Arizona republican., 1902-12-03


 maximum of good accomplished. If it prove impossible to ratify the pending treaties, and if there seem to be no warrant for the endeavor to execute others, or to amend the pending treat ies so that they can be ratified, then the same end-to secure reciprocity should be met by direct legislation.
 A TARIFF COMMISSION.
 Wherever the tariff conditions are such that a needed change cannot with advantage be made by the application of the reciprocity idea, then it can be made outright by lowering of duties on a given product If possible, such change should be made only after the fullest consideration by practical ex- perts, who should approach the subject from business standpoint, having in view both the particular interests af- fected and the commercial well-being of the people as a whole. The machin- cry for providing such careful inves- tigation can readily be supplied. The executive department has already at it's disposal methods of collecting facts and figures: and if the congress desires additional consideration to that which will be given the subject by it's own committees, then commission of busi- ness experts can be appointed whose duty it should be to recommend action by the congress after a deliberate and scientific examination of the various schedules as 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 sched- ules, and how far these changes could go without also changing the great prosperity which this country is now enjoying, or upsetting its fixed eco- homie policy.
 The cases in which the tariff can pro- duce a monopoly are so few as to con- stitute an inconsiderable factor in the question; but of course if in any case it be found that 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 anthra cite coal should be removed. and an- thracite put actually, where it now is nominally. on the free list. This would have no effect 9. all save in crises; but in crises it might be of service to the people.
 FINANCIAL SYSTEM.
 Interest rates are a potent factor in business activity. and in order that these rates may be capitalized 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 Po nlyc the natural servants of commerce. and upon them should be placed, as far as practicable, the burden of furnishing and maintaining circulation adequate to supply the needs of our diversified industries and of our domestic and for eign commerce; and the issue of this should be so regulated that a sufficient supply should be always available for the business interests of the country.
 It 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, I think, de- sirable. The mere outline of any plan sufficiently comprehensive to meet these requirements would transgress the appropriate limits of this commu- nication. It is suggested, however, that all future legislation on the sub ject should be with the view of encour- aging the use of such instrumentalities as will automatically supply every legitimate demand of productive indus tries 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.
 again call your attention to the need of passing proper immigration law. covering 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.
 THE LABOR QUESTION.
 How to secure fair treatment alike for labor and for capital, how to hold in check the interruptions 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 difficult ties and one which it 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 it is a constant tendency of these corporations to grow larger, so it Is often necessary for laboring men to work in federations, and these have become important factors of modern industrial fife. Both kinds of fedora ton, capitalistic and labor, can dc much good, and as a necessary corol- lary they can both do evil. Opposition to each 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 beneficent work for our people has been accomplished through both corporations and unions. Each must refrain from arbitrary or tyran- nous interference with the rights oi others. Organized capital and organ ized labor alike should remember thai