Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-12-03

! ship may be entirely excluded fronFscon-
sideration of the subject. but at least, IT
| can be secondary to the business inter
ests of the country-that Is. to the In
| tcrests of our people az a whole. Tn
questiorably these business inter@Stss Will
best be served If together with fsHitS OF
principle as regards the tariff we com
bne a system which will permit us from
time to time to make the necessarS-zre-
application Of the principle to the Shift
ing national needs We must take serup-
ulous care that the re-applicatiop shall
be made in such way that 1t viii pot
amount to a dislocat ton of our System,
the mere threat Of which mot to speaker
the performance would produce sparaly-
sis in the business energies Of the COM
munity. The first consideration in max
ing these changes would, of course, be to
preserve the principle which underles
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 sufficient rate of duty to more than
cover the difference between the Tabor
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 eco
nomic policy. There must never be any
change which will jeopardize the stand
ard of comfort, the standard of wages
RECIPROCITY. 81
One way in which the read5ustment
sought can be reached is by reciprocity
treaties. It 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 needed for protection
among our own people. or when the min
imum of damage done may be disregarded
for the sake Of the maximum of good ac-
complished. 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 pend
ing 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. withg adj
vantage. be made by the application of
the reciprocity idea, then it can be made
outright by a lowering of duties on
given product. If possible. such change
should be made only after the fullest
consideration by practical experts, who
should approach the subject from a bus
mess standpoint, having in view both
the particular interests affected and
the commercial well-being Of the people
as a whole. The machinery for providing
sucn careful investigation can readily be
supplied. The executive department has
already at its disposal methods of col.
lecting facts and figures: and if the
congress desires additional considera
| ton to that which will be given the sub
ject by it's own committees, then
commission of business experts can be
appointed whose duty it should be to
recommend action by the congress after
asy1 sNyS
of the various schedules as they: are af-
fected by the changed and changing con-
ditions. The unhurried and unbiased re-
port of this commission would show what
changes should be made in the various
schedules, and how far these changes
could go without also changing tho great
prosperity which this country is now en-
; joying, or upsetting its fixed economic
policy.
The case 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
no protectionist would object to such re-
duction Of the duty as would equalize
competition. ,-crr
FREE ANTHRACITE.
In my judgment, the tariff on anthra-
cite coal should be removed. and anthra-
cite put actually where it is now nomi-
nally. on the free list This would have
no effect at all save in crises; but in crises
it might be of service to the people.
MONETARY SYSTEM.
Interest rates are potent factor in
business activity, and in order that, these
rates may be equalized to meet the va
rNinE needs Of the seasons and of widely
separated communities, and to 1ireEent
xt,1 49,, oir-
which injuriousy affect legitimate bus
mess. it is necessary that there should
be an element of elasticity in our mon
etary system. Banks are the natural
servants of commerce. and upon them
should be- placed, far as practicable,
the burden of furnishing and maintain
ing a 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 reSu-
lated that sufficient supply should be
always available for the business Inter-
ests Of the country.
1t would be both unwise and fnnne-
ceSSary at this time to attempt TO re-
construct our financial system. which has
been the growth of a century; bit some
additional legislation is. l thinks desir-
able The mere outline of any plan Suf-
| fciantly comprehensive to meet these re-
quirements would transgrcss the appro-
pirate limits OF this conlmunica ton 1t
! is suggested, however. that all future
| legislation on the subject should he with
the View of encouraging the use .of such
| instrumentalities as will automatically
| supply every legitimate demand of pro-
ductive industries and of commerce. not
only in the amount. but in the character
Of circulation; and OF making all kinds
of money interchangeable. and at the
will of the holder, convertible into the
+! established gold standard.
IMMIGRATION LAW.
l again call your attention to the need
| of passing a proper immigration law,
covering the points outlined in my mes
| sage to YOU at the first session of the
present congress: substantially such a
bill has already passed the house.
LABOR AND CAPITAL .
How to secure fair treatment alike for
labor and for capital. how to hold in
check the interruptions man, whether
employer or employee, without weakening
individual initiative, without hampering
and crampns the industrial development
Of the country, is problem fraught with
great difficulties and which it is OF
the highest Importance to solve on, lines
Of sanity and far-sighted common sense
as well as of devotion 10 the right. This
is an era of federation and combina ton
Exactly as business men find lHey, must
often work through corporations. and as
II is constant tendency of tlaases cor