The Savannah morning news., 1902-12-03


treaties. 1t is greatly to be desired
that such treaties may be adopted.
They can be used to widen our mar
kets and to give a greater field for the
activities Of our producers on the one
hand, and on the other hand to secure
in practical shape the lowering of du-
ties when they are no longer needed
for protection among our own people,
or when the minimum of damage done
may be disregarded for the sake OF the
maximum Of good accomplished. II 1t
prove impossible to ratify the pending
treaties, and if there seem 10 be no
warrant for the endeaVor to execute
others. or to amend the pending trea-
ties 50 that they can be ratified. then
the same end-to secure reciprocity
should be met by. direct legislation.
Wherever the tariff conditions are
such that a needed change can not
with advantage be made by the appli-
cation Of the reciprocity idea, then it
can be made outright by lowering
of duties on a given product. If posi-
bio, such change should be made only
after the fullest consideration by prac-
teal experts, who should approach the
subject from a business standpoint,
having in view both the particular in
terests affected and the commercial
well-oeing of the people as a whole.
The machinery for providing such
careful investigation can readily be
supplied. The executive department has
already at it's disposal methods of col
lecting facts and figures; and if the
Congress desires additional con-
sideration to that which will be given
the subject by its own committees,
then a commission of business experts
can be appointed whose duty it should
be to recommend action by the Con-
gress after a deliberate and scientific
examination of the various schedules
as they are affected by the changed
and changing conditions. The unhurried
and unbiased report of this commits
sion would show what changes should
be made in the various schedules, and
how far these changes could go with
out also changing the great prosperity
which this country is now enjoying,
or upsetting its fixed economic policy.
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 if 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 anth-
racite coal should be removed, and
anthracite put actually. where it now
is nominally, on the free list. This
would have no effect at all save in
crises; but in crises it might be of
service TO the people.
Equal Rates of Interest.
Interest rates are a potent factor in
business activity, and in order that
these rates mey be equalized to meet
the varying needs of the seasons ana
tod nd
to prevent the recurrence of financial
stringencies which injuriously affect
legitimate business, it is necessary that
there should be an element of elasticity
In our none AIRY system Banks are
the natural servants of commerce, and
upon them should be placed, as far as
practicable, the burden of furnishing
and maintaining q circulation adequate
to supply the needs of our diversified
industries and of our domestic and for
eign commerce; and the issue of this
should be so regulated that a sufficient
supply should be always available foi
the business interests of the country.
1t would be both unwise and unnec
essary at this time to attempt to re-
construct our financial system, which
has been the growth of century; buc
some additional legislation is, l, think,
desirable The mere outline OF any
plan SuInClenlly COInpFeEeIlSlNe 10 meet
these requirements would transgress
the appropriate limits of this cons
munication. 1t is suggested, however,
that all future legislation on the sub
ject should be with the view of en-
couraging the use of such instrument
talties as will automatically supply
every legitimate demand of productive
industries and of commerce, not only
in the amount, but in the character
%. Lott Of tN1lr oil
kinds of money interchangeable, and
at the will of the holder, convertible
into the established gold standard.
l again call your attention to the
need of passing a proper immigration
law, covering the points outlined in
my message to you at the first session
of the present Congress; substantially
such a bill has already passed the
House.
Labor and Capital Problem.
How to secure fair treatment alike
for labor and for capital, how to hold
in check the INSCRIPTIONS man. wheth-
er employer or employe, without
weakening individual initiative, with
out hampering and cramping the in
dustrial development of the country, is
a problem fraught with great difficult
ties and one which it is of the high
est importance to solve on lines of
sanity and far-sighted common sense,
as we'll as of devotion to the right.
This is an era of federation and COM
bination. Exactly as business men find
they must often work through cor
porations, and as it is constant tend
ency of these corporations to grow
larger, so it is often necessary for la
boring men to work in declarations,
and these have become important fac
tors of modern industrial life. Both
kinds of federation, capitalistic and
labor. can do much good and as a
necessary corollary they can both do
evil. Opposition to each kind of or
ganization should take the form of op-
position to whatever is bad in the con-
duct of any given corporation or,union
not of attacks upon corporations as
such nor upon unions as such; for
some of the most far-reaching benefi-
cent work for our people has been ac-
complished through both corporations
arbitrary or tyrannous interference
with the right sof others. Organized
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 obedience to the law, of individual
freedom, and of justice and fair deal
ing toward all. Each should remember