Year: 1875

financial say the general history Of the United
ests a. compared with the national the certainty that in
any conflict the latter will be wOrstcd; ana second tne
T. EMPIRICAL any Tho o to-day has no
reference 70 that OF yesterday or the
Changes and the worst Of all evils instability Since the
establishment Of the Government the tariff has been
Hamilton ta 's Of the rst Is of less than
These changes were not made MAJ upon any
Resulting from fluctuations They all consist OF
the party Of free trade protection is for the moment
in the ascendant The history of these tariffs moreover


diligence Of private Interests special sricec being


vored in the most outrageous manner The reports when
special Commissioner OF Internal Revenue set forth the
lncros ncongruity Of the recent tariffs And the tate
With which those reports met shows further what chance
the national has OF contendng successfully with special


interests Before the countryis called upon to decide
between protection and free trade 1t needs to insist upon


least attempt alter the tariff the pressure Of private
interests that when more revenue Is needed the only
available method Is to add certain per cent hoif
banks The first United States Bank from 1871 to 1911


to haye % aS S an aSs Sa aS oo weak to
intrigue against II It was well managed and when forced
inc WnI furnished uniform oarrsney for the country


before the attacks OF nearly 100 local banks VINO noug


meDt lD funds and to furnish the circulation How much
the national interest was therein consulted appeared IN
those Institutions circulating at discount Of from 10 to
25 per cent simple words which convey no idea Of the


In regard to the establishment of the second United
States Bank 1t Is said: was thought tha' strong
banks now increased IN number to 2i6 might lean for
support would enable them to resume specie payments
and go thereafter ON better principles" In Other
words, private interests were graciousy pleased to allow


PrdTids% pR da G hfH ,, them m wSs St Of Of e G
consequence what else did, and its management was
to v 9 pas again went to
work upon It, and the removal Of the deposits to the pet
which with no one to it fell to the ground with
"A crash For twenty years the country got along as IL
profit until they came to number OF l5OO. With the
outbreak of the came the legalcnder act and the


national currency great as to make light or
the financial difficulties OF the war But alas for the
old story. Two thousand banks swarncd down TO take
speee paynens The greenbacks the Government
iionai bank notes involve cost of $l2,ooo,Oo0 to
$1J 100000 II there one respect In which the later
iIe it XII While there is iangud discussion the subject
of contraction ii always applies 10 gicehpacks, no @
dcncy i'm the case OF bank notes being always toWus
increase.


Is shown in the policy which insisted upon hOatnS
bonds at par by executive issues OF paper instead OF
keeping te currency at par and letting the bonds hhu


For an explanation Of these persistent and constantly
recurring forces let us attend in advance the
of the next Congress- The first event financially, Is the
report OF Secretary OF the Treasury. II would be
of time and labor for that officer to So. spend on ne
Summer in celebrating plan OF finance based al once
upon sound theoretical principles ana upon M tne posea
an element OF weight in the account, the inter
ests and fances which govern Congress Any eieetNe
which might be thought impertinent. Any plan for the
future must reckon with the lobby Except therefore


suggestions OF the most general character the report
is little statement OF account Next comes
the appointment of the standing committees. II
Congress to propose a measure Of any topic.


financial or other whence results that the number OF
measures presented every session amounts 10 thiee OF
four thousand. As there Is nothing whatever 10 give 10
any Of these precedent over any Other ana as ooyl
ousy they cannot all be discussed the selection must be
to the committees from which follows the extraodi-
nary consequence that nothing receive the attention
of Congress or the Government unless te assent Oh


committee Is previously obtained These committees are
most powerful individual in the Government though he
has responsibility for the results OF his appoint
same side with the majority c The House There are 10
committees Of the House upon the subjects more or less
connected with finance, ways ana means, on alpro-
priations, banking and currency commerce. po't0ince
manufactures agriculture public expcndl,nres ana pen
different departments OF the Senate. there are distinct
committees finance, appropriations commerce. manu-
facrcs and the post office which select being
especially Connected with financial affairs M


il might be expected that these committees would he
ready with mared conclusions 10 be presented to
Congress when it assemblies Not at all. Nothing %hat,
done till Congress meets when the whole crudo
mass of propositions including the Sccrctarys report,
exactly a par with the others, is apporoned to the
committees During the Matching process which esues'
Congress, body, has nothing to do except the pro
verbal employment which Is always provided for lde
hands. In the last weeks Of q session which has been
mainly passed in the functions OF public Laundry the
begin tn pour in. Upon what lnOvcS
and by what influence these are framed the public have
not and never have any niolmato on except what
In the first place. every member OF these committees
represents locality and not the nation. ne VIII DC
than to those OF the nation Secondly, the Responsibility
Of the u,mae s ect e nc on eah fefD Dd


ydua while the pressure of rh,Iv the interests int con
mtees are largely made up OF new men not apt To be
familiar with history sound principles Of finance and
not likely fight very hard for them If they We're The
Of IA n he
ing more than football match OF about equal numbers.
There is rushing crowd display OF arms ana legs


what direction or in what part OF the hed no human
often containing provisions which are not supposed to be
there, and wanting Others OF the hLst Necessity. Oi
obliged 10 their strength anything done 1t is


brute conflict of numbers What can an executive de-
partment do with such legislation as ihls or how can
there be any OF the personal responsibility winch Is the
first requisite for the development of talent and skill


Time permits but glance AT the machinery upon Whc9
our finances depend But any one who gives the least
attention to public affairs can m out the picture for hun


any other department of the government There are
detects of organization which While te pr3Dtms , sc %,
threaten very existence when subjected to the strain
or or necessary connection with universal suffrage hold
it as not proven that the will OF the majority OF the
peope OF the United states is in favor Of abuses OF any
kind The manifest failure up to this point is in tho
means OF giving expression to that Will IL may DE re-
delicate problems OF human society Is forced upon
us at comparatively early stage OF our national exist
tariG or a Clumsy management Of the national debt.
But the evil of ncOnverble currency which robs the
poor, and, while enriching the few, p9isons the cup
by making their prosperity as unstable as water;
which is actually turning back the tide Of emigra-
ton from Europe that has added so much to our wealth.


which for year and half has kept commerce and III
dustry parayzed with fear and which has turned the
stream of Ievying enterprise toward the speculation of
the stock markes-ths evil cannot much longer be neg
lected. whether IL endres for one year or twenty,


am that there is but way OF dealing Win H.
All the expedeDts which financial students nave sus
grscd break upon Congress like idle waves upon the sea-


shore II any progress ever to be made the financial
oicer of Government must meet Congress upon It's


first assembling with matured pan having references To
the finances in all the branches That plan ana no Otner
m.i be fully and thoroughly discussed publicly, that
q tho