The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1907-12-03
OF their capital in notes OF given
kind. the Issue to be taxed at 80 high

kind, the issue to be taxed at 50 high
a rate as to drive the notes back when
not wanted In legitimate trade. This
plan would not permit the Issue NJ
currency to give banks additional
profits, but to meet the emergency pre-.
sented by times Of stringcncy.
IL do rot say that this Is the right
system. I only advance IL to cmphn-
size my belief that there Is need for
the adoption Of some system which
shall be automatic and open 10 oil
sound banks. 50 as 30 avoid all posi-
bilty Of discrimination and favorit
ism. Such a plan would tend 10 pro
vent the spasms ~ high money and
speculation which now obtain in tho
New York market. for nt present there
is too much currency at certain sea
sons Of the year. and its accumulation
at New York tcnlpts bankers 20 lend
II at low rates FOR speculative prr-
poses. whereas Gt 1'hor times when
the crops are being moved there Is
urgent ncci for a largo but temporarT
: increase In The currency supply. II
must never $50 forgotten that this rrcs-
I flOll concerns Iu~lIA~ ~ lAIfh N'NA''.fiAtN
/ quite as much rs bankers. Especially
| Is this true ~ stockmcn, farmers and
/ business mon iu the west FOR at pr7s-
/ ent at certain Seasons Of the year tho
difference in interest rates between tho
| east and vc-t g. from 90 10 per cent.
! whereas In Canada the corresponding
difference Is but per cent. Any plan
| must OF course guard tho interests of
western and southern bankers a. care
fully as II guards the interests Of Now
/ York or Chicago bankers and must he
/ drawn from the standpoints Of the
/ farmer and the merchant no less than
| from the standpoiuts NJ the city bank
or and the country banker"
! again urge on the congress the need
| OF immediate attention 10 this mntc-.
We need n greater clas,i.i,y In OR cur
rency. provided. of course. that Tc rc"-
ognizc the cyon greater need of safe
and secure currency. There must n.
ways be the most rigid examination
by the national authorities. Provision
should ho made for IN emergency cur
rency. The emergency issue should
OF course be made with an effective
guaranty aud upon conditions care.
fully prescribed by the government.
/ Such emergency issue must br based
on adequate securities approved Ivy the
government and must be issued under
a heavy tax. This would permit cur
I rcncy being issued when the demand
for II was urgent, while securing It's
retirement nc the demand fell of. l.
is worth investigating TO determine
whether officers and directors of m
tlonal banks should ever he allowed 90
loan to themselves Trust companicg
should bc subject to the same supcry'-
sion as banks. Legislation TO this eject
should bc enacted for the District o.
Columbia and the territories.
Yet we must also remember thar
even the wiscst legislation on the sur
ject can only accomplish certain
amount. No legislation can by an"
possibility guarantee the business COM
munlty against the results OF spcculG-
tive folly any more than II can guar
antec an individual against the results
Of his extravaganza. When an indi-
I vldual mortgages his house to buy a.
automobile he invites disaster. anil
when wealthy men or men who pose ~
such or are UnscrupulouSly or foolish
ly eager TO become such indulge il
reckless speculation, especially If It ia
accompanied by dishonesty. they jeo7-
ardizc not only their own future, but
the future of all their innocent follow
citizens. for they expose the whole
business community TO panic and dis.
trcss
Revenue.
The income account of the nation "a
In most satisfactory condition. For
Tie six fiscal years ending with the
1st Of July last the total expenditures
and revenues of the national govern
mcnt, exclusive of the postal revenues
and expenditures. werc In round NUM-
hers, revenues S3,iGi iCO0cO0 and cS-
penditures $3.2T5, 100000. The net cx-
cess Of income over expenditures IN
cludlng In the latter the S5OOOO,OOO cy-
pended for TIE Panama canal. was
Slo0,00O,OOO for the six years, an aver
age Of about $3l ,OOO,OOO n year This
represents an approximation between
income and outgo which 1t would be
hard 10 improve. The satisfactory
working of the present tarih law has
been chiefly responsible for this eN-
ccllcnt showing. Nevertheless therr Is
an evident aud constantly growing fc,.-
tng among our people that the time T.
rapidly approaching when our system
Of revenue legislation must be revised
TIE Thp,CE