Iegts-
iation on this subject may fall short az a..
purpose because Of inherent obstac,e, ana
also because OF the complex Character ~
our governmental System, which. vhiia
making the federal authority s,,nrers
| within Its sphere has carofuu, If