The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1906-12-13
The Currency.

The Currency.
especially call your attention to the
second subject. the condition of our
currency laws The national bank act
has ably served great purpose in aid
ing the enormous business develop
ment of the country, and within ten
years there has been an increase in
circulation per capita from $21.41 to
s33.0S. For several years evidence has
been accommodating that additional leg.
islation is needed. The recurrence of
each crop season emphasizes the de-
fects of the present laws. There must
to leave them as they are means to in
cur liability of business disaster Since
your bc:lv adjourned there has been q
fiuctuati0n IL The interest on call
money from " per cent to 80 per cent
and the huctuation was even greater
during the preceding six months. The
secretary OF the treasury had to step
In and by wise action put a stop to the
most violent period Of oscillation.
do not press any especial plan. Va
rious plans have recently been pro-
posed by expert committees Of bank
ers. Among the plans which are posi-
bly, feasible and which certainly should
receive Your consideration is that re-
peatedly brought to your attention by
the present secretary of the treasury.
the essential features Of which have
been approved by many prominent
bankers and business men. According
to this plan. national banks should be
permitted to issue a specified proper
ton Of their capital in notes of 4 given
kind, the issue to be taxed at 80 high
a 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 prof
its. but to meet the emergency present
I'd by times Of stringency.
l 90 not say that this Is the right sys-
tenn. l only advance 1t TO emphasize
my belief that there Is need for the
adoption Of some system which shall
be automatic and open to all sound
banks 80 as to avoid all possibility Of
discrimination and favoritism.
The law should he amended SO az
| 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 necessa-
| ry under settled restrictions, to retire
| their circulation to a larger amount
than three millions month.
| Our Outlying POssessiOns.
| most earnestly hope that the bill to
| provide lower tariff for or else abso-
lutte free trade in Philippine products
will become law. No harm will come
to any American industry, and while
| there will be some small but real mate,
rial benefit to the Filipinos, the main
benefit will come by the showing made
as to our purpose to do all in our power
for their welfare
Porto Rican Affairs.
American citizenship should be con.
ferred on the citizens of Porto Rico,
The harbor of San Juan, in Porto Rico
should be dredged and improved. The
| expenses Of the federal court of Porto
Rico should be met from the federal
treasury.
The needs of Hawaii are peculiar
Every aid should be given the islands
and our efforts should be unceasing t.
develop them along the lines of a com
munity of small freeholders. not OF
great planters with cody titled es
tates.
Alaska's needs have been partially
met, but there must be complete re
organization Of the governmental sys
tenn. as have before indicated to you
1 ask your especial attention to this
Our fellow citizens who dwell on thu
shores Of Puget sound with character
istic energy are arranging to hold II
Seattle the Alaska Yukon-P Pacific ex
position This exposition in it's pur
poses and scope should appeal not onl,
to the people of the Pacific slope, bu
} to the people of the United States a
large.
Rights of Aliens.
!. Not only must we treat all nations
fairly, but we must treat with justic,
} and good will all immigrants who COM
. here under the law. Whether they ar
Catholic or Protestant, Jew or gentle
whether they come from England o
! Germany. Russia. Japan or Italy, mat
ters nothing. All we have a right t
question Is the mans conduct II b
! Is honest and upright in his dealing
, with his neighbor and with the state
-. then he is entitled to respect and goo
Z treatment. Especially do we need t
!. remember our duty to the strange
. within our gates. 1t is the sure mar
|. OF low civilization, a low morality, t
J. abuse or discriminate against or in an
? way humiliate such stranger who ha
come here lawfully and who is cor