The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1896-12-09


more than $6,500,O00, while the value of
the domestic products exported and which
found markets abroad was nearly So 060,-
900 more than during the preceding year.
Those who insist that the cost to our
people of articles coming to them from
abroad for their needful use should only
DO increased through tariff charges to an
extent necessary to meet the expenses of
the government as well, as those who
claim that tariff charges may be laid
upon such articles beyond the necessities
II government revenue and with the ad-
ditional purpose of so increasing their
price in our markets as to give American
manufacturers and producers better and
more profitable opportunities must agree
that our tariff laws are only primarily
justified as sources of revenue to enable
the government TO meet the necessary
expenses of it's maintenance. Considered
as to its sufiiciency I'm this aspect, the
present law can by no means fall under
just condemnation. During the only COM
pete fiscal year of it's operation, 1t has
yielded nearly SS0O0,000 more revenue than
was received from tariff duties in the
preceding year. There was, nevertheless,
a deficit between our receipts and eX-
penditures of little more than 25,000-
900. This, however, was not unexpected.
l believe our present tariff law, IL al
lowed a fair opportunity, viii in the near
future yield a revenue which, with rea-
SOHdDly economical expenditures, Will
overcome all deficiencies. In the mean
time no deficit that has occurred or may
occur need excite or disturb us
To meet any such deficit we have in
the treasury, in addition to a gold reserve
| of 800, 900 600, suplus of more
| than $l2S0O0,0O0, applicable to the pay
| ment of the expenses of the government.
and which must, unless expended for that
| purpose, remain a useless hoard, or, If
| not extravagantly wasted must in any
| event be perverted from the purpose of
| its exaction from our people
| 1t is UNNECESSARILY better to appropriate
| our surplus to the payment of justihable
| expenses than to allow it to become ar
| invitation to reckless appropriations and
/ extravagant expenditures. | suppose 1t
| will not be denied that under the present
law our people obtain the necessaries of
| a comfortable existence at a cheaper rate
| than formerly. This is a matter of SUI
| preme Importance. since it is the palpable
| duty of every just government to make
| the burden OF taxation as light as pos
| sible. The people should not be required
| to relinqush this privilege of cheaper
| living except under the stress of their
| governments necessity made plainly
manifest.
This reference to the condition and
| prospects of our revenues naturally sug.
gests an allusion to the weakness and
| vices of our financial methods. They
| have been frequently pressed upon the
| attention of congress in previous execu.
| tive communications, and the inevitab BILE
| danger of their continued liberation point
| ed out. Without now repeating these de-
| tails | cannot refrain from again earnest
| ly presenting the necessity of the prompt
| reform of a system opposed to every rule
| of sound finance and shown by eXper-
| fence to be fraught with the gravest peril
| and perplexity. The terrible civil war,
which shook the foundations of our gov
| eminent more than 80 years ago. brought
| in it's train the destruction of property,
| the wasting of our country's substance
| and the estrangement of brethren. These
| are now past and forgotten. Even the
| depressing loss of life the conflict en-
| tailed is but a sacred memory whwich fos-
tiers patriotic sentiment and keeps alive
| tender regard for those who nobly died.
And yet there remains with us today in
| full strength ana activity as an incident
| or that tremendous struggle a feature of
| its financial necessities not only unsuited
| to our present circumstances, but mani
testify disturbing menace to business
security and an ever present agent Of
| monetary distress.
| Because may be enjoying a tempo
rary relief from its depressing influence
this should not lull us into false Sc
curity nor lead us to forget the sudden
ness of past visitations.
| l am more convinced than ever that we
can have no assured financial peace and
safety until the government currency OBJ
| legation upon which gold may be de-
manded from the treasury are withdrawn
from circulation and cancelled This
| might be done, has been heretofore
recommended, by their exchange for long
term bonds bearing "A low rate of inter-
est or by their redemption with the pro-
ceeds of such bonds. Even if only the
United States notes known as greenbacks
were thus retired, it is probable that the
treasury notes issued in payment of sill
yer purchases under the act of July Il,
$780, now paid in gold when demanded,
would not create much disturbance, as
they might from time to time. when re-
ceived in the treasury by redemption in
gold or otherwise be gradually and pru-
IDENTIFY replaced by silver coin.
In considering projects for the retire
ment of United States notes, and treas
ury notes issued under the law of 1890,
am of the opinion that we have placed
too much stress upon the danger of con-
tracing the currency, and have calculat-
ed too little upon the gold that would be
added to our circulation if invited to us
by better and safer financial methods. 1t
Is not so much "A contraction of our cur
rency that should be avoided as its I'M
equal 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 popuous COM
munities than are now permitted, and
also authorizing existing banks to estab-
lish branches in small communities I'M
der 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 aban-
dons the banking business and the accu-
mutation of funds and confines it's mon
etary 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 busi-
ness interests and all good citizens long
for rest from feverish agitation, and the
Inauguration by the government of a re-
form financial policy which will encour-
age enterprise and make certain the re-
wards of labor and industry.
About Trusts.
Another topic In which our people right
fully take deep interest may be here
briefly considered. I refer to the existence
of trusts and other huge aggregations OF
capital, the object Of which is to secur,
the monopoly of some particular branch
Of trade, industry or commerce and to