The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-17

rails, etc, so there is work in this field
of activity for years to come.
The railroads are upon a sounder
basis than ever in our national history
Their management is in the hands OF
the most conservative men, and the
outlook for their future is the bright
est. Thirty millions of people labor
IN this blessed country of ours, whose
wages were never so high, who never
had so many of the COMFORTS of life.
nor were so we'll housed and fed. They
nave the advantages of a better educa-
tlon than ever, more libraries, more
asylumS for the poor and unfortunate.
Labor naturally enough has organized
itself, ready to demand it's share of the
profits under the new condition of
things. 1t should have a care not to
insist upon advances so great as to
make it impossible for our manufactur-
ing institutions to sell their wares in
competition with the concerns of the
Old World.
Currency System Faulty.
I'VE have much to deplore in connec-
tlon with our monetary system. An ex-
perlence running over q considerable
number of years has given me partial
insight into the defects of our fiscal
system. The currency system is faulty
In that 1T is inelaStic. The subtreas-
ury system of the United States Is
FAULTY, in that 1t withdraWs from cir
culatlon the results of returns from
customs and internal revenue, so that,
as natural consequence, when pros
perfty abounds, and money is most ac-
tive, when people spend most freely at
that time the revenues Of the country.
increasing as a result of imports, is
certain to withdraw from circulation
large sums that ought to remain in the
channels of trade. This fault will un-
uouptedIy be corrected at the next ses-
sion or congress, although, in the mean
time, in my judgment, when the crops.
great In prospect, are to be moved, YOU
are likely to see an exceedingly sharp
demand for the necessary funds to
start the crops in motion.
III is the purpose of congress to per-
init the public funds, both customs and
internal revenue, to be deposited in
natlonaI banks and to secure them by
certain kinds of municipal bonds. This
plan seems to be the only feasible way
10 correct faulty System-for I take
IL that the Subtreasury will never be
abandoned by the government. To OBJ
Vlate this absorption of funds on the
part of the United States it should be
placed In banks, with proper security,
IN order that 1t may be released and
thus enter the channels of trade. It is
conndently expected that there will be
relef In this direction, and If it comes
in time there will undoubtedly be a
much less acute financial situation
than now apprehended by those who
are Immediately in the purview Of the
monetary atmosphere of New York
city"
Again taking up the subject of combina-
lions. he said:
1T seems to me that it IS your duty. as
1t Is mine, and that of every other good
citizen, to lend his ability, his good will
and to utilize his citizenship against ey-
cry lncursion of capitalization that looks
TO the invasion of the laws Of the states,
ace.
Cites Famous Story.
you will remember the story of the
poor fisherman. related in the Arabian
Nights, who drew up in his net from the
sea a casket covered with rust and slime
ana closed with the seal of Solomon. He
look 1t In his hands. and holding it to his
ears. heard the voice of a spirit inpris-
oned within, speaking in tones OF en-
chanting sweetness, and Offering to him.
the poor fisherman, the sceptre of power
and the command of all the riches hidden
by earth or sea, If he would release the
prisoner The fisherman foolishly broke
the seal by which the wisest of men had
confined the enemy of mankind. and there
came from the casket an uniformed cloud
which lowered to heaven, and which at
demon. who stood dilated to the skies
The fisherman lured this evil one into his
prison. closed the. seal and hurled him
back into the depths.
There Is laid upon you and the men
of this generation who are devoted to
the country, loyal to it's hopes and it's
inspiration. and who believe in its future,
to so utilize your talents that the greed
of men, clothed in corporate form, shall
not work evil to the people of our com
mon country. a similar duty
w. H. Hopkins, of the firm of JaDney,
Semple, Hill & Co., Minneapolis, spoke for
that city. and Judge Lusk, of the National
German American bank, spoke of the bust
ness and financial situation in st. Paul