Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-12-04

business activity, and in order that these
rates may be eoualized 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
mess. Ii 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 bur-
den OF furnishing and maintaining a cir
culation adequate TO supply the needs of
our diversified industries and OF our do
nestle and foreign commerce; and the
issue of this should be so regulated that
| a sufiicient supply should be always avail
able for the business interests OF the
country.
Let Financial System Alone.
! It 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, 1 think. desirable.
The mere outline OF any plan sufficiently
| comprehensive 10 meet these requirements
would transgress the appropriate limits
OF this communication. It Is suggested,
however, that all future legislation on
the subject should be with the view OF
4 encouraging the use OF such instrument
| talities as will automatically supply every
legitimate demand of productive indus
| tries and OF commerce, not only In the
amount, but in the character Of circula-
ton: and of making all kinds OF money
J interchangeable, and, at the will OF the
holder, convertible into the established
/ gold standard
1 again call your attention to the need
OF passing a proper immigration law, COW
| ering the points outlined in my message
to you at the first session OF the present
i congress; substantially such a bill has
already passed the house.
Capital and Labor.
How to secure fair treatment alike for
labor and for capital, how to hold in
check the unscruplous man, whether en-
pIoyer or employee, without weakening
individual initiative, without hampering
and cramping the industrial development
OF the country, is a problem fraught with
great difficulties and one which IL is OF
the highest Importance TO solve on lines
Of sanity and far-sighted common sense
as well as OF devotion to the right This
Is an era OF federation and combination.
Exactly as business men find they must
often work through corporations, and as
Il Is constant tendency OF these corpora
lions TO grow larger so IL is often neces-
sary for laboring men to work in feder-
atoms. and these have become important
factors OF modern Industrial life. Both
kinds OF federation, capitalistic and labor,
can do much good, and as a necessary
corollary they can both do evil. Opposi-
ton to each kind OF organization should
take the form of opposition to whatever
is bad in the conduct OF any given cor
poration or union-not OF attacks upon
corporations as such nor upon unions as
such; for some OF the most far-reaching
benefcent work for our people has been
accomplished through both corporations
and unions Each must refrain from ar
bitrary or tyrannous interference with the
rights OF others. Organized capital and
organized labor alike should remember
that in the long run the interest OF each
must be brought into harmony with the
interest OF the general public; and the
conduct OF each must conform to the fun
damental rules OF obedience to the law.
of individual freedom, and of justice and
fair dealing toward all. Each should re-
member that in addition to power II must
strive after the realization OF healthy.
lofty. and generous ideals. Every en-
ployer, every wage-worker, must be guar
anteed his liberty and his right to do as
he likes with his property or his labor so
long as he does not infringe upon the
rights OF others. 1t is OF the highest inn
portance that employer and employee
alike should endeavor to appreciate each
the viewpoint OF the other and the sure
disaster that viii come upon both in the
long run II either grows to take as habit
ual an attitude of sour hostility and dis
trust toward the other. Few people de-
serve better of the country than those
representatives both OF capital and labor
and there are many such-who work con-
tinually to bring about a good under
standing OF this kind. based upon wisdom
and upon broad and kindly sympathy be-
tween employers and employed. Above
al 20 hof arxr LIND
Of class animosity in the political world
Is. II possible. even more wicked, even
more destructive to national welfare, than
sectional, race. or religious animosity.
Commerce for Cabinet.
It Is earnestly hoped that a secretary
OF commerce may be created, with seat
in the cabinet The rapid multiplication
of questions affecting labor and capital.
the growth and completely of the organ
izations through which both labor and
capital now find expression. the steady
tendency toward the employment of cap
ital in huge corporations, and the won
derful strides of this country toward lead
ership in the international business world
justify an urgent demand for the creation
of such a position. Substantially all the
leading commercial bodies i'm this coun-
try have united in requesting its crea-
ton. 1t is desirable that some such meas
ure as that which has already passed the
senate be enacted into law. The crea-
ton OF such a department would in itself
be an advance toward dealing with and
exercising supervision over the whole
subject OF the great corporations doing an
interstate business; and with this end In
view the congress should endow the de-
partment with large powers. which
could be increased as experience might
show the need.
The Treaty With Cuba.
1 hope soon TO submit TO the senate a
reciprocity treaty with Cuba. On May
20 last the United States kept its prom
ise to the island by formally vacating Gu
ban soil and turning Cuba over TO those
whom her own people had chosen as the
first officials OF the new republic.
Cuba lies at our doors, and whatever
Affects her for good or for i'll affects
US also. So much have our people felt
this that in the Plat amendment we
definitely took the ground that Cuba