The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-12-03

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 business, it
is necessary that there should be an ele
lnent of elasticity in our monetary sys
TEN. Banks are the natural servants
of commerce, and upon them should be
placed as far as practicable, the bur
den of furnishing and maintaining a cir
culation adequate TO supply the needs Of
our diversified industries and of our do
nestle and foreign commence; and the
issue of this should be 50 regulated that
sufficient supply should be always
available for the business interests of the
| country.
| 1t 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 de-
sirable The mere outline of any plan
sufficiently comprehensive to meet these
| requirements would transgress the appro-
| pirate limits of this communicate ton 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-
ductivc 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 will of the holder, convertible into
the established gold standard.
IMMIGRATION LAW.
! I again call you attention TO the need
+, of passing a proper immigration law,
| covering the points outlined in my mes
| sage to you at the first session of the
present Congress; substantially such a
| bill has already passed the House.
LABOR AND CAPITAL.
| How to secure fair treatment alike for
| labor and for capital, how to hold in
check the INSCRIPTIONS man, whether
| employer or employee. without weaken
ling individual initiative. without ham,
pering and cramping the industrial de-
velopment of the country, is problem
| fraught with great difficulties and one
| which it 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
men find they must often work through
corporations, and as it is a constant tend
ency of these corporations to grow lar
ger, so it is often necessary for labor
| ing men to work in federatons, and these
| have become important factors OF mod
/ ern industrial life Both kinds of fedora
ton. capitalistic and labor, can do much
good, and as a necessary corollary they
1 n,~z tnTA 0nh
| kind of organization should take the form
| of opposition to whatever is bad IN the
conduct 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 bencficent work for
our people has been accomplished through
| both corporations and unions. Each must
refrain from arbitrary or tyraDnous in
| reference with the rights oil others. Or-
ganizcd capital and organized labor alike
should remember that in the long run
tho interest of each must be brought into
| harmony with tho interest OF the general
public: and the conduct oil eacn must
| conform 10 the fundamental! rules OF
| obedience to the law, OF indiVidual tree-
dom, and of justice and falr dealing
toward all. Each should remember that
| in addition TO power ii must strive after
| the realization of healthy, lofty. 9nd
| generous ideals. Every employer every
wsge-worker. must he guaranteed his
liberty and his right to do as he likes
with his property or his labor so long az
he does not infringe upon the rights of
| theirs 1t is OF the highest Importance
| that employer and employee alike should
| endeavor to appreciate each the viewpoint
OF the other aud the sure disaster that
| will come upon both in The long run il
| either grows TO take as labitual an at
| titudc OF sour hostility aud distrust to
ward the other Few people deserve bet