The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1896-12-11


every Just government TO ma the burdens OF
| taxation as light possible The people
should not be required TO relinQuish this
privilege OF cheaoeI living except under the
! stress Of their governments necessity made
plainly manifest
Our Financial Metho ds.
This reference TO the condition and pros
poets OF our revenues naturally suggests an
allusiOn to the weakness and vices of our hnan-
| cial methods. They have been frequently
pressed upon the attention of congress in pre-
| viOuS executive communications and the in
evltable danger OF their continued liberation
pointed out Without now repra ting these de-
! tails cannot .frain from again earnestly
| presenting the necessity of the prompt REFORM
Of q system opposed to every rule OF sound
finance and shown by experience 10 be fraught
| with the gravest peril and perpleXity. Tbs
| terrible civil war which shook the foundations
Of our government more than 81 years ago.
brought in its train the destruction Of property
the wasting of country'S substances, and thu
eStrangement Of brethren. These are now
past and forgotten Even the Distressing loss
! of life the conflict entailed /, t q sacred
memory, which fosters patriotic sentiment and
keeps alive a tender regard for those who
nObly died, and yet there remains with US to-
day, in full strength and activity as an Incl
dent Of that tremendous struggle, feature OF
its financial necessity not only unsuited to our
present circumstances, but manifestly q dis
turbing menace to business security and an
| ever present agent of monetary Distress
| Because we may be enjoying a temporary re-
lief from its depressing influence this should
not lull US into false security nor lead US to
| forget the suddenneSS OF past visitation 1 am
more convinced than ever that We cannot have
| assured financial peace and safety until
the government obligations upon which gold
may be demanded from the treasury are with
drawn from circulation and collected This
might be done. as has been heretofore recon-
bearing 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, it is probable
that the treasury notes issued in payment OF
! silver purchases under the act of July IA, 1899
| now paid in gold when demanded, would not
create much di sturbance. as they might from
| TIVE to time. when received in the trea sury by
redemption in gold 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, 1t would be step
| in the right direction IL currency obligations
| are redeemabe in gold whenever so redeemed
should be cancelled instead OF being reissued-
This operation would be slow remedy, but is
would improve present conditions.
National banks should redeem their own
notes. They should be allowed to issue circu-
| latiOn to the par value of bonds deposited "a
security for its redemption and the tax on
their circulation should be reduced 70 one
fourth Of one per cent
| In considering projects for the retirement Of
| United States notes and treasury notes issu ed
under the new law OF 1890 1 am Of the opinion
| we have placed too much stress upon the dan
ger Of contracting the currency and have cal
| culated too little upon the gold that would be
added to our circulation il invited to us by bet
| ter and safer financial methods. II is not so
| m OfO ON thaf
| be avoided as its unequal distribution This
| might be Obviated and fear OF harmful con-
traction at the same time removed by allowing
| the organization Of small banks and in less
popuious communities than are now permitted
and author zing 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
our government abandons the banking busi-
ness and the accumulation Of funds, and con-
fines its monetary operations to the receipts
I of moIey contributed by the people for its
support and to the expenditure OF such money
for the peoples benefit Our business inter-
ests and all good citizens long for rest from
feverish agitation and the Inauguration by tha
government Of q reformed financial policy
which will encourage enterprise and mako
certain the rewards Of labor and industry.
Trusts ard MonODoIiea.
Another topic in which our PEG pie rightfuEIy
| take deep interest may be here briefly COT
sidered refer to the expense Of trusts and
other huge aRgreRatiOns OF capital, the obieoG
OF which is 70 secure the monopoly Of some
particular branch Of trade industry, or ON
MERGE and TO stife wholesome competition
| When these are defended it is usually on TIA
ground that though they increase profits they
also reduce prices and thus NAV beneft thR
public. 1t must be remembered. however, thah
/ -,
| the real objects OF these organizations, nor n
their tendency necessarily In that direction
| II it occurs in particular case -
| is only because it accords with the purposes
| or interests OF those managing them.
Such occasional results fall short Of compen-
! satinR the palpable evils charged 20 the &C.
count Of trusts and monopolies Their ten
dency is to crush out individual independence
| and to hinier and to prevent the free use %
human faculties and the full developments %
human character. Through them the farmer,
the artisan and the small trader Is in danger
Of dislodgement from the proud position Of be-
ing his own master watchful OF all thaE
touches his countrys prosperity, in which ha
has an individual interest in all that affects tia
advantages of business Of which he is factor.
to be relegated TO the level Of . mere appurte-
nance to a great machine with little free viii.
with no duty but that Of passive obedience and
| with little hope or opportunity OF rising in thu
| scale Of responsible and helpful citizenship
To the instructive belief that such is the inevi-
| table trend OF trusts and nonopOlies is due the
| widespread and deep-seatel popular aversion
! In which they are held and the not unreasona-
BILE inSistance that whatever may be their in
cidental economic advantages their general
effect upon personal character, prospects, and
| usefulness can not 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 OF at
tempt to enforce them but simply because the
laws themselves as interpreted by the courts
do not reach the difficulty. II the inSuficien-
cies OF existing laws can be remedied by
further legislation it should be done ThG
fact must be recognized, however, that all
| federal legislation on this subject NAV fall
| short OF its purpose because OF inner
ent obstacles. and also because Of the CO mplex
character OF our governmental system. which.
while making the federal authority suprem6
| within its sphere. has carefully limited thas
sphere by meteS and bounds which cannot be
transgreSsed The decision Of our highest cOurs
on this precise question renders it quite doubt
full whether the evils OF trusts and mOnopOlies