Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1902-12-04
PRESIDENTS MESSAGE.
Continued from 1st Page.

PRESIDENTS MESSAGE.
Continued from lst Page.
away with these ev;:s. s-any CO &c ar
gest corporations. many of those which
should certainly be included in any proper
scheme of regulation, would nos be af-
fected in the slightest degree by change
in the tariff. save as such change inter-
fered with the general prosperity of the
to big corporations as &lole is that the
tariff makes manufactures profitable. and
the tariff remedy proposed would be in
effect simply to make manufactures I'M
profitable. To remove the tariff a
punitive measure dieected against trusts
would inevitably result in ruin to the
weaker competitors who are struggling
against them. Our aim should be not by
unwise tariff changes to give foreign prod
ucts the advantage over domestic prod
ucts. but by proper regulation to give
nestle competition fair chance. and
this end cannot be reached by any tariff
changes which would affect unfavorably
all domestic competitors. good and bad
alike. The question of regulation of the
trusts stands apart from the question of
tariff revision.
Stability of economic policy must al
ways be the prime economic need of this
country. This stability should not be fos-
silization. The country has acquiesced
in the wisdom of the protective tariff
principle. 1t is exceedingly undesirable
that this system should be destroyed or
changes therein. Our past experience
shows that great prosperity in this coun-
try has always come under protective tar
III and that the country cannot prosper
under ftful tariff changes at short inter-
walls. Moreover, If the tariff laws as a
whole work well and IL business has pros
pered under them and is prospecting, 1t is
better to endure for a time slight incon-
veniences and inequalities in some sched-
ules than to upset business by too quick
and too radical changes. 1t is most ear
nestly to be wished that we could treat
the tariff from the standpoint solely of
our business needs. 1t is. perhaps, too
entirely excluded from consideration of
the subject. but at least 1t can be made
secondary to the business interests of the
country-that is. to the interests of our
people as a whole. Unquestionably these
business interests will best be served If
together with flxity of principle as re-
which will permit us from time to time to
make the necessary reapplication of the
principle to the shifting national needs.
We must take scrupulous care that the
reapplication shall be made in such a way
that it will not amount to dislocation of
our system. the mere threat of which. not
to speak of the performance, would pro-
duce paralysis in the business energies
of the community. The first considera-
ton in making these changes would, of
course. be to preserve the principle which
underlieS our whole tariff system-that Is,
the principle of putting American bust
ness interests at least on a full equality
with interests abroad and of always al
lowing a sufficient rate of duty to more
than cover the difference between the
ing of the wageworker, like the well be-
ing of the tiller of the soil. should be
treated as an essential in shaping our
whole economic policy. There must never
be any change which will jeopardize the
standard of comfort. the standard of
wages. of the American wageworker.
One way in which the readjustment
sought can be reached is by reciprocity
treaties. 1t is greatly to be desired that
such treaties may be adopted They can
be used to widen our markets and to. give
a greater field for the activities of our
producers on the enc hand, and on the
other hand to secure in practical shape
the lowering of duties when they are no
longer needed for protection among our
own people or when the minimum of dam
age done may be disregarded for the sake
of the maximum of good accomplished.
II 1t prove impossible to ratify the pend
ing treaties and If there seem to be no
warrant for the endeavor to execute 9TH
ers or to amend the pending treaties so
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 needed change cannot with advan-
tage be made by the application of the
reciprocity idea. then it can be made out
right by a lowering of duties on given
product If possible. such change should
be made only after the fullest considera-
ton by practical experts. who should ap-
proach the subject from a business stand
interests affected and the commercial well
being of the people as a whole. The ma
chinery for providing such careful inveS-
tigation can readily be supplied. The ex-
ecutive department has already at its
disposal methods of collecting facts and
figures, and If the congress desires addi-
tional consideration to that which will be
given the subject by its own committees.
then commission of business experts can
be appointed whose duty it should be to
md after
a deliberate and scientific examination of
the various schedules 3 s they are affected
by the 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 with
out also changing the great prosperity
which this country is now enjoying or
upsetting it's fixed economic policy.
The cases in which the tariff can pro-
duce a monopoly are SO FEW as Is to co nl
ton: but. of course. If in any case it be
found that given rate of duty does pro-
mote q monopoly which works III, no pro
tectionist would object to such reduction
Of the duty as would equalize competition.
In my judgment the tariff on anthracite
coal should be removed and anthracite
put actually, where 1t now is nominally,
on the free list. This would have no effect
at all save In crises: but in crises 1t might
be Of service to the people.
Interest rates are 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 business. 1t
is necessary that there should be an ele-
ment of elasticity In our monetary syS-
tenn. Banks are the natural servants OF
commerce. and upon them should be
placed. as far as practicable. the burden
of furnishing and maintaining circula-
ton adequate to supply the needs OF our
diversified industries and of our domestic
and foreign commerce. and the issue OF
this should be so regulated that SUM
cfent supply should be always available
for the business interests of the country.
1t would be both unwise and unneces-
Hary at this time to attempt to recon-
etruct our financial system. which has
been the growth of a century. but some
additional legislation is. l think, desirable
The mere outline of any plan sufficiently
comprehensive to meet these requirements
would transgress the appropriate limits
q this ton Il Is t siugge 7s tS
subject should be with the view or en-
eouraging the use of such Instrumental
ties as will automatically supply every
tries and of commerce. not only In the
amount but in the character of circula-
interchangeabie and, at the viii of the
holder, convertible into the established
gold standard
] again call your attention TO the neea
ering 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.
How to secure fair treatment alike for
tabor and for capital, how to hold in
check the INSCRIPTIONS man. whether en-
pioyer or employee, without weakening
Individual initiative. without hampering
and cramping the industrial development
Of the country, is asproblem fraught with
great difficulties and one which 1t is Of
the highest Importance to solve on lines
of sanity and farsighted 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
II is q constant tendency of these corpora
lions to grow larger. so it is often neces-
sary for laboring men to work In fedora
TONS and these have become important
Factors OF modern industrial life. Both