The Glenwood post., 1907-12-07

the merchant no less than from the
| standpoints of the city banker and the
| country banker"
Repeats Recommend datio,s.
The president continues:
Il again urge on the congress the
| need of immediate attention to this
matter. We need a greater elasticity
| in our currency: provided, of course.
| that we recognize the even greater
| need of a safe and secure currency.
There must always be the most rigid
| examination by the national authori-
| ties. Provision should be made for an
emergency currency. The emergency
| issue should. of course. be made with
an effective guaranty, and upon condi-
| tions carefully prescribed by the gov
| ernment. Such emergency issue must
| be based on adequate securities ap-
proved by the government. and must
| be issued under heavy tax. This
would permit currency being issued
| when the demand for 1t was urgent.
while securing it's retirement as the
| demand fell OF. 1t is worth investi-
| eating to determine whether officers
| and directors of national banks should
| ever be allowed to loan to themselves.
Trust companies should be subject to
the same supervision as banks: legisla-
| tion to this effect should be enacted for
| the District of Columbia and the terri
tories"
| Not Time for Tari6 Discussion.
| On the subject of the tariff the presi-
| dent declares himself in favor of post
| poning all consideration of the ques-
| ton until after the presidential cleo
| ton. He says:
This country is definitely committed
| to the protective system and any effort
| to uproot it could not but cause wide
| spread Industrial disaster. In other
words, the principle of the present tar
| in law could not with wisdom be
| In in n rtr,, of
| phenomenal growth as ours it is prob
| ably well that every dozen years or so
| the tariff laws should be carefully
| scrutiniZed so as to that no ex-
| cessive or improper benefits are con-
| ferred thereby. that proper revenue is
| provided. and that our foreign trade is
| encouraged. There must always be as
| minimum tarifr which will not only
| allow for the collection of an ample
revenue but which will at least make
good the difference in cost of produc-
| tion here and abroad; that is, the diff
| ference in the labor cost here and
abroad. for the well-being of the wage
| worker must ever be cardinal point
| of American policy. The sole consider
| alton should be to see that the sum
| total of changes represent the public
| good. This means that the subject can
| not with wisdom be dealt with in the
| year preceding a presidential election,
| because as matter of fact experience
has conclusively shown that at such
time it is impossible to get men to
treat 1t from the standpoint of the
public good In my judgment the wise
time to deal with the matter is immedi-
ately after such election"
Income nnd Inheritance Tax.
There has been no change in the
mind of the president concerning the
advisability of an income tax and an
inheritance tax. In the message he
says:
when our tax taws are revised the
question of an income tax and an in
heritance tax should receive the care
full attention OF our legislators. In my
judgment both of these taxes should be
part of our system of federal taxation.
I speak diffidently about the income tax
! because one scheme for an income tax
| was declared unconstitutional by the
| supreme court: while in addition 1t is
a difficult tax to administer in its prac-
teal working. Nevertheless. n grad
uated income tax of the proper type
would be desirable feature of federal
taxation. and it is to be hoped that one
may be devised which the supreme
court will declare constitutional. The
inheritance tax, however is both a far
better method of taxation. and far more
important Tor the purpose of having
the fortunes of the country bear in
proportion to their increase in size
corresponding increase and burden of
taxation The government has the abb
solute right to decide as to the terms
upon which a man shall receive the be-
quest or devise from another and this
point in the devolution of property is
| especially appropriate for the imposi-
ton of a tax"
Due Enforcement of Law.
On the matter of the impartial en-
forcement of the laws the message
says:
"A few years ago there was loud
complaint that the law could not be in
voked against wealthy offenders. There
is no such complaint now. The course
of the department of justice during the
last few years has been such as to
make 1t evident that no man stands
above the law. that no corporation is
so wealthy that 1t cannot be held to
account Everything that can he done
under the existing law. and with the
| existing state of public opinion which
so profoundly influences both the
| courts and juries, has been done. But
| the laws themselves need strengthens
| Ing in more than one important point:
they should be made more definite. so
| that no honest man can be led unwit-
| tingly to break them, and so that the
| real wrongdoer can be readily punished
The two great evils in the execution
| or our criminal laws to-day are senti-
mentally and technically. For the lat
| ter the remedy must come from the
| and the lawyers. The other must de-
| pend for its cure upon the gradual
| growth of sound public opinion which
shall insist that regard for the law and
the demands of reason shall control all
other influences and emotions in the
| jury box. Both of these evils must be
| removed or public discomfort with the
| criminal law will continue"
Use of Injunctions.
referring to the question of the use and
abuse Of injunctions the president de-
clares:
| instances OF abuse in the granting of
| injunctions in labor disputes continue to
| occur. and the resentment in the minds
| of those who feel that their rights are
| being invaded and their liberty of action
| and of speech unwarrantably restrained
continues to grow. Much OF the attack
| on the use OF the process Of Injunction Is
! wholly without warrant; but | am con-
| strained to expire IS the belief that for