Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1896-12-15
come and thus mourning debt or en-.

1t is not one of the functions of our
| government to accumulate and make
additions to fund not needed for i'm
| mediate expenditure. With individuals
1t is the chief object of struggle and
| effort. The application of an accumu-
lated fund by the government to the
payment of it's running expenses is a
duty.
Financial Legislation Recommended.
This reference to the condition and
prospects of our revenues naturally
| suggests an allusion to the weakness
and vices of our financial methods
They have been frequently pressed up
| on the attention of congress in previous
| executive communications and the in
| evitable danger OF their continued toll
| GRAFTON pointed out. Without now re-
| peating these details, cannot refrain
| from again earnestly presenting the
necessity Of the prompt reform Of a
system opposed to every rule of sound
finance and shown by experience to be
fraught with the gravest peril and per-
piex1ty. The terrible civil war which
shook the foundations of our govern
ment more than thirty years ago
brought in it's train the destruction Of
property, the wasting of ou coun-
trys substance, and the estrangement
or brethren. These are now past and
forgotten. Even the distressing loss Of
life the conflict entailed is but a sacred
hiehiory, WHICH fosters patriotic Sent1-
ment ana Keeps alive tender regard
for those who nobly 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 necessities, not only unsuited
to our present circumstances, but mani
Iestly disturbing menace to business
security and an ever-present agent of
monetary distress
Because we may be enjoying a tenn
porary relief from it's depressing in
fiuence, this should not lull us into a
raise security nor lead us to forget the
suduenness of past visitations.
am more convinced than ever that
we can have no assured financial peace
ana safety until the government cur
rency obligations upon which gold may
De demanded from the treasury are
W1thdrawn from circulation and can
celled. This might be done, as has been
heretofore recommended by their ex-
change Tor long term bonds bearing a
low rate OF interest or by their redemp-
tion with the proceeds of such bonds.
Even III only United States notes
known as greenbacks were thus retired
IL Is probable that the treasury notes is
SUED In payment Of silver purchases
rnder the act of July IA. 1890, now paid
In gold when demanded would not
create much disturbance as they might
from time to time when received in
the treasury by redemption in gold or
otherwise be gradually and prudentiy
replaced by silver coin. This plan Of
issuing bonds for the purpose of re-
demption certainly appears to be the
most effective and direct path to the
needed reform.
In default Of this, however IT would
be step In the right direction If cur
rency obligations redeemable In gold,
whenever so redeemed, should be can
celled instead Of being reissued. This
n tnv, ~ ell
1t would improve present condition.
National banks should redeem their
own notes. They should be allowed to
issue circulation to the par value OF
bonds deposited as security for it's re-
tirement of United States notes ana
demption, and the tax on their circu-
treasury notes issued under the law
lation should be reduced to one-fourth
OF one per cent.
In considering projects for the re-
tirement Of United States notes and
treasury notes issued under the law of
1890, am of the opinion that we have
placed too much stress upon the
danger of contracting the currency and
have calculated too little upon the gold
that would be added to our circulation
If invited to us by letter and safer
financial methods. 1t Is not so much
contraction OF our currency that
should be avoided as it's unequal dis
tribution.
This might be obviated and any fear
of harmful contraction at the same
time removed, by allowing the organi-
cation Of smaller banks and in less
populous communities than are now
permitted, and also authorizing existing
banks to establish branches in small
communities under proper restrictions.
Another topic in which our people
rightfully take deep interest may
here be 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. in
dustry or commerce, and so stife
wholesome competition. When these
are defended 1t is usually on the ground
that though they increase profits they
also reduce prices, and thus may bene-
fit the public. 1t must be remembered,
however, that 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 1t occurs in particular case 1t Is
only because it accords with the pur-
pose or interest of those managing the
scheme.
Trusts Get a Roast.
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 him
der or prevent he free use OF human
faculties and the full development OF
human character. Through them the
farmer, the artisan and the smalls trad
err is in danger OF dislodgment from the
proud position of being his own master.
watchful of all that touches his coun-
try's prosperity In which he has an In
dividual lot and interested in all that
affects the advantages OF business OF
which he Is a factor, to be relegated to
the level of a mere appurfenance TO
great machine, with little free Will.
with no duty but Of passive obedience.
and with little hope of opportunity of
rising in the scale Of responsible and
helpful citizenship.
To the instructive belief that such Is
the Inevitable trend of trusts and mo-
nopelies is due the widespread and
deep-seated popular aversion In which
they are held and the not unreasonable
insistence, that whatever may be their
Incidental 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 or attempt to
enforce them, but simply because the
laws themselves as interpreted by the
courts do not reach the difficulty. IL
"a Ito Of a