Bisbee daily review., 1904-06-22

such a way that the large government notes in circulation are gold cerul- cates, while the silver certificates and greenbacks are of small denomina- tions. As the large gold oerticates represent gold actually on deposit. their presentation at the Treasury in exchange for gold can never infringe upon the gold reserve. As the small silver certificates and greenbacks are always in active circulation, no large amount Of them can be accumulated for the purpose of drawing on the gold reserve: and thus, while every man can get a gold dollar for every dollar of the government currency, the endless chain which We were once taught to fear so much. has been ef- fectiyely mt out of business. Ire Secretary of the Treasury has show. himself mindful of the needs Of busi- ness and has so managed our finances as himself to expand and contract our currency as occasion has required. When in the fall of 1882 ;he demand for funds to move the crops caused extraordinary money stringency, the Secretary exercised his lawful right to accept state and municipal bonds as security for public deposits. thus liberaung United States bonds which were used for additional circu- la;ion. When the crops were moved and the stringency was over he called for a withdrawal of the state and municipal securities. and thus con- tracted the currency. Again, in 1903. under similar conditions. he produced the $50, 0,000. 900 for the Panama Canal made last month without causing the slightest disturbance in finance. show ed good judgment and careful con sideration of the interests of business upon which our people may confident ly rely.
 Four years ago the regulation by law of the great corporate com pima ions called trusts" stood substantial ly where it was when the sherman Anti-TrusL Act of 1890 was passed. President Cleveland in his last mes sage of December, 1896. had said:
 Though Congress has attempted 10 deal with this matter by legislation, the laws passed for that purpose thus far have proved ineffective, not be A6dSt VI tdNh Ok GlSPOSlkiOn VI attempt to enforce them, but simply because the laws themselves as in terpreted by the courts do not reach the difficulty. If the insuficiencies of existing laws can be remedied b. further legislation. it should be done. The fact must be recognized. however, that all Federal legislation on this subject may fall short of it's purpose of inherent obstacles and also because of the complex character of our gov ernmental system, which, while mak- ing Federal authority supreme within its sphere, has carefully limited that sphere by metes and bounds that can not be transgressed."
 At every election. he regulation of the trusts had been the football of campaign oratory and the subject of many insincere declarations
 Our Republican administration has taken up the subject in practical, sensible way as business rather than a political question, saying what it really meant, and coing what lay al it's hand to be done to accomplish ef- fective regulation. The principles up- pH lAS SOFt Bl lOtttNtd were stated by the President in his message of December, 1902 He said:
 A fundamental base of civilization is the inviolability of property: but this is in no wise inconsistent with the right of society to regulate the exer- else of the artificial powers which 1t confers upon the owners of property. under the name of corporate fran chises. in such way as to prevent the misuse of these powers. We can do nothing of good in the way of regulating and supervising these corporations until We fix clearly in our minds that We are not attacking the corporations. but endeavoring to do away with any evil in them. We are not hostile to them: We are mere ly determined that they shall be so handled as subseTve the public rood. We draw the line against misconduct. not against wealth.
 Tn curbing and regulating the com binations of capital which are or may become injurious to the public we must be careful not to stop the great enterprises which have legitimately ACNuSSu lHt IOSL OA pTOuuCtiOu, uOI LO abandon the place which our country has won in the leadership of the in dustrial world, not to strike down wealth with the result of closing the factories and mines, of turning the wageworker idle in the streets and leaving the farmer without a market for what he grows
 'I believe that monopolies. unjust discriminations, which prevent or cripple competition, and other evils in trust organizations and practices which injuriously affect interstate trade. can be prevented under the power Of the Congress 10 regulate commerce with foreign nations ard among the several States through reg ulajions and requirements operating directly upon such commerce, the ia- strumentalities thereof, and those en- gagged therein"
 After long consideration, Congress three practical statutes: on the 11th of February. 1903, an act to expedite hearings in suits in enforcement of the Antitrust Act: on the 14th of Feb ruary. 1903. the act creating a new Department of Commerce and labor
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