The sun., 1903-01-05

to see the alternative Of legislative or CON-
pulsory mediation adopted. especially a.
II has sometimes seemed to me that many
OF the proposed measures OF this kind and
Of others having In view the harmonizine
Of the relations between capital and labor
are strongly socialistic In their tenden cies.
-Of course, II State socialism, should come
and there is no doubt that a somewhat
GROWING element In the State favors it
II would carry away the fabric upon which
this Government has been built. II might
be a peaceful revolution. but It would he a
tremendous one.
As to your third questionable money
supply OF the country-I should say that
there In no doubt that, as whole, the cur
rency supply Ia ample. and it is increasing
yearly through the establishment of ma
tional banks and our mining Of gold, ap-
proximately from eighty millions to one
hundred millions. There is no indication
OF an exhaustion OF the gold mines. 40 II 10
fair to presume that this additional supply
will be continued for many years to
come; but I do think that there are some
clumsy and archaic currency regulations.
admirable enough at the time the National
Banking law was adopted. but unsuited to
the changed conditions Of the present day
1T seems to me that it would he easy TO
provide perfectly saf, and simple method
by which in times OF unusual emergency.
either In one place. as this fall In New York
city, or all over the country, there might
be an automatic emission Of additional
currency. SO regulated and guarded that
when the emergency had passed 1t would
automatically be retired. 1t is function
which in New York city and. understand,
in one or two other cities has been under
taken by the clearing house associations.
somewhat to the regret OF the Treasury
Department; but these emergency measures
have been inevitable, and, had they not
taken place. the country would have been
monetarily panic c-stricken.
As to the tariff revision. l would say
that no speech In recent years has made
so profound an impression on my mind
as that of the lamented President
Mckinley at Buffalo-the last utterance OF
that great man to his country. Along the
lines that he suggested In that speech, and
by means which, understand, the Dingley
Tariff bill adequately provides. should
I've glad TO see such reciprocal arrange
ments as would be beneficial both TO us and
agreement. That was McKinley's idea. He
had that idea in mind when the Dingley
bill was drafted: and the machinery pro-
vided by that Law. as understand II, would.
IL Congress chooses TO Use it, he ample for
those changes in the tariff which may seem
worth while.
As to the export trade Of the United
States, while I am not familiar with that
subject. I should say that the falling OF
in our exports Of this year-being due to
exceptional circumstances. the shortage Of
our corn crop and the high prices Of our agri-
cultural products. and being. in part. made
good by the increase in our expOr OF manu-
factured articles-there Is no reason to
apprehend any marked decrease for the
coming year in our export trade. or
course, it will depend to some extent upon
prices and conditions OF food and other
markets across the sea.
Il 40 not see anything to be alarmed at
In our increase OF import ations since II
was inevitable that We could not long con-
tinue to maintain such an excess OF ex-
ports over imports as has been the record
since 1897. Ideal international trade in
wolves the payment Of purchases from one
country by the products of another. the
ideally small balance in excess OF this ex-
change being liquidated by specie. We
could not go on rolling up an apparent
international trade balance aggregating
six hundred millions a year without uti-
mately impairing our markets; and to me
IL is a sign of healthful conditions that there
has been an increase of importations, much
Of them representing arti cles that have
entered our own manufac lures. and con-
siderable part Of the importations repre-
-enting the increased wealth Of the country.
for they are articles OF luxury"