Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1901-12-13
mainly bring over the immig grants, and
they should be held to a strict account
ability for any infraction of the law.
Present Tariff System.


ability for any infraction of the law.
Present Tariff System.
There is general aequieScence IN on
present tariff system as a national pol
icy. The first requisite to our prosper
ty Is the continuity and stability O.
this economic policy. Nothing could b.
more unwse than to disturb the bust
ness interests of the country by any
general tariff change at this time
Doubt, apprehension, uncertainty are
exactly what we most wish to avoid II
the interest of our commercial and ma.
teral well-being. Our experience in the
past has shown that sweeping reviSions
of the traiff are apt to produce condl-
tons closely approaching panic in the
/ business world. Yet it is not only pos
sble, but eminently desirable, to COM
bine with the stability of Our economic
system a supplementary system of re-
ciprocal benefit and obligation with
other nations. Such reciprocity is an
incident and result of the firm estab-
lishment and preservation Of Our pres
ent economic policy. 1t was especially
provided for in the present tariff law.
Reciprocity must be treated as the
handmaiden of protection. Our first
duty is to see that the protection grant
ed by the tariff in every case where
it is needed is maintained, and that
reciprocity be sought for so far as it
can safely be done without injury to
our home industries. Just how far this
is, must be determined according to the
individual case, remembering always
that every application of Our tariff pol.
icy to meet our shifting national needs
must be conditional upon the cardinal
fact that the duties must never be re-
duced below the point that will cover
the difference between the labor cost
here and abroad. The well-being of the
wage-worker is a prime consideration
of our entire policy of economice legis-
lation.
Subject to this provso of the proper
protection necessary to our industrial
well-being at home, the principal of
reciprocity must command our hearty
support. The phenomenal growth Of ex-
port trade emphasizes the urgency of
the need for wider markets and for
liberal policy in dealing with foreign
nations. Whatever is merely petty and
vexatious in the way of trade restric-
tons should be avoided. The customers
to whom we dispose Of Our surplus pro-
ducts in the long run, directly or indi-
rectly purchase those surplus products
by giving us something in return
Their ability to purchase Our products
should as far as possible, be secured
by SO arranging Our tariff as to enable
us to take from them those products
which we can use without harm to Our
own industries and labor, or the use of
which will be of marked benefit to us.
| ask the attention of the Senate to
the reciprocity treaties laid before it
by my predecessor.
American Merchant Marine.
The condition of the American mer
chant marine is such as to call for i'm
mediate remedial action by the Con-
gress. 1t is discreditable to us as AVIATION
that our merchant marine should be ut
terly insignificant in comparison to that
of other nations which we ovcrtop in
other forms of business: We should not
longer submit to conditions under
which only trihing portion Of Our great
commerce is carried on Our own ships.
To remedy this state of things would
not merely serve to build up Our ship
ping interests, but it would also result
in benefit to all who are interested in
the permanent establishment of wider
market for American products, and
would provide an auxiliary force for the
Navy.
Our Government should take such
action as will remedy these inequali-
ties. The American merchant marine
should be restored to the ocean.
The Gold Standard.
The Act of March ID, 1900, intended
to establish gold as the
standard money and to maintain at a
parity Herewith all forms of money
medium in use with us, has been shown
TO be timely and judcious. The price
of our Government bonds in the worlds |
market, when compared with the price
of similar obligations issued by other
nations, is a hattering tribute to our
public credit. This condition it is evil
IDENTIFY desirable to maintain.
In many respects the National Bank |
ing Law furnishes sufficient liberty for
the proper exercise of the anking
but there seems to be need |
of better safeguards against the derang-
ing influence of commercial crisis and fl
nancial panics.
Internal Taxes
The collections from duties on i'm
ports and internal taxes continue to
exceed the ordinary expenditure of |
the Government, thanks mainly to the
reduced army expenditures. The ut
most care should be taken not to re-
duce the revenues so that there will be
any possibility of deficit; but, after
against any such contingent
cy means should be adopted which
will bring the revenues more nearly
within the limit of our actual needs In
MS report to the Congress the Secre-
tary of the Treasury considers all these
questions at length, and | ask your at
ention to the report and recommends
ions.
Strict Economy.
| call strict attention to the need of
trict economy in expenditures. The fact
hat Our national needs forbid us to be
liggardly i'll providing whatever is actu-
lily necessary to Our well-being, should
make us doubly careful to husband our
rational resources, as each of us hus-
ands his private resources by scrupulous
voidance of anything like reckless or
vasteful expenditure.
Agricultural Department.
The Department of Agriculture dur
ng the past fifteen years has steadily
roadened its work on economic lines,
nd has accomplished results of real
alue in upbuilding domestic and for
;0,, trode II boc roma into -o,,, Ga1Js |