The Red Cloud chief., 1896-12-11

tarir revenue. we canno: reasonably nope
that our recupcration from the business &C.
pre- s-ion will he sudden. but IL has already
set in with Il promise of acceleration and
continuance. I believe our present tarits
law, II allowed 4 fair opportunity, VIII in t1c
near future yield a revenue which, With
reasonably economical expenditures, will
overcome ali deficiencies
In tho meantime no deficit that has oc-
Cured or may occur need excite or disturb
US. TO meet any such derCit we have In the
treasury. in addition to the gold reservc OF
500 900, 900 A surplus of more than al25,-
100000 applicable to payment of the cx-
pcnscs Of the government. and which must,
unless expended for that purpose, remain 4
useless hoard, or, If not extravagantly
wasted, must IN any event be perverted from
the putIUNC of It's JHdc..uE rem our pro.
! pie, the therefore, of any dch-
cienoy in the revenue from this fund IL
nothing more than its proper and legitimate
use. 1t is immCasurably better to appropri-
ate our surplus to the payment of juStifable
expenses than to allow il to become an tnvi-
tation to reckless appropriations and ex-
travagdnt expenditures.
| suppose 1t will not be dcuied that under
the present law our people obtain the neces-
sarics of Il comfortable existence at a
cheaper rate than formerly. This is n mat
ter Of supreme Importance. since 1t Is the
pllpable duty of every Just government TO
make the burdens of taxation as light as
possible. Tho people should not be required
10 relinquish this privilege of chcaperliving
except under the stress of their govern
mcnts necessity made plainly manifest.
FINANCIAL.
This reference TO the condition and pros
poets OF our revenues naturally suggests an
allusion TO the weakness and vices of our
financial methods. They have been frc-
qucntlY pressed upon the attention of the
Congress in previous executive com munica-
| titns aud the inevitable dancer pf thpir ron.
tinucd liberation pointed out without now
repeating these details, | cannot refrain
from again earnestly presenting the neccs-
sity of the prompt reform of "A system op-
posed to every rule of sound finance and
shown by experience to be fraught with the
gravest peril and perplexity. The terrible ,
civil war which shook the foundations of
our government, more than thirty years
ago, brought in its train the destruction of
property, the wasting of our country's sub
stance, and the cStrlngement of brethren,
These are now past and forgotten. Even
the distressing loss of life the conflict en-
tailed is but a sacred memory, which foS-
tiers patriotic sentiment and keeps alive a
tender regard for those who noblv died.
And yet there remains with us to-day. in
full strength and activity as an incident of
That tremendous struggle, a feature of its
financial necessity not only unSuitcd to our
present circumstances. but manifcstly a
disturbing menace to business security and
an ever present agent of monetary distress.
Because we may be enjoying a temporary
relief from its depressing influence this
should not lull us into "A false sec urity or
lead Us to forget the suddenncss OF past visi-
tltiOn. l am more convinced than ever that
we can have not assured financial peace and
safety until the government currency obli-
cations upon which gold may be demanded
from the treasury are withdrawn from CTR
~Culation and cancelled. This might be done
as has been recommended, by their exchange
for long term bonds bearing a low rate of
interest, or by their redemption with the
proceeds OF such bonds.
Even If only United States notes known as
grecnbacks were thus retired IL is probable
that the treasury notes issued in payment
of silver purchases under the act OF July
II, 1890, now paid in gold when demanded,
would not create much disturbances, as they
might from time to time, when received in
the treasury by redemption of gold or other
wise, be gradually and prudently replaced
by silver coin This plan of issuing bonds
Tor the purpose of redemption certainly APP
pears to be the most effective and direct
path to the needed reform.
In default Of this, however, II would be a ,
step in the right direction if currency obli-
cations redcemablc In gold whenever so
redeemed should he cancelled instead Of be-
ing reiSsucd. This operation would be a
slow remedy, but 1t would improve present
conditions.
National banks shoSld redeem their own
notes. They should be allowed to issue cir
Culation TO the par value of bonds deposited
as security for its redemption and the tax
on their circulation should be reduced to
onc-fOurth of l per cent. The entire case
may he 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 ac-
Cumulation of funds, and confines its none
tary operations to the receipts OF 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 citizens long for rest froU few
erish agitation, and the inauguration by the
government of 4 reformed financial policy
which Will encourage enterprise and make
certain the rewards of labor and industry.
TRUSTS
Another topic In which our people right
fully take a deep interest may be here
briefly considered, refer to the cxpanse of
trusts and other huge aggrcgations OF can't
tai, the object of which is to secure the mo-
nopoly of some particular branch of trade,
industry or and to stifie whole
some competition. When these are defended
II is usually on the ground that though they
increase profits, they also reduce prices and
thus may benefit the public. 1t must be re-
mcmbcrcd, 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 II occurs in a particular case
II is only because It accords with the pur-
poses or interests of those managing their
scheme. such occasional results fall short.
OF composing the palpable evils charged td
tue account OF trusts and monopolies. Their
tendency is to crush cut individual inde-
pcndencc aud to hinder aud to prevent the
Tree use OF human faculties and the full de-
vclopment of human character.
Though Congress has attempted to deal
with this matter by legislation, the laws
passed tor that purpose thus far have
proved Ineffective, not because of any lack OF
disposition or attempt to enforce them but
simply because the laws themselves as in
terpreted by the courts do not reach the
. difficulty, II the nsuniCicncies of existing
, laws can be remedied by further legislation,
II should be done. The fact must be rccog-
nized, however, that all federal legislation
on this subject may fall short of its purpose
because OF inherent obstacles, and also
because of the complex character OF our
governmental system, which, while making
I the federal authority SUI rene within its