The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1896-12-11

Congress that time may arrive when
a correct policy and care for our in
terests, as well as regard for the in
terests of other nations and their citi-
zens, Joined by consideration of hui
manity and a desire to see a rich and
fertile country intimately related to us,
saved from complete devastation, will
constrain our Government to such ac-
ton which will subserve the interests
thus involved and at the same time
promise to Cuba and its inhabitants an
opportunity to enjoy the blessings OF
peace.
Pensions.
The diminution of our enormous pen
sion roll and the decrease of pensions
expenditure which have been so often
confidently foretold, still fail in material
realization. The number of pensioners
on roll at the fiscal year ended June 30,
1896, was 970,67S. This is the largest
number ever reported. The amount
paid exclusively for pensions during
the year was Sl30,2l4, 1874, a slight de-
crease from that of the preceding year,
which total expenditures on account of
pensions, including the cost of main
tanning the department. and expenses
attending pension distribution, amount
ed to $l42,206,5 50.59, or within very
small fraction of one third of the entire
expense of supporting the Government
during the same year.
In my opinion, based upon such state
ments as these and much other infOr-
nation and observations, the abuses
which have been allowed to creep into
our pension system, have done incalcu-
liable harm in demoraliZing our people
and undermining good citizenship l
have endeavored within my sphere OF
official duty to protect our pension roll
and make It what it should be, roll OF
honor, containing the names OF those
disabled in their country's service ana
worthy of their country's affectionate
remembrance.
When / have seen those who pose as
the soldiers friends active and alert in
urging greater laxity and more reckless
pension expenditure while nursing sell
fish schemes, have deprecated the ap'
prOach of situation when necessary
retrenchment and enforced economy
NAV lead to an attack upon pension
abuses, so determined as to overlook
the discrimination due to those who
worthy of nations care, ought TO live
and die under the protection OF ma
TONS gratitude.
financial System.
7 am more convinced than ever tina
we can have no assured financial peace
and safety until the Government cur
renew obligations upon which gold may
be demanded from the treasury arr
withdrawn from circulation and can
celled. This might be done, as II ma
been heretofore recommended, by thel
exchange for long-term bonds bearing
low rate of interest or by their redemp
ton with the proceeds OF such BONDS
Even if only the United States note
; known as greenbacks were thus retired
: it is probable that the treasury notes Is
. sued in payment of silver purchases un
der the act of July IA, 1890, now PAID Il
gold when discounted, would not ere
ate much disturbance, as they mlgh
from time to time when received in tn
treasury by redemption in gold or Other
wise be gradually and prudently re
placed by silver coin. This plan OF IL
suing bonds Tor the purpose OF redeml
ton certificates appears to be the mos
effective and direct path to the neede
reserve.
In default of this, however, it woul
be step in the right direction ii Gu
rency obligations redeemable in gol
whenever redeemed should be cancelle
instead of being re-issued. This oper'
ton would be a slow remedy, but
would improve present conditions.
National banks should redeem the
4 own notes. They should be allowed
' issue circulation to the par value
bonds deposited as security for its +
demption and the tax on their circul
: ton should be reduced to one fourth
v per cent.
y In considering projects for the retir
q ment of United States notes ana Urea
~ ury notes issued under the law OF lSS
20 am of the opinion we have placed II
~, ~ much stress upon the danger OF CO
II tracing the currency and have calcul
~ ted too little upon the gold that wou
y be added to our circulation II attach'
~ to us by better and safer tinanci
methods. 1t is not so much contractit
of our currency that should be avoid
30 ~ as its UNEQUAL distribution. This mig
90 be obviated and fear of harmful contra
ne ton at the same time removed by allo
rs ing the OIL ganization OF smaller pan
Il. and less populous communities IN
" are now permitted and also authorlzl
u existing banks to establish branches
~ small communities under proper
A. strictions.
ds Trusts.
ed Another topic in which our peol
10 rightfully take deep interest may
Sc here briefly considered. | refer to
ar existence of trusts and other hu
ut aggregations of capital, the object
he which is to secure the monopoly of sol
particular branch of trade, industry
Id commerce and to stifle wholesome co
a petition. When these are defended |
lie usually on the ground that though tn
in, increase profits they also reduce pri'
Its and thus may benefit the public.
be must be remembered, however, tina
on reduction OF prices to the people is
on one of the real objects of these orga
,ar cations nor is their tenuency necessar
IN in that direction. If it occurs in a p
ticlar case it is only because 1t acco
with the purposes or interests of tn
ic:. managing the scheme.
he Such occasional results fall far sh
' oI of compensating the palpable e'
H. charged to the account Of trusts
Ihn mnnonolies. Their tendency is TO crl