The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1906-12-06

Power to deal with q should be conferred
on the national government.
When home ties are ioosencd: when men
/ aud women cease TO regard a worthy fam
| lily life. with all It's duties fully reformed.
and all Its responsibilities lived up To, aS
/ the life best worth living: then evil days
| Tor the commonwealth are at hand
The Subsidy Issue.
| Let me once again call the attention of
! The congress 20 two subjects concerning
1 which I have frequently before communi-
| Gated with them. One is the question Of
/ developing American shipping. ! trust
| that law cmbodying In substance the
| views. or n major part OF the Views, cx-
! pressed In the report on this subject laid
4 before the house at It's last session will b.
| passed. l am well aware that In former
years objectionable measures have been
! proposed IN reference to the encourage
| ment of American shipping: but u seems
| To me that the proposed measure II as
| nearly unobjectionable az any can be- IL
VIII OF course benefit primarily our sea-
| board states. such as Maine. Louisiana
| and Washington; but what benefits part
| 81 our people In the end benefits all: Just
n government aid To Irrigation and for
| estry IN tho west ~ really OF benefit. not
| only To- the Rocky mountain states. but
To all our country. ~ u prove impraciic-
| able tn enact law for the encouragement
1 Of Shipping generally. then at least provi-
| s.on should BE- made for better communal
cation with South America. notably for
1
| can ports. IL - dIScrcditable To us that
| our businets people. for lack OF direct
| communication la the shape Of lines OF
| steamers with South America, should In
that great sister continent be- at a disad-
vantage compared to the business people
| OF Europe.
Currency Reform.
| I especially call your attention TO the
second subject, the condition Of our cur
! rcncy laws. The national bank act has
ably served n great purpose I'm aiding the
| enormous business development OF the
country; AMI within ten years there has
\ from s2i.u to ttJOS For several years
| evidence has been accommodating that adj
! ditional legislation II needed. The re-
currcncr Of each crop season emphasizes
the defects OF the present laws. There
| must soon b- revision OF them. be-
cause To leave them a. they are means
| TO incur liability OF business disaster.
| Since your body adjourned there has been
| a nuctua,ion In tn" interest on call money
/ from per cent. To N per cent: and the
nuctuation was even greater during the
| preceding six months.
The secretary Of the treasury had TO
| step In aud by Wis" action put stop 10
| the most violent period OF oscillation.
| Even worse than such fiuctua,ion IL the
! advance In commercial rates AMI the un-
| certainty f"lt In the suf'iciency or credit
! even at high rates. All commercial In
| tcr~sts suffer during each crop period.
| Exc"ssiv" rates for call money In New
! York attract money from the Interior
banks into the speculative ncld. this de-
! plctcs IN" fund that would otherwise be-
available for commercial uses. AMI com
| merC.al borrowers are forced To- pay alb
! normal rates: So that each fall a tax,
| Ia the SHAPE OF Increased interest charges.
! IN placed on the whole commerce OF the
/ country.
RI" mere statement OF these facts
| shows that our present system Is sert-
ously defective, There Is need OF
| change
! Unfortunately. however. many of the
proposed changes must ID" ruled from
| consideration bccaus" they are compli-
| Gated. are not easy OF comprehension,
AMI tend TO disturb existing rights and
| interests. We must also rule out any
| plan which would materially impair the
value Of the United States per cent.
bonds now pledged To secure circulation.
the tssu" or which was made under con-
| ditions peculiarly cr-ditabl" Co th" treas
ury. do not press any especial plan.
| Various plans have recently been pro-
posed by expert committees OF bankers.
/ Among the plans which ar. possibly
feasible and which certainly should re-
| cetvc your consideration N that repeat
eddy brought to your attention by the
essential features Of which have been
approved by many prominent bankers
and business men. According to this plan
! national banks should b. permitted To
issue q specified proportion OF their cap
| iial In notes OF given kind. the issue
to- to be taxed at 80 high "a, rate a. to driye
| innate trade. This plan would not per-
| init the issue OF currency TO give banks
l
gency presented Ivy times OF stringcncy.
To Prevent Spssrs.
! do not say that this f. the RICH;
! system. I only advance AZ to emphasize
my belief that there IN need for the adop-
ton OF some system which shall bc au-
! tomato and upoa 10 all SOUND banks.
| so as 10 avoid all possibility OF discrim-
| lnation and fayoritism. Such plan
would tend 10 prevent the spasms OF
! 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-
! tn lend u ~ low rates for speculative
purposes. whereas At Other times when
| the crops are being moved there II urgent
need for a larg" but temporary Increase
! In the currency supply.
/ IL must never be- forgotten that this
| question concerns business m"n generally
qui:c as much as bankers: especially IL
| this trIl" OF stCckm"n. farmers AMI bust
/ ness men 10 the west. Tor at present az
| certain Seasons % IN" year ia" difference
! IN Interest rates between the east ana
I tn" west L. from To- 10 per cent. where
as ia Canada IA" corresponding difference
! ~ bui per cent. Any plan must OF
/ course. guard the interests of western
! and southern bankers as carefully as Il
guards the interests or New York or Chi
/ cage bankers and must be drawn from
! IN" standpointS or IN" farmer AMI the
| merchant no less than from the stand
/ points of a." city banker AMI IN" country
/ banker.
/ The Law should bc amended 50 as sp,.-
| officially To provide tha; the fundS derived
\ from customs duties may l." treated hy
\ the secretary - the treasury as b" treats
I funds ob,ginrl ur,ic' the internal rev
I emu" Law There should b" 4 con-id-
] cradle increase ip hills " small dcnumi-
/ nations. Permission SAoIld D" given
. backs. 10 Necessary under settled re-
. ~tyi,tlons. Co rrtirr ;h"ir Ctrculd ton iu a
4 larger amount than SOo.o'" month.
Philippine Tariff
! I most earnestly hop" thar To-, hill 20
/ provide a lower tltiu Tor or "ls" IbsOlu."
/ fr"" trad" la philippin" products will bH-
/ come a Law No harm will com" 10 any
| American industry. AMI while there viii
! y" some small hut real material benefit
| 60 IN" FilipinoS, the main h"n"il, viii
| come by the showing made az to our pur-
/ pos" To- do all Ia our powrr for Their
| welfare. So far our action In IN" Phil
| ipplars has been ahundsn;ly Justified
! not mainly and indeed noJ primarily b.
| cause - the added dignity /, has given
us a. "A nation by proving shat We arr
] capable hunoruhly and efficiently Co bear
| the International burdens witch a mighty
! poop" should bear. but even NOR" b.
| cau~" of ~" immrnsr benefit that has
| come 10 the people oT IN" Philippine
| Islands.
| In thrs" islands W. are steadily intro
| iuCing both ltb:rtN ami order Ia a gr'tI-
! s.r I.urs.s. than their usHhpi.s bHN. fsNyF