The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-12-06
standpoints of the city banker and
the country banker"
IMMEDIATE ACTION URGED.

IMMEDIATE ACTION URGED.
| again urge on the congress the
need of immediate attention TO this
matter. We need a greater elasticity
III our currency; provided, of course,
that we recognize tho even greater
need of safe and secure currency.
There must always be the most rigid
examination by the national author
tiles Provision should be made for
an emergency currency. The emerg-
ency issue should, of course, ne made
with an effective guaranty, and upon
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 is
sued when the damard for it was
urgent. while securing its retirement
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 themselves. Truss companies
should be subject to the same super
vision as banks; legislation to this
effect should be enacted for the dis
trict of Columbia and the territories.
Yet we must also remember that
even the wisest legislation on the
subject can only accomplish a GER
tain amount. No legislation can by
any possibility guarantee the business
community against the results of
speculative folly any more than it can
guarantee an individual against the
results of his extravaganza. When
an individual mortgages his house to
buy an automobile he invites disas-
ter; and when wealthy men, or men
who pose as such, or are unscrupu-
lously or foolishly eager to become
such, indulge in reckle less speculation
especially if it is accompanied by
dishonesty-they jeopardize not only
their own future but the future of
all their innocent fellow citizens, for
they expose the whole business COM
munity to panic and distress
REVENUE.
The income account of the nation
is in a most satisfactory condition.
For the six fiscal years ending with
the 1st of July last the total eX-
penditures and revenues of the ma
tional government exclusive of the
postal revenues and expenditures,
were, in round numbers: Revenues,
$3,465, 100000; and expenditures
1920, 900, 900. The net excess of
income over expenditures, including
in the latter the fifty millions ex-
DER ded for the Panama canal, was
$3.50, 100000 for the six years, an
average of about So, Nv, a year.
This represents an approximation be-
tween income and outgo which it
would be hard to improve. The sat
isfactory working of the present tar
if law has been chiefly responsible
for this excellent showing. Never
theless, there is an evident and con-
stantly growing feeling among our
people that the time is rapidly APP
preaching when our system of rev.
enue legislation must be revised.
LAND LAW SYSTEM BROKEN
DOWN.
The effort of the government to
deal with the public land has been
based upon the same principles as
that of the reclamation service. The
land law system which was designed
to meet the needs of the fertile and
well watered regions on the middle
west has largely broken down when
applied to the dryer regions of the
great plains, the mountains and much
of the Pacific slope where farm of
/ go acres is inadequate for self-sup-
port. In these regions the system
lent itself to fraud, and much land
passed out of the hands of the home
maker. The department of the inte-
rior and the departn ent OF justice
Joined in prosecuting the often .ers
against the law ard they have ac-
much. while where the
administration of the law has been
defective it has been changed. But
he laws themselves are defective
Three years ago public lands COM
mission was appointed to scrutiniZe
he law, and defects, and recommend
1 remedy Their examination spe-
showed the existence of great
fraud upon the public domain and
heir recommendations for changes
n the law were made with the de-
sign of conserving The neutral re-
sources of every part of the public
ands by putting it to its best use.
Especial attention was called to the
prevention of settlement by the pass
&c of great areas of public land into
he hands of few men, and to the
enormous waste caused by unrestrict-
ed grazing upon the open range. The