Gilpin observer., 1902-12-04

pie Of putting American business In
terests at least on fully equality
with interests abroad, and of always
allowing 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 essential In
shaping our whole economic policy.
There must never be any change which
will jeopardize the standard of COM
fort, the standard of wages of the
American wage worker.
THE RECIPROCITY TREATIES.
One way in which the read1ustment
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
one hand, and on the other hand to
secure in practical shape the lowering
of duties when they are no longer need
ed for protection among our own peo-
pie, or when the minimum of damage
done may be disregarded for the sake
OF the maximum of good accomplished.
If 1t prove impossible to ratify the
pending treaties, and If there seem to
he no warrant for the endeavor to exc
cute others, or to amend the pending
treaties so that they can be ratified,
then the same end--to secure reciproc-
ity-should be met by direct legisla-
tion.
Wherever the tariff conditions are
such that a needed change can not with
advantage be made by the application
of the reciprocity idea, then 1t can
be made outright by lowering of du-
ties on n given product. If possible.
such change should be made only after
the fullest consideration by practical
experts, who should approach the sub
ject from a business standpoint, hav-
ing i'm view both the particular inter-
csts affected and the commercial we'll
being of the people as a whole. The
machinery for providing such careful
investigation can readily be supplied.
The executive department has already
at its disposal methods of collecting
facts and figures; and If the Congress
desires additional 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 recommend
action by the Congress after a deliber-
ate and scientific examination of the
various schedules as they are affected
by the changed and changing condi-
tions. The unhurried and unbiased re-
port of this commission would show
What changes should be made in the
changes could go without also changing
the great prosperity which this country
is now enjoying, or upsetting its 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 If in any
case it be found that a given rate Of
duty does promote monopoly which
works i'll. no protectionist would OBJ
sect to such reduction of the duty as
would equaliZe competition
In my judgment, the tariff on anthra-
cite coal should be removed, and an
thracite put actually, where 1t now is
nom inalIy, on the free list. This would
have no effect at all save in crises; but
in crises il might be Of service to the
NO FINANCIAL RECONSTRUCTION.
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.
Banks are the natural servants of
commerce, and upon them should be
placed. as far as practicable, the bur-
circulation adequate to supply the
needs of our diversified industries and
of our domestic and foreign commerce;
and the issue of this should be SO reg
ulated that a sufficient supply should
re always available for the business
interests of the country.
1t would be both unwise and unnec-
essary at this time to attempt to recon-
struct our financial system. which has
been the growth of a century; but some
additional legislation is. 1 think. desir-
able. The mere outline of any plan sur
aciently comprehensive to rect these
iequirements would transgress tie ap-
propriate limits of this communica-
tion. 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 productive industries and
of commerce, not only in the amount
but In the character of circulation; and
of making all kinds of money inter-
changeable. and. at the will of the
holder, convertible into the established
gold standard.
FAIR TREATMENT FOR LABOR.
How to secure fair treatment alike
for labor and for capital, how to hold
in check the INSCRIPTIONS man
whether 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 diff
hculties and one which II is OF the
highest importance to solve on line.
of sanity and far-sighted common
sense as well as of devotion to the
right. This Is an era of federation ant
| combination. Exactly as business mer
| find they must often work through cor
porations, and as 1t is a constant tend
ency of these corporations to grow
| larger. so 1t is often necessary for la
| boring men to work in federations, ant
these have become important factor.
| of modern Industrial life.
Both kinds of federation. capitalist,
| and labor, can do much good. and n.
a necessary corollary they can botl
| do evil. Opposition to each kind o
| organization should take the form o
| opposition to whatever is bad in tn,
conduct of any given corporation o.
union-not of attacks upOn cOrpOra