Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1906-12-05

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
$330S. 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 a 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
fiuctuation In the interest on call
money from 2 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.
/ do not press any especial plan. Va
rlous 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 a specified proper
ton of their capital in notes of a given
kind, the issue to be taxed at so high
a 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 stringency.
I do not say that this is the right sys-
tenn. l 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 considerable increase In
bills Of small denominations. PERMITS
sion should be given banks, If necessa-
ry under settled restrictions, to retire
their circulation to larger amount
than three millions a month.
Our Outlying Possessions.
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 mate
rial benefit to the Filipinos, the main
benefit will come by the showing made
as to our purpose to do all in our power
for their welfare.
Porto Rican Affairs.
American citizenship should be con-
ferred on the citizens of Porto Rico
The harbor Of San Juan, in Porto Rico,
should be dredged and improved. The
expenses of the federal court of Porto
Rico should be met from the federal
treasury.
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 lines of COM
Of small freeholders, not of
great planters with cody titled es-
tates.
Alaska.
Alaska's needs have been partially
met, but there must be a complete re-
Of the governmental sys-
tenn. as have before Indicated to you.
/ ask your especial attention to this.
Our fellow citizens who dwell on the
shores Of Puget sound with character
istic energy are arranging to hold in
Seattle the Alaska Yukon-P Pacific ex-
position. This exposition In its pur-
poses and scope should appeal not only
to the people Of the Pacific slope, but
to the people Of the United States at
large.
Rights OF Aliens.
Not only must we treat all nations
fairly, but we must treat with justice
and good will all immigrants who come
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