The Montgomery tribune. (Montgomery City, Mo.) 1892-1910, 1907-12-06
rect subject of currency legislation. and

rect SUBJECT OF currency lcgislation, AND
says:
IT again urge on the congress the need
OF immediate attention to this matter.
We need n greater elasticity in our cur
rency provided, of course, that we recog-
nize the even greater need of n safe and
secure currency. There must always be
tho 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 a heavy tax. This woul permit
currency being issued when the demand
for 1t was urgent, while securing Its re-
tircment as the demand fell off. 1t 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 ever
the wisest legislation on the subject can
only accomplish a certain amount. No
legislation can by any possibility guar
antee the business community against the
results of speculative folly any more han
1t can guarantee an individual against the
results of his extravaganza. When an in
dlvidual mortgages his house to buy an
automobile he invites disaster; and when
wealthy men. or men who pose as such.
or are u~nscrupulously or foolishly eager
to become such, indulge in reckless spec
ulation-especially II 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
tho yphnle business community to manic
and distress"
He advises against any general tariff
legislation this session of congress, and
says:
I'm a country OF such phenomenal
growth as ours IL Is probably well that
every dozen years or so the tariff laws
should be carefully scrutinized so as to
see that no excessive or improper bene-
fits are conferred thereby, that proper
revenue Is provided, and that our
foreign trade Is encouraged. There
must always be as a minimum
a. 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
well-being Of the wage-worker must ever
be a cardinal point of American policy.
The question should be approached pure
l. lloIll d poNl lilc
time and the manner of the change being
such as to arouse the minimum of agi-
tation and disturbance in the business
world, and to give the least play for
selfish and factional motives. The sole
consideration should be to see that the
sum total of changes represent the pub
lie good. This means that the subject
cannot with wisdom be dealt with in the
year preceding a presidential election, be-
cause as a matter of fact experience has
conclusively shown that at such a time
1t 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 Immediately after such cleo
ton"
He asks for the repeal of the tariff on
paper and wood pulp.
He reviews and enlarges upon his pre-
vious recommendations for the enact
ment of federal inheritance and income
tax laws.
Attention is 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.
The Use and the
Abuse of InjunctiOns.
Instances of abuse in the granting OF
injunctions in labor disputes, continue to
occur, and the resentment In the minds
Of those who feel hat 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 1 am con
strained to express the belief that for
some of it there Is warrant. This ques-
ton is becoming more and more of prime
Importance, and unless the courts will
I-rl lkl a T.
ner, 1t Is certain ultimately to demand
some form Of legislative action. 1t would
4 be most unfortunate for our social wei.
fare II we should permit many honest
i. and ~law-abiding citizens to feel that
T. they had just cause for regarding our
Y courts with hostility. I earnestly com.
mend to the attention of the congress
this matter, so that some way may be
devised which will limit the abuse Of in
functions and protect those rights which
from time to time it unwarrantably in
Il vades. Moreover, discomfort Is often ex'
i pressed with the use Of the process Of
r injunction by the courts, not only in la.
Dor disputes, but where state avs are
concerned. I refrain from discussion OF
/ this question as I am informed that 4
will soon receive the consideration of thu
supreme court"
OF other legislation in the interest o.
\ labor he favors federal inspection of rail
~ rOdoS, pTOViullS limited Out OeUnlte com
pensation for accidents to all workmer
employed in any way by the government
and says:
1.-THE constitutionality of the employers
liability act passed by the preceding con
gress has been carried before the courts
In two jurisdictions the law has been de
clared unconstitutional, and in three juris
dictions its constitutionality has been af
firmed. The question has been carried t
the supreme court, the case has beef
heard by that tribunal, and a decision 4
expected at an early date. In the even
hat the court should affirm the consti
nationality of the act. I urge further leg
islation along the lines advocated In m.
message to the preceding congress. TIL
practice of putting the entire burden o
loss Of life or limb upon the victim O
the victims family IL a form Of social in
justice in which the United States stand
in unenviable prominence. In both on
federal and our state legislation we have
with few exceptions, scarcely gon
farther than the repeal of the fellow
servant principle of the old law Of liabil
ity, and In some of our states even thi
slight modification OF a complete out