The daily journal. (Salem, Or.) 1899-1903, 1902-12-02
R6vi6W Of thG Great
t6P6StS is Presented.
| DOCUMENT THAT WILL
MARK AN ERA in OUR NATIONAL HISTORY

, together with fxty of principle as re
! CARDS the tariff we combine system
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 IL will not amount
to a disloCation of our system, the
mere threat of which mot to speak OF
| the performance would produce para
| lysis in the business energies of the
community The first consideration in
making these changes would of course
! be to preserve the principle which un-
! derlies our whole tariff system-that
| is, the principle of putting American
! business interests at least on a full
| equality with interests abroad, and Of
| always allowing a sufficient rate of
! duty TO more than cover the difference
| between the labor cost here and
| abroad The well-being of the wage
! worker. like the well.being of the tiller
Of the soil should be treated as an es.
sential I'm shaping our whole economic
| policy. There must never be any
! change which will ieopardi2e the
standard of comfort the standard Of
wages of the American wage-worker.
Stands for Reciprocity
one way in which the readjustment
sought can be reached is by reciproci-
ty treaties It is greatly to be desired
that such treaties may be adopted.
They can be used TO widen our mark.
cts and TO give a greater field for the
ia
hand. and on the other hand TO secure
i'm 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
II prove impossible to ratify the pend
| ing treaties, and If there seem 20 be
no warrant for the endeayor TO exc
cute others. or 10 amend the pending
| treaties so that they can be ratified,
| then the same end--tO secure reciproC.
| Iity-should be met by direct legisla,
| tion.
Wherever the tariff conditions are
such that 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. II pos
sible, such change should be made only
after the fullest consideration by prac.
| tical experts, who should approach the
subject from a business standpoint,
| having in view both the particular
! interests affected and the commercial
| well-being of the people as a whole.
! The machinery for providing such care.
! full investigation can readily be sup
! piled. The executive department has
already at It's disposal methods OF col
! lecting facts and figures; and If the
! Congress desires additional consider.
alton TO that which will be given the
| subject by its own committees, then a
I commission of business experts can
! be appointed whose duty II should be
| TO recommend action by the Congress
after a deliberate and scientific exam
/ iuation OF the various schedules as
they are effected by the changed and
changing conditions. The unhurrled
and unbiased report of this comission
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
produce a monopoly are so few as TO
constitute an inconsiderable factor in
the question: but OF course II in any
case IL be found that a given rate
of duty does promote a monopoly
which works i'll, no prOtectionist
would object to such reduction of the
duty as would equalize competition.
In my judgment, the tariff on an
thracite coal should be removed, and
anthracite put actually, where ii now
is nominally, on the free list This
would have no effect at all TO save In
crises; but in crises it might be OF
service TO the people.
Favors an Elastic Currency
Interest rates are a potent factor
. in business activity, and in order thai
: these rates may be equalized TO meet
? the varying needs of the seasons and
p of widely separated communities, anC
+ 10 prevent the recurrence of fnancia
stringencies which injuriously affect
2 legitimate business, il is necessary
2 that there should be an element o
! elasticity in our monetary system
/. Banks are the natural servants OF
2 commerce, and upon them should be-
p placed as far as practicable, the burd
I en- of furnishing and maintaining (
y circulation adequate TO supply the
2 needs of our diversified industries anC
y of our domestic and foreign commerce
I and the issue OF this shoull be S,
e regulated that a sufficient suppl.
i should always be available for tn,
I busines interests OF the country.
? 1t would be both unwise and un
4 necessary at this time TO attempt [,
reconstruct our financial system which
D has been the growth of a century; bu
p some additional legislation Is. think
e desirable. The mere outline of any
J. plan sufficiently comprehensive e
Il meet these requirements would trans