The news-democrat. (Providence, R.I.) 1906-1909, 1906-12-04

tend 10 disturb existing rights and inter,
ests. We must also rule out any plar
which would materially impair TIE value
OF the United States per cent bonds now
pledged 10 secure circulation, the issue
OF which was made under conditions pc
culiarly creditable 20 the treasury. 7 dC
not press any especial plan. Various
plans have recently been proposed By OK
pert committees OF bankers. Among The
plans which are possibly feasible and
which certainly should receive your con
sideration is that repeatedly brought q
your attention by the present secretary
OF the treasury, the essential feature.
OF which have been approved by many
prominent bankers and business men
According TO this plan national banks
should be permitted TO issue 4 specified
proportion OF their capital In notes OF
given kind. the Issue 10 he taxed at 81
high a rate as TO drive the notes bacl
when not wanted I'm legitima e trace
This plan would not permit the Issue o
currency 10 give banks additional pro1ts
but TO meet the emergency presented b!
times Of stringency.
do not say that this is tao right sys
tenn. | only advance Il TO cmphdsizo m,
belief that there is need fo- the adoption
OF some system which shall be automat.,
and open 10 all sounds banks, 50 as {,
and favorltsm. Such a plan would tenC
10 prevent the spasms OF high money ant
speculation which now obtain In the New
York market: for al present there is TO,
much currency at certain seasons OF tn.
year. and its accumulation at New
York tempts bankers 10 lend II at low
rates for speculative purposes: wherea
at other times when the crops are bein,
moved there is urgent need for a larg'
but temporary increase In the currenc,
supply. Ii must never be forgotten tina
this question concerns business men gen
orally quite as much as bankers especial,
Is this true OF stockmen, farmers, an,
business men I'm the West; for at presen
at certain seasons OF the year the differ
ence I'm interest rates between the Eas
and the West is from 6 10 10 per cent
whereas i'm Canada the correspondinj
difference Is but 2 per cent Any plal
must, OF course. guard the interests O
western and southern bankers as care
fully as IL guards the interests OF Ney
York or Chicago bankers; and must b
drawn from the standpoints OF the farme
and the merchant no less than from III
standpoints of the city banker and Tn
country banker
The law should be amended so as spe
cifcally TO provide that the funds de
rived from customs duties may be treate,
by the secretary OF the treasury as h
treats funds obtained under the Internal
revenue laws There should be a consid
erable increase in bills of small demon
nations. Permission should be give,
banks, IL necessary under settled re
strictions. to retire their circulation TO
larger amount than three millions
month.
Philippine Tariff.
most earnestly hope that the bill I,
provide a lower tariff for or else abso
lutte free trade I'm Philippine products will
become law. No harm will come TO an,
American industry; and while there will
be some small but real material beneti
TO the Filipinos, the main benefit will
come by the showing made as to ou
purpose to do all in our power for thei
welfare. So far our action I'm the Philip
pines has been aIoundantly justified. no
mainly and indeed not primarily becau
OF the added dignity IL has given us as
nation by proving that we are capabl
honorably and efficiently to bear the in
ternational burdens which a mighty peo
pie should bear, but even more becaus
OF the immense benefit that has come I
the people OF the Philippine islands. II
these islands we are steadily iNtroducinj
both liberty and order, to a greater de
gree than their people have ever befor
known. We have secured justice. w
have provided an efficient police force
and have put down ladronism. Only II
the islands Of Leyte and Samar Is tn
authority of our government resisted an,
this by wild mountain tribes under tn
superstitfous Inspiration OF fakirs an,
pseudo-religious leaders. We are constant
ly increasing the measure of liberty ac
corded the islanders. and next spring. /
conditions warrant, we shall take a grea
stride forward in testing their capact,
for self-government by summoning tn,
first Filipino legislative assembly: and tn
way In which they stand this test will
largely determine whether the self-gov
ernment thus granted will be increased o
decreased; for If we have erred at all il
the Philippines II has been i'm proceedin,
too rapidly in the direction of granting ;
large measure OF self-government We arr
building roads. We have. for the immeas
urable good of the people. arranged 70
the building OF railroads Let us also SCI
TO IL that they are given free access L
our markets. This nation owes no NOR
imperative duty to Itself and mankin,
than the duty OF managing the affairs o
all the islands under the American flag
the Philippines. Porto Rico. and Hawaii
so as TO make Il evident that IL Is I'm ever,
way 10 their advantage that the naj
should fly over them.
Porto Rican Affairs.
American citizenship should he con
ferred on the citizens OF Porto Rico. Tn,
harbor OF San Juan I'm Porto Rico Shoul,
be dredged and improved. The expense
Of the federal court OF Porto Rico shoul,
be met from the Federal treasury. Tn,
administration OF the affairs OF Port,
Rico, together with those OF the Philip
pines, Hawaii. and our other insular pos
sessions. should all be directed under on,
executive department; by preference IN,
department OF state or the department o
war.
Hawaii.
The needs OF Hawaii are peculiar; ever,
aid should be given the islands; and ou
efforts should be unceasing to develol
them along the lines OF n community o
small freeholders, not OF great planter
with coolie-tilled estates. Situated as thi
territory is, In the middle OF the Pacific
there are duties imposed upon this smal
community which do not fall In like de
gree or manner upon any other American
community. This warrants our treating /
differently from the way in which w
treat territories contiguous TO or sur
rounded by sister territories or othe
Cf a and fneffHa- aggI .g ,