Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-02

the principle Of putting American business
interests at least on full equality with In
terests 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 essential
ir shaping our whole economic policy.
There must never be any change which
Will jeopardize the standard of comfort,
the standard of wages of the American
wage-worker.
Reciprocity.
One way in which the readjustment
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
greater field for the activities of our pro-
ducers on the one hand. and on the other
hand to secure in practical shape the low
ering of duties when they are no longer
needed for protection among our own peo-
pie, or when the minimum of damage done
may be dlsregarded for the sake Of the
maximum of good accomplished. II 1t
prove impossible to ratify the pending
treaties and IL there seem to be no war
rant for the endeavor to execute others. or
to amend the pending treaties so that they
can be ratified, then the same end-to Sc
cure reciprocity-should be met by direct
legislation.
Methods of Reduction.
Wherever the tariff conditions are such
that needed change cannot with advan-
tage be made by the application of the
reciprocity idea, then 1t can be made out
right 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 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 careful investigation can
readily be supplied. The executive depart
ment has already at its disposal methods
of collecting facts and figures, and II the
Congress desires additional consideration
to that which will 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 deliberate and scien-
tific 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 schedules, and how far these
changes could go without also changing
the great prosperity which this country is
now enjoying, or upsetting it's fixed eco
nomc 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 ILL., no protectionist would OBJ
ject to such reduction Of the duty as would
equalize competition.
In my judgment, the tariff on anthracite
coal should be removed, and anthracite
put actually. where 1t now is nominally on
the free list This would have no erect
at all save in crises; but in crises 1T might
be of service to the people.
Banking Legislation.
Interest rates are potent factor in busi-
ness activity. and in order that these rates
may be eQualiZed to meet the varying needs
of the seasons and of widely separated COM
munities, and to prevent the recurrence Of
financial stringencies which injuriously at
feet 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 burden OF furnishing and maintaining
circulation adequate to supply the needs of
our diversified Industries and of our domes-
tic and foreign commerce; and the issue Of
this should be so regulated that sufficient
supply should be always available for the
business interests Of the country.
1t would be both unwise and unnecessary
at this time to attempt to reconstruct our
financial system, which has been the growth
of a century; but some additional legislation
is, 1 think, desirable The mere outline of
any plan sufficiently comprehensive to meet
these requirements would transgress the
appropriate limits Of this communication.
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 sup
ply 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 stand
ard.
1 again call your attention to the need Of
passing a proper immigration law. covering
at the first session Of the present Con-
gress; substantially such bill has already
passed the House.
The Labor Problem.
How to secure fair treatment alike for
labor and for capital, how to hold in check
the INSCRIPTIONS man. whether employer or
employee without weakening individual in
itiative. without hampering and cramping
the industrial development of the country,
Is problem fraught with great difficulties
and one which 1t Is Of the highest impor-
lance to solve on lines of sanity and far
sighted common sense as well as OF devo-
ton to the right. This Is era Of feder-
alton and combination. Exactly as business
men find they must often work through cor
porations, and as it is a constant tendency
of these corporations to grow larger. SO 1t is
often necessary for laboring men to work
in federations and these have become i'm
portant factors of modern industrial life
Both kinds Of federation, capitalistic and
labor can do much good, and as necessary
corollary they can both do evil.
Opposition to each kind of organization
should take the form of opposition to what
ever is bad in the conduct of any given cor
poration or union-not Of attacks upon cor