The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-12-02


whole country enjoys. There have always
been inequalities and discrepancies in
tariff legislation. and probably always
will be: but the fact that wages are
higher in the United States today than
they have been at any time in the his
tory of the country, not even excepting
the period following the close of the civil
war, makes or should make workingmen
satisfied to let well enough alone. [ be-
| lieVe the ma jority of skilled laborers of
this country realize this fact and would
deprecate any move toward any modifca-
ton of the tariff in such times as these.
There is, however, in my opinion, ono
very serious drawback menacing the
! country at the present time, and that
is the inadeQuacy of our currency, and
! fear that unless Congress gives us some
relief at the coming short session re-
suits may be serious. With the enormous
expansion of business of all kinds all
| over the United States our circulating
medium is totally inadequate to meet the
demands of the country. You never hear
of money ranging from 10 to 100 per cent
in Canada. The reason is they have an
asset currency system there, practically
along the same lines as the bankers of
this country are proposing that Con
gress should adopt at Its next session, ek-
| cept tAat whereas the Canadian banks
are allowed to issue 100 per cent of their
, paid-in capital as a credit currency, tha
| bill proposed by the bankers appointed
| at the ST. Louis convention only allows
the issue of so per cent Of the pald-in
capital of the national banks, upon which
the government shall receive a tax sonie-
where between 11s and Pc per cent. The
passage of the proposed bin is, In my
opinion, almost Imperative. and if such
legislation is not given us | fear a check
will be put on some of the large propo-
CT in. har, IF hull
pansion, which merchants and manufac-
turers all over the United States nave
under way today.
Presidential Term.
cit would seem to me to be good policy
for the President OF the United States 90
be elected for a term OF twelve years and
be ineligible to reelection, and that fhe
salary of the President of the United
States should not be less than 500, J00 per
year. United States senator's should also
be elected, in my opinion, for the sama
/ length of time, and members OF Congress
| and governors of sistes for the same
| period. Members of Congress should re-
| ceive salary OF at least $4,000 per an
mum and senators not less than $1,000
! to $4,000. while the position of speaker of
House of Representatives should pay 4
salary of $4,000 pes annum. and the same
| for the Vice President or president of the
x,
/ they do, every one, two or four years.
are very apt to upset business conditions,
while the above mentioned plan would
| tend, in my opinion, to greatly harmon
| lie the business interests of the coun-
| try.
Again referring to the south. Mr.. Gates
said
Il believe the four largest cities in
! what we term the south are New Or
| leans, Memphis, Birmingham and At
| lanta in the order named. / believe, how
ever. that by 1920 Birmingham will be the
| largest of them all. l see no reason why
! Birmingham should not have 100000 peo-
! pie twenty years hence. 1t will certain
a., ly be the largest city in America not on
| navigable waters.
'Pittsburg, or what Is practically Pitts
, burg, being Pittsburg and vicinity, has a
| population today of over 100000 people.
| IL Mr.. Andrew Carnegie had started out
| in Birmingham instead of Pittsburg, Bir-
mingham would today be the iron and
steel center of America instead of Pitts
burg in my opinion. | remember coming
| east with Mr.. Carnegie on the Pennsy1-
vania road not more than eight years ago
| when he said to me, in all seriousness.
| that the Carnegie Steel company was In
| trinsically worth more money than the
| stock of the Pennsylvania railroad. [
| looked at him in surprise at this state
ment, although / gave him credit for
| being honest in making IT, but at that
| time | never dreamed 1t would actually
| materialze. Within three four years
of that date Mr.. Carnegie sold his prop
| erty to the United States Steel corpora
| ton for many more dollars in value than
| the entire capital stock of the Pennsyl-
vania road was worth, and while it
! looked as though he made good sale at
that time, / believe that Mr.. Carnegie
would be a Weather man today If he was
still the master of the Carnegie Steel
company, although in the latter years, In
my Judgment the great credit for the
success of the Carnegie Steel company
was attributable largely to its manage
ment by Henry c. Frick, who, in connee-
ton with the late Henry w. Oliver, WAS
the means of the acquisition of the lGsss
coal, coke and ore interests which made
the Carnegie Steel company the powerful
factor 1t was at the time they We're taken
| over by the United States Steel corpora
| tion. | do not, by any means. intend 10
| belittle the important part taken by Mr.
Schwab and Mr.. Corey. but at that time
| they We're looking after the mill interests
! of the Carnegie Steel company and not
| taking an active part In Its general or
| financial direction"