Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1901-12-26
variably right if they properly under.

stand the question.
The Order of Railway Conductors
which organization l have the honor
to represent, has pronounced emphat-
ically in favor of arbitration in indus
trial disputes. The organization has
a protective policy and under certain
justifiable conditions would not hes.
itate to endorse a strike, but it will
not resort to that extreme EXCEPT in
defense of simple right or of a princi-
pie, and then only as last resort and
after it has been found impossible to
secure an agreement to arbitrate the
differences. The order has heartily
co-operated with the other organiza-
lions of railroad employees in the oper-
ating department by encouraging in
every possible way disposition to
adopt arbitration as policy and in an
endeayor to provide means for extend
ing the application Of this principle
in so far as has Leen in our power.
we have submitted good many cases
and disputed points to arbitration and
our experience has been such as to
commend the employment of that ag-
ency in settling such disputes"
Hon. N. e. Kendall, of Abba, on
reciprocity am firm believer in
the two principles that Mr.. Cummins
gave utterance to in his address be-
fore the Chamber of Commerce in
New York. He declared that the peo-
pie in the west in the first place would
not tolerate destructive competition.
Ihey believed in protection and would
vote for it. But on the other hand he
declared that they would not tolerate
The sale of commodities manufactured
IN this country at less prices in Eu-
rope that the people here were COM
/ PEELED to pay for the same products.
believe that in this speech Mr.. Cum
MINIS voiced the sentiments of the peo-
pie OF the west, and especially of the
people OF Iowa. Iowa republicans are
not in favor of letting down the bars.
They want protective tariff but they
are opposed to tariff that will
work a hardship upon them and do no
good to anyone
In short" continued Mr.. Kendall.
/ the republicans of Iowa are opposed
to tariff that will make it possible
for trust to sell steel rails cheaper
IN Liverpool than in Chicago, especial
ly in view Of the fact that the rails
are manufactured at Pittsburg. At
least that is the way l interpret their
sentiments, and | am in favor of a re-
vision OF the tariff, and I am in favor
of reciprocity, always keeping in view
the two principles / have mentioned /"
Secretary Gage, at meeting of
bankers in New York-In my last re.
port to congress took occasion to call
attention to the subject OF banking and
currency, to point out what | believe
to be defects in both, and to suggest
some improvements in each which be.
lieve are absolutely necessary in order
to put us into safe and strong compe-
tition relations with those better equip.
ped than we are in that system of ma
chinery by which credit is made as
useful as capital and by which the pro-
ducts of human industry are exchang-
ed for each other. l want to excite in
your minds an interest in the subject.
In the report referred to attention was
called to what l consider the funda-
mental weakness Of our banking sys.
tenn in the United States There was
explained the function that the bank
performs as an intermediary through
which credit is made available to the
uses Of production and industry, and
| thus given power scarcely less great
than the power of capital itself. An
effort was made to show in the words
of very clear writer upon the subject
of banking, that the bank is an insti-
tuition to swap" what, except for the
Office of the bank would be non-avail-
able for the uses of life; and in pass
ing this point, let me repeat sugges-
tion made day or two since by man
who seid the nomenclature of the
street ought to be changed. 1--WE read
all the time he said, "of the rates of
money. Today money is quoted at 2
per cent, tomorrow 8, and next day 6,
to be followed perhaps by rate as
high as 10 or IL, and people become
alarmed about the scarcity of money
as indicated by these high rates, when
substantially there has been no change
in the volume of money, either in the
hands Of the people or remaining un-
der the control of the banks. What
ought to be quoted is not money, but
credit. What is the price of credit
stated in the terms of interest? It Is
credit that is getting difficult, not ac-
ual money that Is becoming scarce -
The weakness of our banking sys-
tenn is in the isolation and entire
separateness of the individual banks
over the country. ventured to sug-
gest a system Of coalition between in
dividual members of the banking CON-
munity through the country into one
central institution. with convenient
branches in the larger cities in which
all banks should be related or in
| terested according to their individual
relative Importance, and which in a
certain sense should represent to the
banking interests of the country what
the federal government represents in
our political system. Great prejudice
exists, l know, against the aggrega-
ton Of great wealth in the hands of a
few men. Happily it is the law of ma.
ture that larger gains and better ad-
vantages can be secured to aggregated
wealth by serving faithfully the com.
mon interes than by exploiting the
community tlro'' h system of theft
and robbery
Dr. w. x. Iawk, of Jasper county,
chairman of the committee on public
health in the last legislature:
Il believe that the legislature will