The citizen. (Frederick City, Md.) 1895-1923, 1896-12-11

ued liberation pointed out Without
now repeating these details, can not
refrain from again earnestly present
ing the necessity of the prompt reform
OF a system opposed to every rule of
sound finance and shown by expert
! ence to be fraught with the gravest
peril and perplexity. l am more con-
| WINGED than ever that we can have no
assured financial peace and safety I'M
til the government currency obliga-
tions upon which gold may be
demanded from the treasury are with
drawn from circulation and cancelled.
This might be done, as has been here
tofore recommended by their exchange
| for long-term bonds bearing a low rate
of interest or by their redemption 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 is
sued in payment of silver purchases
under the act of July Is 1890, now
paid in gold when demanded, would
not create much disturbance, as they
might, from time to time, when re-
ceived in the treasury by redemption 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, it would be step in the
right direction if currency obligations
redeemable in gold, whenever so re-
deemed, should be Cancelled instead of
being reissued This operation would
be a slow remedy, but it would i'm
prove present conditions. National
banks should redeem their own notes.
They should be allowed to issue circu-
lation to the par value of bonds de-
posted as security for its redemption,
and the tax on their circulation should
be reduced to one-fourth of l per cent.
In considering projects for the retire
ment of United States notes and treas
ury 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 cal
culated too little upon the golN that
w ould be added to our circulation if
invited to us by better and safer fnan-
cial methods. 1t is not so much a con-
traction of our currency that should be
avoided as it's unequal distribution.
This might be obviated, and any fear
of harmful con traction at the same time
removed, by allowing the organizations
of smaller banks and in less populouS
communities than are now permitted,
and also authorizing existing banks to
1ieI ~
ties under proper restrictions. The en-
tire case may be presented by the state
ment that the day of sensible and
sound financial methods will not dawn
upon us until our government aban-
dons the banking business and the ac-
emulation of funds, and confines it's
monetary operations to the receipt of
the money contributed by the people
for its support, and to the expenditure
of such money for the peoples benefit"
Trusts and the Law.
"Another topic" says the president,
sin which our people rightfully take a
deep interest may be here briefly con-
sidered. 1 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
stife wholesome competition. When
these are defended it is usually or the
ground that though they increase
profits they also reduce prices and
thus may benefit the public. Their
tendency is to crush out individual in
dependence and to hinder or prevent
the free use of human faculties and
the full development of human charac-
ter. Though congress has attempted
to deal with this matter by legislation,
the laws passed for that purpose thus
far have proved ineffective, not be-
cause of any lack of disposition or
attempt to enforce them, but simply
because the laws themselves as inter
preted by the courts do not reach the
difficulty If the insufficiencies of ex-
listing laws can be remedied by further
legislation 1t should be done. Even
though it may be found that federal
authority is not broad enough to fully
reach the case, there can be no doubt
of the power of the several states to
act effectively in the premises, and
there should be no reason to doubt
their willingness to judiciously exer-
else such powers.
Mckinley Reads the Message.