The Holly chieftain., 1902-12-05

serve the principle which -underlies our
whole tarif system-that n, the princ1-.
PIE OF putting American .bu6ine4e I'M
terests at lsa1t on . fully, equality
with interests abroad. and OF afwAys
allowing ..slmctent rate nf duty TO
the labor cost hero and sbroan Thx
wel-being OF the wage-worker, like the
well.beiRg OF the tiiler Of the soii,
should be treated 40 an essential In
shaping our whole economic policy.
There must never be any change which
will 3copardixe the standard OF COM
fort the standard OF wages OF the
American wage-worker.
THE RECIPROCITY TREATIEe.
/ One way in which the readjustment
sought can be reached fs BY reciprocity
treaties. It II greatly to be desired
that such treaties may be adopted.
They can be used to widen our
naarkets and to give a greater field for
the activities Of our producers on tho
one hand, and on the other hand 10
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.
II II prove impossible to ratify the
pending treaties, and II there seem to
be no warrant for the endeavor to exc.
cute others, or to amend the pending
treaties 30 that they can be ratified,
then the same end-to secure reciproc-
ity-should be met by direct le9isia-
tion. ii.
Wherever the tariff conditions are
such that a needed change can not with
advantage be made by the application
Of the reciprocity Idea. then it can
be made outright by q lowering of du-
ties on 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 In view both the particular inter-
ests affected and the commercial we'll
being Of the people as whole. The
machinery for providing such careful
The executive department 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 commission of
business experts can be appointed
whose duty 1t 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-
t!0ns. 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
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 80 few as to
constitute an inconsiderable factor in
the question:; but of course II in any
duty does promote monopoly which
works III. no protectionist would OBJ
.ect to such reduction OF the duty as
would equalize competition.
In my Judgment, the tariff on anthra-
eits coal should BE- removed. and an
naminaily, on the frss list. This would
have no effect at all save in crises; but
in crises II wight be Of ssrvies to this
psopls.
no FINANCIAL RECONSTRUCTION
Interest rates are 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.
den Of furnishing and maintaining 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 reg
ulated that. sufficient supply should
be always available for the business
interests OF the country.
It would be both unwlse and unnec-
essary at this time to attempt to recon-
struct our financial system, which has
been the growth of century: but some
additional legislation II, think, desir-
able. The mere outline Of any plan suf-
f1ciently comprehensive to meet these
requirements would transgress the ap-
propriate limits Of this cornmunica-
tion. 1t is suggested. however, that all
future legislation on the subject should
be with the view OF encouraging the
use Of such instrumentaiities AZ will
automatically supply every Legitimate
demand OF productive industries and
nf 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 unscrupulous man,
whether employer or employe. without
weakening individual initiative, with
out hampering. and cramping the In
lustrial development OF the country.
is a problem fraught with great Diff
1culties and one which It is Of the
highest Importance to solve on lines