Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1906-12-06
press any especial plan. Various plans

press any eSpeclal pan. various plans
have recently been proposed by expert
committees of bankers. Among the
plans which are possibly feasible and
which certainly should receive your
consideration is that repeatedly
brought to your attention by the pres
ent secretary of the treasury. the es-
sential features of which have been
approved by many prominent bankers
and business men. According to this
plan, national banks should be permit
ted to issue specified proportion of
their capital in notes of a given kind,
the issue to be taxed at so high rate
as to drive the notes back when not
wanted in legitimate trade. This plan
would not permit the issue Of currency
to give banks additional profits, but to
meet the emergency presented by times
of stringency.
"Spasms of High Money"
do not say that this is the right
system. l only advance it to empha
size my belief that there is need for
the adoption of some system which
shall be automatic and open to all
sound banks, so as to avoid all posi-
bility of discrimination and favoritism
Such plan would tend to prevent the
spasms of high money and speculation
which now obtain in the New York
market, for at present there is too
much currency at certain seasons of
the year, and it's accumulation at New
York tempts bankers to lend it at low
rates for speculative purposes. whereas
at other times when the crops are be-
large but temporary increase in the
currency supply. 1t must never be for
gotten that this question concerns bust
ness men generally quite as much as
bankers. Especially is this true of
stockmen, farmers and business men
in the west, for at present at certain
seasons of the year the difference in
interest rates between the east and the
west is from to 10 per cent, whereas
in Canada the corresponding difference
is but 2 per cent. Any plan must, of
course, guard the interests of western
and southern bankers as carefully as
it guards the interests of New York or
Chicago bankers and must be drawn
from the standpoints of the farmer and
the merchant no less than from the
standpoints of the city banker and the
country banker.
The law should be amended so as
specifically to provide that the funds
derived from customs duties may be
treated by the secretary of the treas
ury as he treats funds obtained under
the internal revenue laws. There
should be considerable increase in
bills of small denominations. Permis-
sion should be given banks, if neces-
tire their circulation to a larger
amount than three millions a month.
Philippine Tariff.
/ most earnestly hope that the bill to
provide lower tariff for or else abso.
lutte free trade in Philippine products
will become q law. No harm will
while there will be some small but real
material benefit to the Filipinos, the
main benefit will come by the show
ing made as to our purpose to do all in
our power for their welfare. So far
our action in the Philippines has been
abundantly justified, not mainly and
indeed not primarily because of the
added dignity it has given us as a
nation by proving that we are capable
honorably and efficiently to bear the
international burdens which mighty
people should bear, but even more be
cause of the immense benefit that has
come to the people of the Philippine
Islands. In these islands we are stead
lily introducing both liberty and order
to q greater degree than their people
have ever before known. We have Sc
cured justice. We have provided an
efficient police force and have put
down ladronism. Only in the islands
of Leyte and Samar is the authority
of our government resisted, and this by
wild mountain tribes under the super
stitious inspiration Of fakirs and pseu-
do religious leaders. We are constant
ly increasing the measure of liberty
accorded the islanders, and next spring,
if conditions warrant, we shall take a
great stride forward in testing their
capacity for self government by sum-
moning the first Filipino legislative as
sembly, and the way in which they
stand this test will largely determine
whether the self government thus
granted will be increased or decreased
for if we have erred at all in the Phil
ippines it has been in proceeding too
rapidly in the direction of granting a
large measure of self government. We
are building roads. We have, for the
Unreasonable good of the people, ar
ranged for the building of railroads
Let us also see to it that they are Civ
en- free access to our markets. This
nation owes no more imperative duty
to itself and mankind than the duty of
managing the affairs of all the islands
under the American fag-the Philip.
pines, Porto Rico and Hawaii-so as to
make it evident that it is in every way
to their advantage that the flag should