Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1907-12-03
-, -. government Of an owners ana

Lessons Of Recent Crisis.
To confer upon the national govern
ment I'm connection with the amend
nent | advocate in the antitrust law
mower Of supervision over big business
concerns engaged in interstate com
merce would benefit them as II mas
benefited the national banks. In the
recent business crisis 1t is noteworthy
that the institutions which failed were
institutions which were not under the
and control Of the national
Those which were under
national control stood the test
National control Of the kind above
would be to the benefit or
every well managed railway. From
the standpoint Of the public there Is
need for additional tracks. additional
terminals and improvements In the &C
tual handling OF the railroads, and all
this as rapidly as possible. Ample
safe and speedy transportation facili-
ties are even more necessary than
cheap transportation Therefore there
ia need for the investment OF money
which will provide for all these things
while at the same time securing as far
as is possible better wages and shorter
hours for their employees. Therefore,
while there must be just and reasona-
BILE regulation Of rates, we should DO
the first to protest against any arpltra-
nv and unthinklng movement TO cut
them down without the fullest ana
most careful consideration OF all inter
ests concerned and of the actual needs
of the situation. Only a special body
of men acting for the national govern
ment under authority conferred upon It
by the congress is competent to pass
Judgment on such matter.
Those who fear from any reason the
extension OF federal activity will do
we'll to study the history not only OF
the national banking act, but or the
pure food law, and notably the meat
inspection law recently enacted. The
pure food law was opposed so Violent
ly that its passage was delayed Tor a
decade, yet it has worked unmixed ana
immediate good. The meat inspection
law was even more violently assailed,
and the same men who now denounce
The attitude OF the national govern
ment I'm seeking TO oversee and control
the workings OF interstate common car
riers and business concerns then as
serted that we were "discredlhng ana
running a great American industry
Two years have not elapsed, ana al
ready It has become evident that the
great benefit the law confers upon the
public IA accompanied by an equal ben
eft to the reputable packing establish
ments The latter are better off under
The law than they were without II.
The benefit to interstate common car
riers and business concerns from the
legislation ! advocate would be equal
ly marked.
Pure Food Law.
incidentally in the passage OF the
oure food law the action Of the yari-
Gus state food and dairy commission
ers showed In striking fashion how
much good for the whole people results
from the hearty cooperation OF the
federal and state officials in securing
a given reform. It is primarily to the
action Of these state commissioners
that we owe the enactment OF TINS
law. for they aroused the people, first
TO demand the enactment and enforce
ment of state laws on the subject and
then the enactment of the federal law,
without which the state laws were
largely ineffective. There must be the
closest cooperation between the ma
tional and state governments In ad'
mlnistering these laws.
Currency Legislation Needed.
I again urge on the congress the
need of immediate attention to this
matter. We need n greater elasticity
in our currency, provided Of course
that we recognize the even greater
need of safe and secure currency.
Provision should be made for an
emergency currency. The emergency
issue should of course be made with
an effective guarantee and upon condi-
tons carefully prescribed by the gov
eminent. Such emergency issue must
be based on adequate securities ap-
proved by the government and must DC
issued under heavy tax. This would
permit currency being issued when the
demand for il was urgent. while secur-
ing its retirement as the demand fell
off. II IS worth investigating to de-
termine whether officers and directors
of national banks should ever be al
lowed to loan 10 themselves. Trust
compnnies should be subject to the
same supervision as banks. Legisla'
ton TO this effect should be enacted fol-
the District OF Columbia and the ter
ritories.
Yet we must also remember thai
even the wisest legislation on the sub
ject can only accomplish n certain
amount. No legislation can by any
possibility guarantee the business com
munity against the results Of spsula
tive folly any more than 1t can guaran'
tee an individual against the results OF
his extravaganza. When an individual
mortgages bis house to buy an auto
mobile be invites disaster, and when
wealthy men or men who pose as such
or are unscrupulously or foolishly eager
to become such indulge in reckless
speculation, especially II II is accom-
panied by dishonesty. they jeopardlze
not only their own future, but the ia.
ture of all their innocent fellow citi.
zens, for they expose the whole bust,
l.. ANr~tW