Idaho Springs siftings., 1902-12-06

1ecteQ IN Ine SllSnleSt degree by
change in the tariff, save as such
change interfered with the general
prosperity of the country. The only
relation of the tariff to big corpora
tions as a whole ia that the tariff
makes manufactures profitable, and
the tariff remedy proposed would be
in effect simply to make manufactures
Improbable To remove the tariff as
a punitive measure directed against
trusts would inevitably result in ruin
to the weaker competitors who are
struggling against them.
Should Have a Stable Tariff.
Stability of economic policy must al
ways be the prime economic need of
this country. This stability should not
be fossilization. The country has ac-
quiesced in the wisdom of the protec-
tive tariff principle. 1t is exceedingly
undesirable that this system should be
destroyed or that there should be vio-
lent and radical changes therein. Our
past experience shows that great pros
perity In this country has always come
under a protective tariff, and that the
country cannot prosper under fitful
tariff changes at short intervals.
Moreover, if the tariff laws as a whole
work well, and If business has pros
pered under them and is prospering,
it is better to endure for a time slight
inconveniencesa and inequalities in some
schedules than to upset business by
too quick and too radical changes
Unquestionably these business inter-
ests will be served if together with fix
ity of principle as regards the tariff we
combine system which will permit us
from time to time to make 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
viii not amount to dislocation of our
system, the mere threat of which mot
TO speak of the performance would
produce paralysis in the business ener-
gies of the community. The first con-
sideration in making these changes
would, of course, be to preserve the
principle which underies our whole
tariff system-that is, the principle of
putting American business interests at
least on full equality with interests
abroad, and of always allowing a suf-
hcient rate of duty to more than cover
the difference between the labor cost
here and abroad. The well being of
the wage-workers, like the well being
of the tiller of the soil should be treat
whole economic policy. There must
never be any change which will jeo-
pardize the standard of comfort. the
standard of wages of the American
wage-worker
One way in which the readjustment
sought can be deaehed is by reciprocity
treaties. 1t is greatly to be desired
that such treaties may be adopted and
to give a greater field for the activi-
ties of our producers on the one hand,
and on the other hand to secure in
practical shape the lowering duties
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 If it
prove impossible to ratify the pending
treaties, and if there seem to be no
warrant for the endeayor to execute
others, or to amend the pending treat
les so that they can be ratified, then
the same end-to secure reciprocity
should be met by direct legislation.
The executive department has al
ready at its disposal methods of col
lecting facts and figures; and if the
Congress desires additional considera-
tion to that which win 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 Congress
after a deliberate and scientific exam
ination of the various schedules as
they are affected by the changed and
changing conditions.
Currency and Gold Standard.
Interest rates are a potent factor
in business activity and in order that
these rates may be equalized to meet
the varying 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 element of elasticity
in our monetary system.
The mere outline of any plan suff1-
ciently comprehensive to Feet these
requirements would transgress the ap-
propriate limits of this communica-
ton. 1t is suggested, however, that
all future legislation on this subject
should be with the view of encouraging
the use of such instrumentalities as
will automatically supply every legiti-
mate demand of productive industries
and of commerce, not only in the
amount, but in the character of circu-
lation; and of making all kinds of |
money interchangeable. and. at the
will of the holder, convertible into the
established gold standard.