

CONGRESS. (THE PRESIDENT'S MESSAGE IMMIGRATION.) 



as greenbacks were thus irtinil. it it probable that 

 theTreaaunr notes issued in |*>m.ni of M.\, 

 ohaesa, under the act of July u. IMJM. i.-* paid in 

 fold when demanded, would not create much dis- 

 mrUnce.as they m: ime, when 



received te Uw Treasury l.v r*d.-inpti..i, in g"ld or 

 c<brrwuv. be gradually and prudently replaced by 



Tim plan of toning bonds for the purpose of re- 

 demption certainly appear, lo be the mo 

 m,. I dirtvt |ih l. the nedtd reform. In .It-fault 

 A however, it would be a step in the right di- 

 lution if currency oblifaUont redcemabtt m p-1.1. 

 wiirneTer eo redeemed, should be canceled instead 

 of batoff itemed. This operation would be a strong 

 11 would improve present condr 

 sank* should redeem their own notes. 

 allowed io issue circulation to the 

 value of bonds deposited as security for its re- 

 and the tax on their circulation should 



be reduced to * of 1 percent 



s for the- retirement of 



I'nited Slates notes and Treasury notes issued un- 

 der the law of 1880,1 am of tilt e. pinion that we 

 have placed too much stress upon the danger of 



i. ting th- - and have calculated too 



little upon the gold that would be added t., ..ur e-ir- 

 i ulatjon if > us by better and safer finan- 



cial mrth- -t so much acontractieni of our 



ncy that should be avoided as its unequal dis- 

 tribution. This might he obviated, and any fear 

 of harmful contraction at the- wne time removed 

 by allowing the organization of smaller banks in 

 HSl populous communities than are now pe-rmitted. 

 authon/. _: banks to establish 



m small communities under proin-r r> - 

 ...... 



The entire case may be presented by the state- 

 ment that the day of sensible and SOUOd financial 

 methods will not dawn upon us until our Govern- 

 ment abandons the banking business ami the- accu- 

 mulation of funds, and confines its monetary oper- 

 ations to the receipt of the money cont ribu'ted by 

 the people for its support and to the expenditure 

 of such money for the people's benefit. (Mir IUIM- 

 eaiinteresUand all gfMKlc'iti/e-ns long for rest from 

 agitation and the inauguration by theGov- 

 tof a reformed financial policy which will 

 encourage enterprise and make certain the rewards 

 of labor and in>! 



Another topic in which our people rightfully take 

 deep interest may be here brief! \ 1. I 



refer to the existence of trusts and other huge ag- 



Hons of capital, the object of which is to secure 

 monopoly of some particular branch of trade, 

 industry, or commerce, and to stifle wholesome 

 petition. When these are def.-nd-d. it is usually 

 on the ground that though they increase profits 



also reduce prices and thus may benefit the 

 public. It must be remembered, however, that a 

 reduction of prices to the people is not one of the 

 n-al objects of these organizations, nor is their 

 tendency necessarily in that dir.-, !.. if it occurs 

 in a particular case, it is only because if 

 with the purposes or interests of those managing 

 the scheme. 



occasional results fall far short 

 satiny the palpable. ttooantoi 



ncy is to crush 



out individual independence and to hinder or pr- 

 jent the free use of human faculties and the full 

 development of human character. Through them 

 the farmer ,n. and the small trad- r is , 



danger of dtslodgment from the proud p'.-i'i-.n of 

 being hi* own master, watchful of all t! 

 his country*? pn*perity. in which he has an indi- 

 vidual lot, and interested in all that affects the ad- 



vantages of business of which he is a factor, to l.e 



i!ed Io flu- level of purleliaiice to a 



great machine, with little' five will, with no duty 

 I. ut that of passive < . and with little hope 



or opp,,rt . in the scale of respoiiMl.le 



and helpful citizenship. 



To tin- inMiiictive lu-lief that Midi i>the inevi- 

 table trend of trusts and monopolies is due the 

 1 and deep->rated popular nverMoii in 



\\hic.hthc-yare hcdd. and not the unreasonable in- 

 sistence that, whatever may be their incid. ntal ec-o- 

 nomlo advantages, their general elTect upon p. : 

 character, pros i K-.I-, and usefulness can not be- 

 wise than injurious 



Though ( 'ontfress has attempted to.l.al with this 

 matt* iatioii, the laws passed for that pur- 



pose thus far luixe proved inelTective. not b 

 of any lack of disposition .r attempt to -i 

 them, but simply bec-ause the laws themselves as 

 interpret eel by the court> dei not reach the- dilViculty. 

 If the insullicie : \i-iin- la\\> can be-' 



lied by further l^i>lation it sh<.uld be' done-. 

 fact must be recognized. h-\\. \- r. that all l-'cde.ral 

 legislation i.n this subject may fall short of its pur- 

 pose because of inherent ob-iach-s. and also b. 

 of the complex character .f mil- governmental sys- 

 tem, which, while making the Federal authority su- 

 preme within its sphere, has carefully limited thai 

 sphere by metes and bounds which can i 



tnillsgressrel. The decjsjun of our highest court on 



this precise question renders it quite- doubtful 

 whether the- evils of trusts and monopolies can In- 

 adequately treated through Federal action, unless 

 they se-ek directly and purposely to include- in the-ir 

 objects transportation or intercourse betvi 

 or between (he- I'nited State-s anel foreign c<.m 



It docs not follow, however, that this is the limit 

 of the remedy that may be applied. Kven though 

 it may be- found that Federal authority is n,,t broad 

 eneiiigh to fully reach the case, there can i 

 doubt of the power of th. s. \eral St.v 

 elTectively in t lie premises, and the'iv should be no 

 n to doubt their willingness to judiciously ex- 

 ercise such power. 



In concluding this communication, its la-t 

 shall be an appeal to the- Congress for tin 



:ny in U6 expenditure of the- money it holds 

 in trust for the people. The way to perpiexil 



.-.nice is easy, but a return to frugality is difli- 

 cult. When, however, it is considered that 

 who hoar the- burdens. .f taxation have noguar. 

 of honest care save in tin- fidelity of their |.ulilic- 

 servants, the- duty of all possible retrenchment is 

 plainly manif. -t. 



When our differences are forgotten, and our 

 f political opinion are- no longer rem.-mi 

 nothing in the retrospect of e.ur public seTvie-e will 

 be as fortunate and comforting as the recollection 

 of official duty we-11 pc-rforrncd and the memor-. 



nit devoticn to thu interests cf ourconflding 

 fellow-countrymen. i LAUD. 



EXECUTIVE MAXSIOX. Dec. 7, 1896. 



i. At ti . f th- Con- 



gress the- House- of Mtives pa d a bill 



-trict immigration. It was in t he- 

 form "f an amendment to the act of .March ::. 

 and it provided that all male persons between the 



ages uid H\ty who can not both read and 



write- the Kimlish or -'oim- other lani_". 

 cludeel from this country, excepting par- m- of per- 

 sons now living here or hereafter admitted. It 

 prohibited aliens from engaging in labor in the 

 ites while retaining a residence abroad : 

 it f. rbade- employers to set Mich aliens to work : 

 and it declared unlawful \\\<- entrance "f any alie-n 

 into this country from nations outside of America, 



