The Garland globe. [volume] (Garland, Utah) 1906-191?, 1907-12-07
.ect subject Of currency legislation. and

says:
II again urge on the congress the need
of Immediate attention to this matter.
We need a greater elasticity In our cur
rency; provided. of course. that we recog-
nize the even greater need OF a safe and
secure currency There must always be
the most rigid examination by the ma
tional authorities. Provision should be
made for an emergency currency. The
emergency issue should. OF course. be
made with an effective guaranty. and up
on conditions carefully prescribed by the
government Such emergency issue must
be based on adequate securities approved
by the government. and must be issued
under heavy tax This would permit
currency being issued when the demand
for II was urgent, while securing Its re-
tIrement as the demand fell OF. II Is
worth investigating to determine whether
officers and directors OF national banks
should ever be allowed to loan to them
selves. Trust companies should be sub
ject to the same supervision as banks
legislation to this effect should be en-
acted for the District OF Columbia and
the territories.
yet we must also remember that even
the wisest legislation on the subject can
only accomplish certain amount. No
legislation can by any possibility guar
antee the business community against the
results Of speculative folly any more than
results of his extravaganza. When an In
dividual mortgages his house to buy an
automobile he invites disaster: and when
wealthy men. or men who pose as such,
or are unscrupulously or foolishly eager
to become such. indulge In reckless spec
ulation-especially IL 1t is accompanied by
dishonesty-they jeopardize not only their
own future but the future of all their in
nocent fellow-citizens, for they expose
the whole business community to panic
and Distress
He advises against ANY general tariff
legislation this session OF congress, and
says:
growth as ours II Is probably well that
every dozen years or the tariff laws
should be carefully scrutinized so as to
see that no excessive or improper bene-
nts are conferred thereby, that proper
revenue II provided. and that our
foreign trade is encouraged. There
must always be as minimum
tariff which will not only al
low for the collection of an ample rev.
enue but which will at least make
good the difference in cost OF production
here and abroad; that Is. the difference In
the labor cost here and abroad. for the
we'll being OF the wage worker must ever
be a cardinal point Of American policy.
The question should be approached pure
ly from a business standpoint; both the
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time and the manner OF the change being
such as to arouse the minimum OF agi-
tation and disturbance In the business
world. ana TO give the least play Tor
seinsn ana tactionai motives. Inc sole
consideration shouid De 10 see that the
sum totai OF changes represent the pub
Tic good. rms means that the subject
cannot with WISDOM De dealt with In the
year preceding presidential election be-
cause as matter OF iact experience mas
conciusiVeiy SHOWN that at such time
u Is Impossible 10 get men 10 treat II from
the STANDPOINT OF the pubic good. IN my
Juogmeht tne wise time 10 oeai with the
matter Ii ihimeuiateiy aiter such eiec-
uon'
lie asks Tor the repeal or the tarin on
paper and wood pulp
He reviews and eniarges upon his pre-
vious recommendations for the enact
ment Of federal Inheritance and income
tax laws
Attention In called TO the prosecution Of
wealthy offenders against the national
laws. and In this connection he asks that
the laws under which these prosecutions
are brought be strengthened and made
more definite.
r
Anm.. n, ,.,,...,