Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1905-12-06
Insurance,


which created them as to preclude
strict enforcement Of supervision and
regulation by the parent states. In my
last annual message 1 recommended
that the congress carefully consider
whether the power Of the bureau of
corporations cannot constitutionally be
extended to cover interstate transac-
lions In insurance" Recent events
have emphasized the Importance Of an
early and exhaustive consideration of
this question, to see whether 1t Is not
possible to furnish better safeguards
than the several states have been able
to furnish against corruption of the
fragrant kind which has been exposed.
1t has been only too clearly shown
that certain of the men at the head of
these large corporations take but small
note Of the ethical distinction between
honesty and dishonesty. They draw
the line only this side Of what may be
called law honesty, the kind of honesty
necessary In order to avoid falling into
the clutches Of the law. OF course the
only complete remedy for this condi-
ton must be found In an aroused pub
lie conscience, higher sense of ethical
conduct in the community at large and
especially among business men and In
the great profession of the law. and In
the growth Of spirit which condemns
all dishonesty, whether in rich man or
In poor man, whether 1t takes the shape
Of bribery or Of blackmail. But much
can be done by legislation which is not
only drastic, but practical. There Is
need of a far stricter and more uni
form regulation of the vast insurance
interests Of this country. The United
States should in this respect follow the
policy of other nations by providing
adequate national supervision of COM
mercial interests which are clearly ma
tional in character.
repeat my previous recommenda-
ton that the congress should consider
whether the federal government has
any power or owes any duty with re-
spect to domestic transactions In in
surance Of an interstate character.
That state supervision has proved in
adequate is generally conceded.
The Revenues.
There Is more need Of stability than
Of the attempt to attain an ideal per-
lection In the methods Of raising rev.
enue, aid the shock and strain to the
business world certain to attend any
serious change in these methods rem
der such change inadvisable unless for
grave reason. 1t Is not possible to lay
down any general rule by which to de-
termine the moment when the reasons
for will outweigh the reasons against
such a change. No change can be
made on lines beneficial to or desired
by one section or one state only. There
must be something like general agree
ment among the citizens of the several
states that the change Is needed and
desired In the interest Of the people as a
whole, and there should then be a sim
cere, intelligent and disinterested eff
fort to make 1t In such shape asswill
combine, so far as possible, the maxi
mum Of good to the people at large
with the minimum Of necessary disre-
gard for the special interests Of locali-
ties or classes, but in time Of peace
the revenue must, on the average,
taking a series of years together, equal
the expenditures or else the revenues
must be increased. Last year there
was deficit. Unless our expenditures
can be kept within the revenues then
our revenue laws must be readjusted.
1t Is impossible to outline what shape
such REIMBURSEMENT should take, for
1t Is as yet too early to say whether
there will be need for 1t. 1t should be
considered whether 1t Is not desirable
that the tariff laws should provide for
applying as against or in favor Of any
other nation maximum and minimum
tariff rates established by the congress,
so as to secure a certain reciprocity Of
treatment between other nations and
ourselves.
Economy In Expenditures.
earnestly recommend to the con-
gress the need of economy and, to this
end, Of rigid scrutiny of appropria-
lions. All unnecessary offices should
be abolished. In the public printing
also large saving Of money can be
made. There Is constantly growing
tendency to publish masses Of unim-
portant information at which no human
being ever looks.
Yet, In speaking of economy, must
in nowise be understood as advocating
the false economy which Is In the end
the worst extravaganza. To cut down
in the navy would be a crime against
the nation. To fail to push forward all
work on the Panama canal would be
as great a folly.
Currency.
Every consideration of prudence de-
mands the addition Of the element Of
elasticity to our currency system. The
evil does not consist In an inadequate
volume Of money, but In the rigidity
Of this volume, which does not respond
as 1t should to the varying needs Of
communities and Of seasons. Imitation
must be avoided, but some provision
should be made that will insure
larger volume of money during the fall
and winter months than In the less ac-
tive seasons of the year, SO that the
currency will contract against specula-
ton and will expand for the needs Of
legitimate business. At present the
treasury department Is at irregularly
recurring intervals obliged In the inter-
est Of the business world-that Is, In
the interests of the American public
to try to avert financial crises by pro-