The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1906-12-04

shipping. | trust that law embody-
ing in substance the views or major
part of the views expressed In the re-
port on this subject laid before the
house at its last session will be passed
/. 1t seems to me that the proposed meas
ure is as nearly unobjectionable as any
can be.
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
$33.0S. 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
soon be revision of them, because
to leave them as they are means to in
cur liability of business disaster Since
your body adjourned there has been a
tiuctuatlon in the interest on call
money from per cent to 80 per cent.
and the fiuctuation was even greater
during the preceding six months. The
secretary of the treasury had to step
in and by wise action put stop to the
most violent period Of oscillation.
l 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 specified proper
ton Of their capital in notes Of 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 prof
its. but to meet the emergency present
ed by times of strlngency.
do not say that this is the right sys-
tenn. only advance it to emphasize
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
discrimination and favoritism.
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 a considerable increase in
bills Of small denominations. PERMITS
sion should be given banks, If necessa-
~ under settled restrictions, to retire
their circulation to a larger amount
than three millions a month.
-
Our Outlying Possessions.
most earnestly hope that the bill to
provide lower tariff for or else abso-
lutte free trade ia Philippine products
will become a law. No harm win come
to any American industry. and, while
there win be some small but real mate.
rial benefit to the Filipinos. the main
benefit will come by the showing made
rs to our purpose to do ali in our power
for their welfare
Porto Rtcan Affairs.
American citizenship should be con.
ferred on the citizens Of Porto Rico.
The harbor Of San Juan. In Porto Rico,