The Springfield herald., 1907-12-06
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Repeat. Recommen dntion..

Repeats RecommendRt tions.
The president continues:
II 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
There must always be the most rigid
examination by the national authort-
ties. Provision should be made for en-
emergency currency. The emerE sncy
issue should. of course. be made with
an effective guaranty, and upon condi-
tions carefully prescribed by the gov
ernment. Such emergency ISSUE must
be based on adequate securitie ap-
proved by the government. anS must
be issued under heavy tax. This
would permit currency being issued
when the demand for 1t was urgent
while securing its retirement as the
demand fell on. 1t Is worth investi-
eating to determine whether officers
and directors of national banks should
ever be allowed to loan to themselves
Trust companies should be subject to
the same supervision as banks; legisla-
ton to this effect should be enacted for
the District of Columbia and the terri
tories
Not Time for Tariff Discunsion.
On the subject of the tariff the presi
dent declares himself in favor of post
poning all consideration of the ques
tion until after the presidential cleo
tion. He says:
1.-THE income account of the nation is
in n most satisfactory condition. For
the SIX fiscal years ending with the
first of July last. the total expenditures
and revenues of the national govern
ment, exclusive OF the postal revenues
and expenditures, were in round num-
bers. revenues. $3,465. 900, ,0oo and eS-
penditures. ss.2i6.ooo. The net ex-
cess OF income over expenditures in
cluding in the latter the fifty millions
expended for the Panama canal. was
$3.50 000. 600 for the six years,
average of about $3l, 900 year This
represents an approximation between in
come and outgo which 1t would be hard
to improve. The satisfactory working of
the present tariff law has been chiefly
responsible for this excellent showing.
Nevertheless. there is an evident and con-
stantly growing feeling among our peo-
pie that the time is rapidly approaching
when our system of revenue legislation
must be revised.
This country is definitely committed
to the protective system and any effort
to uproot 1t could not but cause wide
spread Industrial disaster. In other
words the principle of the present tar
in law could not with wisdom be
changed. But in a country of such
phenomenal growth as ours it is prob
ably well that every dozen years or so
the tariff laws should be carefully
scrutinized so as to that no
cessive or improper benefits are con-
ferred thereby. that proper revenue. is
provided, and that our foreign trade is
encouraged. There must always be
n minimum a tariff which will not only
allow for the collection of an ample
revenue but which will at least make
good the difference in cost of produce
tion here and abroad: that is. the diff
ference in the labor cost here and
n
worker must ever be cardinal point
OF American policy. The sole consider
alton should be to see that the sum
total of changes represent the public
good. This means that the subject can
not with wisdom be dealt with in the
year preceding presidential election.
because as a matter of fact experience
has conclusively shown that at such a
time 1t is impossible to get men to
treat it from the standpoint of the
public good. In my Judgment the wise
time to deal with the matter is immedi-
ately after such election"
Income md Inheritance Tax.
There has been no change in the
mind of the president concerning the
advisability of an income tax and an
Inheritance tax. In the message he
says:
when our tax taws are revised the
question of an income tax and an in
heritance tax should receive the care
full attention of our Legislators. In my
Judgment both of these taxes should be
part of our system OF federal taxation.
l speak ditiidently about the income tax
because one scheme for an income tax
was declared unconstitutional by the
supreme court: while in addition it is
difficult tax to administer in its prac-
tical working. Nevertheless, grad
uated income tax of the proper type
would be desirable feature OF federal
I = In h1
may be devised which the supreme
court will declare constitutional. The
Inheritance tax. however. is both a far
better method of taxation. and far more
important for the purpose of having
the fortunes of the country bear ir.
proportion to their increase in size A
corresponding increase and burden OF
taxation. The government has the alb
solute right to decide to the terms
upon which a man shall receive the be-
quest or devise from another, and this
point in the devolution of property is
especially appropriate for the imposi-
tion of tax
Due Enforcement of Law.
On the matter of the impartial en-
forcement of the laws the message
says:
"A few years ago there was loud
complaint that the law could not be in
voked against wealthy offenders. There
is no such complaint now. The course
oi tle OIL curing the
last few years has been such as to
make it evident that man stands
above the law, that no corporation is
so wealthy that 1t cannot be held to
account. Everything that can be done
under the existing law, and with the
existing state of public opinion. which
so profoundly influences both the
courts and juries, has been done But
the laws themselves need strengthens
ing in more than one important point:
they should be made more definite so
that no honest man can be led unwit-
tinEly to break them. and so that the
real wrongdoer can be readily punished
The two great evils in the execution
of our criminal laws to-day are senti-
mentally and technically. For the lat
ter the remedy must come from the
hands of the legislatures. the courts
and the lawyers. The other must de-
pend for its cure upon the gradual
growth of a sound public opinion which
shall Insist that regard for the law and
the demands of reason shall control all
other influences and emotions in the
jury box. Both of these evils must be
removed or public discomfort with the
criminal law will continue"
Use of IEJunctIons.
Referring to the question of the use and
abuse of injunctions the president de-
clares:
Instances of abuse in the granting of
injunctions in labor disputes continue to
md he