The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1906-12-07

pNnt yal&Ia n tfs |; III sonrs roNntrSs
~. ~ prove inlpfa etica bls t6 enact " ~
- then .at Seaat9 provisIons Shouia IS
maze ZOE better cOfnmunteatio with
south America notah bly, ~ sua that onr
munica ton a q the L shape OF lines ,of
e4SSeams1s With. South Y. Nierica. should In
that great sister c.:. :s,stsnt be &c = dia.
aa4vantaxe compared to. the business peo-
Die OF Eur0pe. q I'D tn ~ g8i,
* 49, 81 - 0xOENs e " ~
e .I.espectally eau your attention to the
second subject. the condition OF our cur
ably served n great purpose in aiding the
enormous buslness development u a$ .
country and within teni years there has
from 21.l1 to S33os For several years
evidence hos been accommodating that ad-
Mti0nal legislaticn Ia needed. Tho re-
must soon be q revision Of them, because
70 leave them AZ they are means to incur
liability OF business disaster. since your
ton IN the interest on call money from
per cent to 80 per cent; and the auc-
tuation was even greater during the pre-
treasury and to step in and by wise &C.
tion put a stop te the most violent period
Of oscillation. Even worse than such huc-
rates and the uncertainty felt in the the
euiiiciency Of credit even at high rates.
All commercial interests suffer iurin1
each crop period. Excessive rates for
from the, interior banks into the specula-
tive field; this depletes the fund that
would otherwise be available for conn
mercial uses, and comrnercial borrowers
are forced to pay abnormal rates. so that
each fall tax, in the shape Of increased
interest charges. is placed on the whole
The mere statement Of these facts show
that our present system is seriously de-
fective. There is need Of change. I'M
fortunately, however, many Of the pro-
are not easy of comprehension, and tend
to disturb existing rights and interests,
would materially impair the value Of the
United States 2 per cent bonds, now
pledged to secure. circulation the issue
culiarIy creditabie to the treasury. It do
not press any especial plan. Various
plans have recently been proposed by ex-
aas Wdn Of poabT e xSns s the
which certainly should receive your con-
your attention by the present secretary Of
which have been approved by many prom
inent bankers and business men. Ac-
cording to this plan national banks should
ton Of their capital in notes Of given
kind. the issue to be taxed at SO high
a rateaas to drive the notes back when
would not permit the issue Of currency
to give banks additional profits, but to
meet the emergency presented by times Of
do NOT saw that this 10 the right svs.
tenn. 1 only advance it to emphasize my
belief that there is need for the adop-
ton of some system which shall be auto
as to avoid 1 al possibiitW OF diseriminao
ton and favoritism. Such q plan would
tend to, prevent the spasms of high money
New York market; for at present there
is too much currency at certain seasons
Of the year, and its accumulation at
New York tempts bankers TO lend IL at
low rates for speculative purposes; where's
as at other times when the crops are
a large but temporary increase in the
Philippine Tariff.
I most earnestly hope that the bill to
provide q lower tariff for or else abso-
lutte free trade in Philippine products
to any American Industry: and while
there will be some small but real material
benefit to the .Filipinos, the main benefit
purpose to do all in our power for their
welfare. So far our action in the Philip
pines, has been abundantiy justified. yet
of the added dignity it has given us as q
nation BY proving that we are capable,
honorable and eficiently able to bear the
people should bear, but even more be-
cause Of the immense benefit that has
come to the people Of the Philippine
American or ct,z a,snn A shand ,e
ferred on the citizens Of Porto Rico. The
We ufeoseu anu Ma2r"S
The needs of Hawaii are peculiar; every