Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1902-12-11


changed and changing conditions. The
unhurried and unbiased report of this
commission would show what changes
should be made in the various schedules.
and how far these changes could go
without also changing the great pros
perity which this country is now enjoy
ing, or upsetting its fixed economic pol
icy.
The cases In which the tariff can pro-
duce a monopoly are so few as to con-
stitute an inconsiderable factor in the
question: but of course IL in any case
it be found that a given rate of duty
does promote a monopoly which works
Ill, no protectionist would object to such
reduction of the duty as would equalize
competition.
In my Judgment, the tariff on anthra-
cite coal should be removed. and anthra-
cite put actually, where it now Is nom
inally. on the free list. This would have
no effect at all save in crises: but in
crises 1t might be of service to the peo-
pie.
Monetary Legislation.
Interest rates are a potent factor in
business activity, and in order that these
rates may be equalized to meet the vary
ing needs of the seasons and of widely
separated communities, and to prevent
the recurrence of financial stringencies
which injuriously AFFECT legitimate bust
ness. II is necessary that there should
be an element of elasticity In our none
tary system. Banks are the natural ser
wants of commerce. and upon them should
be placed, as far as practicable. the
burden of furnishing and maintaining a
circulation adequate to supply the needs
domestic and foreign commerce; and
the issue of this should be so regulated
that a sufficient supply should be al
ways available for the business interests
of the country.
II would be both unwise and unneces-
sary at this time to attempt to recon-
struct our financial system, which has
been the growth of a century; but some
additional legislation is. / think, desir-
able. The mere outline of any plan suffi-
GENTLY comprehensive to meet these re-
quirements would transgress the appro-
pirate limits of this communication. 1t
is suggested, however. that all future
legislation on the subject should be with
the view of encouraging the use of such
instrumentalities as will automatically
supply every legitimate demand OF pro-
ductive Industries and OF commerce. not
only In the amount, but in the character
of circulation; and Of making all KINDS
of money interchangeable. and, at the
W
established gold standard.
Relations Of Labor and Capital.
How to secure fair treatment alike Tor
labor and for capital. how to hold In
check the INSCRIPTIONS man, whether
employer or employe. without weakening
Individual initiative. without hampering
and cramping the Industrial development
of the country, is problem fraught with
great difficulties and one which IL Is OF
the highest importance to solve on lines
Of sanity and far-sighted common sense
as well as OF devotion to the right This
is an era of federation and combination.
Exactly as business men find they must
often work through corporations. and as
1t is a constant tendency Of these cor
porations to grow larger, so II Is often
necessary for laboring men to work In
declarations, and these have become i'm
portant factors of modern Industrial life.
Both kinds OF federation, capitalistic and
labor, can do much good. and as neces-
sary corrollary they can both do evil.
Opposition to each kind of organization
should take the form OF opposition to
whatever Is bad in the conduct of any
given corporation or union-not of at
lacks upon corporations as such nor upon
unions as such; for some of the most
far-reaching beneficent work for our peo-
pie has been accomplished through both
corporations and unions. Each must re-
frain from arbitrary or tyrannous inter
ference with the rights OF others. Organ
ICED capital and organized labor alike
should remember that in the long run the
interest OF each must be brought into
harmony with the interest of the general
public; and the conduct OF each must
conform to the fundamental rules Of obe-
dience to the law. of individual freedom.
and of justice and fair dealing toward all.
Each should remember that In addition to
power, 1t must strive after the realization
of healthy, lofty and generous ideals.
Every employed, every wage worker. must
be guaranteed his liberty and his right to
de as he likes with his property or his Ia
Dor SO long as he does not infringe upon
the right OF others. 1t IS Of the highest i'm
portance that employer and employe alike
should endeavor to appreciate each the
aster that will come upon both in the
long run II either grows to take as habit
ual an attitude of sour hostility and dis
trust toward the other. Few people de-
serve better Of the country than those
representatives both of capital and labor
and there are many such-who work
continually to bring about good under
standing OF this kind. based upon wisdom
and upon broad and kindly sympathy be-
all, we need to remember that any kind
of class animosity in the political world
Is, IL possible. even more wicked, even
more destructive to national welfare
than sectional, race or religious animos-
ity. We can get good government only
upon condition that we keep true to the
principles upon which this nation was
founded, and judge each man not as a
part of a class, but upon his individual
merits. All that we have right to ask
OF any man, rich or poor, whatever his
creed, his occupation, his birthplace, or
his residence, is that he shall act well
and honorably by his neighbor and by
his country. We are neither for the rich
man as such nor for the poor man as
such; we are for the upright man, rich
or poor. So far as the constitutional
powers Of the national government touch
these matters OF general and vital mo-
ment to the nation. they should be exer-
clsed in conformity with the principles
above set forth.
Department Of Commerce Needed.
1t is earnestly hoped that a Secretary
of Commerce may be created, with
seat in the Cabinet. The rapid multiple
cation of questions affecting labor and
capital the growth and complexity Of the
organizations through which both labor
and capital now find expression, the
steady tendency toward the employment
OF capital in huge corporations, and the
wonderful strides of this country toward
leadership in the international business
world justify an urgent demand for the
creation Of such a position. Substantial
ly all the leading commercial bodies in
this country have united in reuiIesting its