Evening star., 1896-12-07

| financial necessities. not only unsuitei TO
our present circumstances, but manifestly
| a disturbing menace to business security
and an ever-present agent Of monetary Gis-
treSS.
Because we may be enjoying temporary
relief from its depressing influence this
should not lull us into false security nor
lead LIS to forget the suddenness of past
visitations
| am more convinced than ever that we
can have no assured financial peace and
| safety until the government currency OBJ
legations upon which gold may be demand
ed from the treasury are withdrawn from
/ circulation and Cancelled. This might be
| done as has been heretofore recommended,
by their exchange for long term bonds bear
| ing a low rate of interest or by Their re-
demption with the proceeds OF such BONDS.
| Even if only The United States notes known
| as greenbacks were thus retired, II is PROB
! able that the treasury notes issued IN pay
| mont of silver purchases under the act OF
July II, 1880, now paid In gold when de-
mandet, would not create much disturb
ance as they might from time TO ume'
| when received in the treasury by redemp-
| ton in gold or otherwise. be gradually and
prudently replaced by silver coin.
This plan of issuing bonds for the purpose
| of redemption certainly appears to be the
| most effective and direct path to the needed
reform. In default Of this. however, At
| would be step in the right direction. If
| C, rrency obligations redeemabie in gold.
| whenever so redeemed, should be Cancelled
| instead of being reissued.
| This operation would be slow remedy,
! J,,t IL uould improye preSent conditions.
| National banks should redeem their own
| notes. They should be allowed to issue cir
| culation to the par value of bonds de-
| posted as security for its redemption, and
the tax on their circulation should be re-
| luced to one-fourth Of l per cent.
| In considering projects for the retirement
| of United States notes and treasury notes
| issued under the law of 1880. 1 am of the
| opinion that We have placed too much
| stress upon the danger of contracting the
| currency, ana have calculated too little
upon the gold that would be added to our
| circulation il invited to us by better and
| safer financial methods. 1t is not so much
| a contraction of our currency that should
| be avoided a. its unequal distribution.
This might be obviated. and any fear OF
| harmful contraction at the same time re-
moved by allowing the organization of
/
| munities than are now permitted and also
| authorizing existing banks to establish
| branches in small communities 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 government abandons the
| banking business, and 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 ex
penditure Of such money for the peoples
| benefit.
Our business interests and all good citi-
| Zens long for rest from feverish agitation,
| and the Inauguration by the government of
a reformed financial policy. which will en-
| courage enterprise and make certain the
| rewards of labor and industry.
TRUSTS AND MONOPOLIEs.
| 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 secure the
| monopoly of some particular branch of
| trade, industry or commerce and to stfle
| wholesome competition. When these are
defended it is usually on the ground that
| though they increase profits they also re-
| duce prices and thus may benefit the public
| 1t must be remembered, 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 it occurs in particular case,
| it is only because it accords with the pur-
| poses or interests of those managing the
| scheme.
| Such occasional results fall far short of
| compensating the palpable evils charged to
| the accounts of trusts and monopolies.
| Their tendency is to crush out individual
| independence and to hinder or prevent the
| free use of human faculties and the full de-
velopment of human character. Through
| them the farmer, the artisan and the small
trader is in danger of dislodgment from the
| proud position of being his own master,
| watchful of all that touches his coun:ry's
prosperity, in which he has an individual
| lot and interested in all that affects the
advantages of business of which he is
factor to be relegated to the level Of a
mere appurtenance to a great machine.
With little free will, with no duty but that
| of passive obedience, and with little hope
| Of opportunity Of rising in the scale of re-
sponsible and helpful citizenship.
To the instructive belief that such is the
inevitable trend of trusts and monopolies is
| due the widespread and deep-seated popu-
| lar aversion in which they are held and the
| not unreasonable insistence that whatever
| may be their Incidental economic advan-
| tages their. general effect upon personal
character, prospects and usefulness cannot
| be otherwise than injurious.
Though Congress has attempted to 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 force them,
but simply because the laws themselves as
| interpreted by the courts do not reach
| the difficulty. If the insufficiencies of
existing laws can be remedied by further
| legislation it should be done. The fact
| must be recognized, however. that all fed
eral legislation on this subject may fall