, 1902-12-02

attorney general
One proposition advocated has been the
reduction OF the ;ariH as a means of
reaching the evils OF the trusts which fall
within the CATEGORY | have described.
Not merely would tbs be wholly iucucc-
tive. but the diversion Of Our gnprls in
such u direction wc. mean th. aban-
pnmcn Of II ini"!l-G,ut attempt to do
away with th"se wis. Many cf the lar
Erst corporations { an. Of hose which
should certainly be- included in my proper
scheme of equation. would not t. nf-
fected in the slightest degree by q change
in the tariff say" IS such change inter
fer"d with til" general prosperity of tn"
country Tn" only relation Of the tariff
to big corporations rs n whole Is that the
tnrim mnkos manufactures profitable. and
the tariff remedy proposed would he in
effect simply :" max" manufactures ul-
profitable. II" r"Inor" the tariff as Il
punltiv" Ut" directed against trusts
wouI6 inevitably result in ruin to tn"
weaker comp ttors who are struggling
against then our aim should he not by
unwisc tariff rhanEcS to give foreign prod
uCtS the nd anttgc over domestic prod
u"ts. but by proper regulation to give DO
nestle rumr.titiou q fair chance. and
his end cannot tie reached by any tariff
changes which would affect unfavorlbly
all domestic competitors. good and bad
alike. The question of regulation of the
trusts stands apart from the question of
tariff revision
Stability O: economic policy must al
ways he the prime economic need of this
country, Tn. stability should not be fos-
silization. tn country has u"uuIeSced
in th" wisdom of thu" protective ,ttriff
~ ilIt4ib'a / Is N'Ft'la - fltttH hbit
that this system should be destroyed or
that there should b. violent and radical
chansrs thcr"in. our last experience
try has always come under Il pr ttcilvc tar
in and that the country CNu.I,t prosper
under ntfui tariff changes at short inter
walls. Moreover. If the tariff laws as a
whole work we'll and II business has pros
p"red under then. and is prosprring, it is
better to enc re for u time slight inCOn-
v"uienccs and inequalities in some schrl-
ul"s than to l:p$". business by too quick
and too radical hanE,s II is Iaos, car
n"suy to hr wished that We cougi '.eIt
tn" tariff from the standpoint solely Of
our business needs. 1t is. perhaps. too
much to nor" that partisanship may be
entirely excluded from consideration of
the subject. but at least 1t can be made
secondary to the business interests of the
C~ountry-that Is. to the interests of our
people AS a whole. Inquestionably these
business interests will best be served if
together with lixity of principle as re-
CARDS the talif we combine a system
which will permit us from time to time to
make the necessary reapp!ication OF the
principle to the shifting national needs.
We must taxi scrupulous care that the
rcappliCatiCn shall be made in such a way
that Ii Will moi amount TO a dislocation of
our system. the mere threat of which. not
10 speak OF me performances would pro
ducc paralysis In the business energies
ton in making these changes would, Of
course. be to preserve the principle which
underlies our whole tariff system-that is,
the principle of putting American bust
with Interests abroad and of always al
lowing a sufficient rate of duty to more
than cover the difference between the
labor cost he~o and abroad. The well be
ing Of the wageworker. like the well be
ing Of the -liier of the soil, should be
be any change which will jeopardize the
wages. OF the American w~ageworker.
One way in which the readjustment
sought can he reached is by reciprocity
rnntIno to pr,yl,E To no 1nStrnl 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
other hand to secure in practical shap"
the lowering of duties when they are no
longer needed for protection among our
own people or when the minimum of dam
age done may be disregarded for the sake
Of the MAXIMUM of good accomplished
Ing treaties and If there seem to be no
warrant for the endeavor to execute 9TH
srs or to- amend the psndins treaties SO
end-to secure reCiprocity-should be met
by direct legislation.
Wherever the tariff conditions are such
that n needed change cannot with advan-
tage be made by the application of tn"
reciprocity idea. then it can be made out
right by n lowering Of duties on a given
product. If possible. such change should
be made only after the fullest considera-
ton by practical experts. who should ap-
proach tie subject from a business stand
point. having in view both the particular
interests affected and the commercial well
being OF the people as n whole. The ma
chinery for providing such careful invcS-
tigation can readily be supplied. The ex-
ccutive department has already at its
disposal methods OF collecting facts and
figures. and if the congress desires addi-
tional consideration to that which will be
given the subject by its own committees.
then n commission Of business experts can
be appointed whose duty 1t should be to
recommend action by the congress after
4 deliberate ana scientific examination Of
the VI rious 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 with
out also charging the great prosperity
which this country Is now enjoying or
upsetting its fixed economic policy.
The cases In which the tariff can pro.
duce a monopoly are so few as to consti-
tutc an inconsidcrable factor in the ques-
ton: but. of course. II in any case 1t be
found that n given rate of duty does pro
mote n monopoly which works i'll. no pro
t%ectionist would object to such reduction
OF the duty rs would eQualize competition
coal should be removed and anthracite
put actually. where 1t now Is nominally,
on the free list. This would have no effect
at all save in crises: but ir crises 1t might
be OF service to the people.
Interest rates are Il potent FACTOR In
business activity. and In order that these
Laws tiilS bV 'It " NlS "
Ing needs OF the seasons and or widely
separated communities. and to prevent the
recurrence of financial stringencies which
injuriously affect legitimate business. Ii
Is necessary that there should be an ele-
ment of elasticity in our monetary sys-
TEN Banks are the natural servants OF
commerce.. and upon them should be
placed. as far as practicable. the burden
of furnishing and maintaining Il %Circula-
ton adequate to supply the needs OF our
diversified Industries and of our domestic
and foreign commerce. and the issue OF
this should be SO regulated that n suHi-
cient supply should be always available
for the business interests Of the country
1t would be both unwise and unneces-
sary at this time TO attempt TO recon
been the growth OF 4 century. but. some
additional legislation Is. | think. desirable
The mere oniiine Of any plan suiislentiy
Of this communication 1t is suggested.
however. that all future legislation on the
subject should be with the view Of en-
~couraEing the use of such instrumental
ties as will automatically supply every
amount. but in the character of circula-
'lGn %rc Snn of Imas Elf at al, t k1eds VIII ii OF mon ass
holder. convertible into the established
gold standard.
again call your attention to the need
of passing a proper immigration law. COW
ering the points outlined in my message
to YOU ~ the first session Of the PR present
already passed the house.
How to secure Fair treatment alike for
labor and for capital. how to hold in
check the inscriptions man. whether en-
ployer or employee. without, weakening
individual initiative. without haInpering
and cramping the Industrial development
of tie country, is n problem fraught with
great difficulties and one which 1t Is Of
the highest Importance to solve ON lines
OF sanity and f~arsishted common sense as
well as Of devotion to the right. This Is
an era OF federation and combination.
Exactly as business men find they mus,