The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-12-03


American bushes interests at least on
full equality with interests abroad, and
of always allowing 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 in shap-
ing our whole economic policy. There
must never be any cnange which will
jeopardize the standard of comfort, the
standard of wages of the American wage
worker. a
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 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 minimum of
damage done may be disregarded for the
sake of the maximum of good accom-
plished. If 1t prove impossible to ratify
the pending treaties, and IL there seem
to be no warrant for the endeavor to ex-
ecute others, or to amend the pending
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 a needed change cannot with adj
vantage be made by the application of
the reciprocity idea. then 1t can be made
outright by a lowering of duties on
given product If possible such change
should be made only after the fullest con-
sideration by practical experts, who
should approach the subject from a bus
mess standpoint having in view both
81. 49,
commercial well-being of the people as a
whole. The machinery for providing such
careful investigation. can readily be sup
piled. The executive department has al
ready at, its disposal methods of collect
ing facts and figures, and IL 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 1t 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 schedules,
and how far these changes could go
without also changing the great prosper
ity 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 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
Ill, no protectionist would object to such
reduction of the duty as would equalize
competition.
In my Judgment, the tari@ on anthracite
ccal should be removed, and anthracite
put actually, where 1t now is nominally
on the free list. This would have no ef-
feet at all save in crisis; but in crisis 1t
might be of service to the people.
THE MONETARY SYSTEM.
Interest rates are a potent factor in bus
mess activity, and in order that these
rates may be equalized to meet the vary
ing needs of the seasons and of widely
separated communities. and to prevent
the recurrence of financial stringencies
which injuriously. affect legitimate bus
iness, 1t is necessary that there should
be an element of elasticity In our mon
etary system. Banks are the natural SER
wants of commerce, and upon them
should be placed, as 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 regulated that
sufficient supply should be always
available for the business interests of
the country anF f..
1t 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, think. desira-
BILE. The mere outline of any plan sufri-
GENTLY comprehensive to meet these re-
quirements would transgress the appro-
PIRATE limits of this communication. 1t is
suggested however that all future legis-
lation on the subject should be with the
view of encouraging the use of such IN
strumentalities as will automatically sup
ply every legitimate demand OF produce
tive industries and OF commerce, not only
in the amount but in the character of
circulation and of making all kinds of
money interchangeable and, ct the will