The Montgomery advertiser., 1906-12-05

rights and interests. we must also terialiy impair the value of the Uni ted States two per cent bonds now pledged to secure circulation, the issu' of which was made under conois,vns ,sru i do not press any especial piAn' Various palms have recently been pro posed by expert committees Of Dank- sibiy feasible and which certainty should receive your consideration IS that repeatedly brought to your at. tsntiSn by the present see5srary sastarss s which have been approved oy many prominent bar kers and business men. According to this plan national oanks should be permitted to issue specl- fled proportion of their capital In notes of a given kind the issue to pc 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 aodi- tional profits, but to meet the emer- gency presented by times of stringen-
 do not say that this Is the right system.e only advance it to empha- size my belief that there is need TOT shall be automatic and open to all sound banks so as to avoid all possi- bility of discrimination and favoritism Such a plan would tend to prevent the snasms of high money and speculation which now obtain in the New York market; for at present there Is toe much currency at certain seasons 9t the year. and its accumulation at New York tempts bankers to lend 1t at low rates for speculative purposes; where as at other times when the crops are being moved there is urgent need TO a large but temporary increase in the currency supply. It must never be- Tor gotten that this question concerns bus mess men generally 9aiteb bis as frus maeh af of stockmen, farmers and business men In the west; for at present at certain seasons of the year the difference III interest rates between the East aht tn West is from six to ten per cent whereas in Canada the corresponding difference is but two per cent. Any plan must, of course guara ths liieers sers ests of western and southern bankers as carefully as it guards the interests of New York and Chicago bankers; ant 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 funas derived from customs duties may he treated by the Secretary of the Tre9s- ury as he treats funds obtalned under should be considerable increase in bills of small denominations. Permis- sion should be given banks If neces- sary under settled restrictions, to re-
 
 amount than three millions month. Philippine Tariff.
 I most earnestly hope that the Dill to provide d lower tariff for or else else ! ducts will become law. No harm will come to any American industry and while. there, will be some small ,.1i pinos, the main benefit will come by the showing made as to our purpose to do all in our power for their vel e 2-. Ns1., awa H. ippines has been abundantly Justified, bec because s'D5f of the added dignity 1t has given us as 2 nation by Proying tts, that ciently to bear the international bur dens which a mighty people shoAld bear, but even more becaus" Of she people of the Philippine Islands. In these islands we are steadily intro- ducing both liberty and order, to a ever before known. We have secured justice. We have provided an efficient 1 police force and have but down la dronism. Only in the islands of Leyte | and Samar is the authority O. our gov l ernment resisted and this by wilc l mountain tribes under the supersti- tious inspiration of fakirs and pseudo religious leaders. We are constant! increasing the measure of liberty ac
 corded the islanders, and next spring If conditions warrant, we shall tak' a capacity for self government by sum
 moning the first Filipino Legislative assembly; and the way in which they stand this test will largely determine granted will be increased or decreased
 for if we have erred at all in tht Philippines 1t has been in proceeding too rapidly in the dil ection of grant ing a large measure of self govern
 ment. We are building roads. w have for the immeasurable good O the people, arranged for the building
 of railroads. Let us also see to i
 that they are given free access To ou ! markets. This nation owes no nor imperative duty to itself and mankin' of all the islands under the American
 flag-the Philippines, Porto Rico an, Hawaii-so as to make 1t evident tha
 Porto Rican Affairs.
 American citizenship should be con
 ferred on the citizens of Porto Rico
 The harbor of San Juan in Porto Ric
 should be dredged and improved. Tn
 expenses of the federal court of Port
 Rico should be met from the fedora 7 affairs of Porto Rico. together wit those of the Philippines. Hawaii, an
 our other insular possessions. Shoul
 all be directed under one executive de Tnnt of State or the Department q War.
 ! Hawaii.
 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 freehOlderR. not u great planters with cooIie e-tilled es
 tates. Situated as this territory is, i
 the middle of the Pacific, there ar
 duties imposed upon this small com
 munity which do not fall in like degre
 or manner upon any other America
 community. This warrants our treat
 ing 1t differently from the way 1
 which we treat territories con
 tiguous to or surrounded by siste
 territories or other States, and justi
 les the setting aside of q portion u
 our revenues to be expended for edu
 cational anG internal improvement
 therein. Hawaii is now making an ef