The Julesburg grit-advocate., 1907-12-06
rect subject of currency legislation. and

of immediate attention To this matter.
We need greater elasticity in our cur
rency: provided. of course. that we recog-
nize the even greater need of safe and
secure currency. There must always be
the 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 would permit
currency being issued when the demand
for it was urgent. while securing its re-
urement the demand fell on. 1t is
worth investigating to determine whether
officers and directors of national banks
should ever be allowed to loan 10 them
selves. Trust companies should be sub
Ject to the same supervision as banks
legislation to this effect should be
acted for the District OF Columbia and
the territories.
Yet We must also remember that even
the wisest legislation on the subject can
only accomplish certain amount. No
legislation can by any possibility guar
antee the business community against the
| results of speculative folly any more than
It can guarantee an individual against the
results OF his extravasance. When an in
| dividual mortgages his house to buy an
| automobile he invites disaster. and when
| wealthy men. or men who pose as such.
| or are unscrupulously or foolishly eager
| TO become such. indulge in reckless spec
| ulation-especially il it is accompanied by
dishoncSty-they jeopardiZe not only their
| own future but the future of all their in
| nocent fellowcitiZens, for they expose
| the whole business community to panic
| and Distress"
| He advises against any general tariff
| legislation this session OF congress. and
| says:
| in a country OF such phenomenal
| growth ours ii is probably well that
| every dozen years or so the tariff laws
| should be carefully scrutnizcd so as to
| see that no excessive or improper bcne-
fits are conferred thereby, that proper
revenue is provided and that our
must always be as 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
| we'll being of the wage worker must ever
| be cardinal point of American policy.
| The question should he approached pure
| ly from a business standpoint: both the
| 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 presidential election, be-
cause as a matter of fact experience has
| conclusively shown that at such a time
| it 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 cnlarges 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 Injunctiona.
| Instances OF abuse in the granting of
| injunctions in labor disputes continue to
| occur, and the resentment In the minds
! of those who feel that 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 l am con-
strained to express the belief that for
some OF it there is warrant This ques-
| tion Is becoming more and more of prime
| Importance, and unless the courts will
themselves deal with it in effective man
ner 1t Is certain ultimately to demand
some form of Legislative action. 1t would
| h1 f,r
fare II we should permit many honest
and aw-abiding citizens to feel that
they had just cause for regarding our
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
vades. Moreover, discomfort is often ex-
pressed with the use of the process of
injunction by the courts. not only in la
Dor disputes. but where state laws are
concerned. 1 refrain from discussion of
this question as I am informed that it
will soon receive the consideration of the
supreme court"
or other legislation in the interest Of
labor he favors federal inspection of rail
roads; providing limited but definite com
pensation for accidents to all workmen
employed in any way by the government
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 to
the supreme court. the case has been
heard by that tribunal. and a decision is
expected at an early date. In the event
that the court should affirm the consti-
tutionality of the act. I urge further leg
islation along the lines advocated in my
message to the preceding congress. The
practice Of putting the entire burden of
loss OF life or limb upon the victim or
the victims family is form of social in
justice in which the United States stands
in unenviable prominence In both our
federal and our state Legislation we have
with few exceptions. scarcely gone
farther than the repeal of the fellow
servant principle of the old law of liabil-
ity. and in some of our states even this
slight modification of a complete out
grown principle has not yet been Sc
cured"
He favors the extension of the eight
hour law to all departments OF the gov
ernment. and to all work carried on hv