The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-12-05

meet the emergency presented by times
of stringency.
I do not say that this is the right
system. I 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 possibility of discrim-
ination and favoritism. Such a plan
would tend to prevent the spasms Of J
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 ac-
cumulation at New York tempts bank
ers to lend it at low rates for specula-
tive purposes; whereas at other times
when the crops are being moved there
is urgent need for large but Temporal
ry increase in the currency supply. 1t
must never be forgotten that this ques-
ton concerns business men generally
quite as much as bankers; especially Is
this true of stokmen, farmers and bus
mess men in the west; for at present at
certain seasons of the year the differ
ence in interest rates between the east
and the west is from to 10 per cent,
whereas in Canada the corresponding
difference is but per cent. Any plan
must, of course, guard the interests of
New York or Chicago bankers; and
must be drawn from the standpoints of
the city banker andethe country bank
ef.
The law should be amended SO as to
specifically provide that the funds de-
rived from customs duties may be
treated by the Secretary of the Treasu-
ry as he treats funds obtained under
the internal-revenue laws. There
should be a considerable increase in
bills of small denominations. Permis-
sion should be given banks, if necessa-
ry under settled restrictions, ito retire
their circulation to larager amount
than three millions a month.
Philippine Tariff.
most earnestly hope that the bill to
provide a 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 ma
terial benefit to the Filipinos, the main
benefit will come by the showing made
as to our purpose to do all in our pow
er for their welfare. SO far ur 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 eff
GENTLY to bear the international bur
dens which mighty people should
bear, but even more because of the inn
mense benefit that has come to the
people of the Philippine Islands In
these islands we are steadily introduce
| ing both liberty ana order, to a greater
degree than their people have ever be-
( fore known. We have provided an ef-
ficient police force and have put down
! ladronisn. 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-
I do religious leaders We are constant
! ly increasing the measure Of liberty
accorded the islanders, and next spring,
! if conditions warrant, we shall take al
| great stride forward in testing their
/ capacity for selfgovernment by sum-
moning the first Filipino legislative as-I
| sembly; and the way in which They'll
stand this test will largely determined
whether he self-government thus grant
| ted will b increased or decreased; fort
if have erred at all in the Phillip
pines it has been in proceeding too rap-i
] N, Of in
measure Of government We are
building roads, We have, for the inn
I measurable good of the people, ar
ranged for the building of railroads
I Let us also see to it that they are Civ
\ en- free access to our markets. This8
| nation owes no more imperative duty
| to itself and mankind than the duty o1#
managing the affairs of all the islandsA
under the American flag-the Philip
pines Porto RIGA and Hawaii-so as I'd
make it evident that it is in every way
to their advantage that the flag should
fly over them.
Porto Rican Affairs,
American citizenship should be conf
ferred on the citizens of Porto Rico
! The harbor of San Juan in Porto Rico
should be dredged and improved TheN
expenses of the federal court pf PORTO
Rico should be met from the Federal
Treasury. The administration of the
affairs of Porto Rico, together with
those of the Philippines, Hawaii anon
our other insular possessions, should
all be directed under one executive de-
| pertinent; by preference the DEPART
ment OF State or the Department OF
War.
Hawaii.
The needs of Hawaii are peculiar;
every aid should be given the islands;
and our efforts should be unceasing to
develop them along the Tires Of a COM
munity of small freeholders not ON
great planters with cooie-tilied es-
tates Situated as this Territory is, in
the middle of the Pacific. there are
duties imposed upon this small COM
munitv which do not fall in like de-
gree or manner upon any other Ameri-
can community This warrants our
treating it differently from the way in
which we treat Territories contiguous
to or surrounded by sister Territories
or other states, and justifes the set
ting aside Of a portion of our revenue3E
| to be expended for educational and
internal improvements therein Ha-
wall is now making an effort to secure