The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1896-12-16

to forclose first mortgage upon added
parts of the main line to which the
Government lien is subordinate and the
default occurring on January ], 1897,
must emphasize the mandate of the Act
, of 1887 to foreciose. Therefore, unless
have previously determined upon diff
| ferent solution of the problem, there
will hardly appear to exist any reason
for delaying beyond the date of the de
| fault above mentioned such Executive
| action as will promise to subserve the
public interests and save the Govern
ment from the loss threatened by furth-
| er inaction.n
The work done by the Agricultural
Department is especially commended,
but the discontinuance of the gratuit-
Gus distribution of seeds is urged.
The progress of Civil Service Reform
for tie year isreviewed as cause for
the utmost congratulation. The amend
ment of the Interstate Commerce Act
is recommended.
Recurring again TO the statistics of
the Treasury Department, the President
offers some suggestions regarding the
present Tariff law aud its operation.
He says: "Whatever may be its short
! comings Us complete measure of Tar
iif Reform, it must be conceded that il
has opened the way toa freer and great
er exchange OF commodities between Us
and other countries, and thus furnish
ed wider market for our products and
manufactures"
Continuing, the President says: 81
believe our present Tariff law, if allow
ed fair opportunity, will in the
near future yield revenue which, with
reasonable economic 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 re-
serve of one hundred millions, a sur
plus of more than one hundred and
rwenty-eight millions of dollars, APP
plicable TO the payment of the eXpen-
ses of the Government, and which must
unless expended for that purpose, re-
main a useless hoard, or, if not eX-
travagantly wasted, must in any event
be perverted from the purpose of its
eXaction from our people. The pay
ment, therefore, Of any deficiency in
the revenue from this fund is nothing
more than its proper aud legitimate use.
The Government thEs applyinga a sur
plus fortunately in its Treasury to the
payment of expenses not met by its
current revenues, is not at all to be
likened to a man living beyond his in-
come and thus incurring debt or en-
croaching on his principal"
The President renews his former rec
ommendation for the Fetirement of the
greenbacks. "I am more convinced
than ever that we can have no assured
financial peace and safety until the
Government currency obligations upon
which gold may be demanded from the
Treasury are withdrawn from circula-
ton and cancelled. This might be
done, as has been heretofore recon-
mended, by their exchange for long
term bonds, bearing low rate of in
terest, or by their redemption with the
proceeds of such bonds. Even if only
the United States notes known rs green
backs were thus retired, it is probable
that the Treasury notes issued in pay
ment of silver purchases under the act
of July II, 1890, now paid in gold when
demanded, would not create much dis
turbance, as they might, from time TO
time, when received in the Treasury
10y redemption in gold or otherwise, be
gradually and prudently replaced by
silver coin.
This plan of issuing bonds for the
purpose of redemption certainly ap-
pears to be the most effective and di-
rect path to the needed reform. In de-
fault of this, however, it would be a
step in the right direction if currency
obligations redeemable in gold, when
ever so redeemed, should be cancelled
instead of being reisSued. This oper-
alton would be slow remedy, but it
would improve present conditions.
"National Banks should redeem their
own ndlssl nidlsl eharacte. st6oIhifi6 t6oIhifi, 3Hv Hv 5%ed TO
issue circula{ 80 10 the par value of
bonds deposited rs security for its re-
demption, and the tax on their circula-
ton should be reduced to one-fourth of
one per cent"
The message concludes as follows:
"Another topic in which our people
rightfu!ly take deep interest may be
here briefly considered. l refer to the
existence of trusts and other huge ag-
gregations of capital, the object of
which is secure the monopoly of some
particular branch of trade, industry, or !
commerce, and to stifla wholesome
competition. When these are defend |
ed, it is usually on the ground that, |
though they increase profits they also
reduce prices, and thus benefit the pub |
lie. 1t must be remembered, however, |
that reduction of prices 10 the people |
is not one of the real objects of these
organizations, nor Is their tendency |
necessarily in that direction. If it oc- |
curs in particular case, ii is only be- |
cause it accord5 with the purposes or
interests of those managing the scheme. |
"Such occasional results fall far short |
of compensating the palpable evils |
charged to the account 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 development of
human character. Through them the
farmer, the artisan, and the small |
trader is in danger of dislodgement |
from the proud position of being his
own master, watchful of all that touch |
es his country's prosperity in which he
has an individual lot and interested i'm |
all that effects the advantages of busi- |
ness of which he is factor, to be rele- |
gated to the level of a mere appurte- /
nance TO a great machine, with little |
free will, with no duty but that of pas
sive obedience, and with little hope or
OpDortunity of rising in the scale Of /