Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1907-12-10
rlessage of the President
fContinued from pare one.)

! lCSS0AS Va SAsS
Continued from page one)
that the institutions which failed were
institutions which were not under the
supervision and control of the national
government. Those which were under
national control stood the test.
National control Of the kind above
advocated would be to the benefit OF
every well managed railway. Ihere
is need for the investment OF money
which will provide for necessary i'm
provements, while at the same time Sc
curing as far as is possible better
wages and shorter hours for their en-
ployes. Therefore, while there must
be Just and reasonable regulation OF
rates. we should be the first to protest
against any arbitrary and unthinking
movement to cut them down without
the fullest and most careful consldera'
ton of all interests concerned and OF
the actual needs Of the situation.
N, Undue Federal Activity
Those who fear from any reason the
extension of federal activity will do
we'll to study the history not only OF
the national banking act, but OF the
pure food law, and notably the meat
inspection law recently enacted. The
pure food law was opposed so Violent
IN that its passage was delayed for
decade. yet it has worked unmixed and
immed ate good. The meat inspection
law was even more violently assailed.
Two years have not elapsed, and al
ready it has become evident that the
great benefit the law cOnfers upon the
public IS accompanied by an equal ben
eft to the reputable packing establish
| ments. The latter are better off under
the law than they were without 1t.
| The benefit to interstate common ear
| riers and business concerns from the
legislation | advocate would be equal
ly marked.
Currency Leg ion N ed
again urge on the congress the
need Of immediate attention to the
matter of currency legislation. We
need greater elasticity n our cur
rency. provided of course that we recog-
niZa the even greater need of safe and
secure currency. Provision should be
| made for III emergency currency. 1t l.
worth investigating 20 determine
/ a If
t.onal banks Should ever be allowed Ia
loan TO themselves. Trust companies
| should lie subject to the same supervi
,Un rs banks.
Yet we ;Hust also remember thai
ven the w!sest legislation Oh the sub
ipct can only accomplish certain.
AMOUNT No legislation can by an!
possibility guarantee the bu. ness com
| ann ty aga.nst the results Of specula'
Tive folly any more than it can guaran-
tee an individual against the results OF
his extravaganza. When wealthy men
or men who pose us such are unScrupu-
lousy or fooliShly eager to become such
indulge in reckless speculation, espe-
clally if It is accompanied by dishOn-
esty. they jeopardize not only their own
future. bu. the future of all their inno-
cent fcllow-ctlzens. for they expose
the whole business community to panic
and distress.
Not Time to Revise Tariff
This country is definitely committed
to the protective tariff system, and any
effort to uproot it could not but cause
widespread industrial disaster. In
other words, the principle Of the pres
ent tariff law could not with wisdom
be changed. But in Il country Of such
phenomenal growth as ours 1t Is prob
ABLY well that every dozen years or so
the tariff laws should be carefully scru-
tiniZed. The sole consideration should
be to see that the sum total Of changes
represents the public good. This means
that the subject cannot with wisdom be
dealt with in the year preceding pr, T.
|dental election, because as matter of
fact experience has conclusively shown
that mt such time it is impossible to
ret men to treat it from the standpoint
Of the public good In my judgment the
wise time to deal with the matter Is
Immediately after such election.
Inc me Tax-.lnheritance Tax
When our tax laws are revised the
question Of an income tax and an in
heritancc tax should receive the careful
Intention Of our legislators. In my
judgment. both Of these taxes should
be part of our system Of federal taxa
tion. \ graduated income tax of the
proper type would be a desirable fea-
turc of federal taxation. and 1t Is to be
hOped that one may be devised which
the supreme court will declare constitu-
tiOnal.
The inheritance tax, however. is a
far better method Of taxation. The
government has the absolute right to
decide as to the terms upon which
man shall receive bequest from an
other. and this point in the devolution
of property Is especially appropriate
for the imposition Of tax. There Is
ho reason why in the United States the
natiOna! government should not impose
Inheritance taxes in addition to those
imposed by the states.
The tax should If possible be made
to bear more heavily upon those resid-
Ing without the country than within It,
A heavy progressive tax upon very
large fortune is in no way such tax
upon thrift or industry as a like tax
would be OH small fortune.
Enforcement Of the Law
A few years ago there was loud com.
plant that the law could not be in
voked against wealthy offenders. There
is no such complaint now. The course
Of the department Of justice during the
last few years has been such US to make
1t evident that no man stands above
the law, that no corporation is so veal
thy that it cannot be held to account.
But the laws themselves need strength
ennc They should be made more def
n:te, so that no. honest man can be led
unwittingly TO break them and so that
the real wrongdOer can be readily pun
ished. Moreover, there must be the
public opinion back Of the laws or the
laws themselves will be Of no avail.
The two great evils in the execution Of
our criminal laws today are Sentl-
mentality and technically.