Belding banner. (Belding, Mich.) 1889-1918, 1907-12-05


guards the interests of New York or
Chicago bankers and must be drawn
from the standpoints OF the farmer and
the merchant no less than from the
standpoints of the city banker and the
country banker"
Repeats Rccommen dations.
The president continues:
1T again urge on the congress the
need of immediate attention TO this
matter. We need a greater elasticity
in our currency; provided. OF course,
that we recognize the even greater
need OF a safe and secure currency.
There must always be the most rigid
examination by the national authori-
ties. Provision should be made for an
emergency currency The emergency
issue should OF course. be made with
an effective guaranty. and upon condi-
lions carefully prescribed by the gov
eminent. Such emergency issue must
be based on adequate securities APP
proved by the government and must
be issued under heavy tax. This
would permit currency being issued
when the demand for II was urgent.
while securing its retirement as the
demand fell off, Ii 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
ton TO this effect should be enacted for
the District of Columbia and the terri
tories"
Not Time fer Tariff Discussion.
on the subject OF the tariff the presi
dent declares himself in favor of post
poning all consideration OF the ques-
ton until after the presidential cleo
ton. lie SAYS:
"This country is definitely committed
H. tfxra nd IN off rf
to uproot il could not but cause wide
spread industrial disaster. In other
words, the principle of the present tar
III law could not with wisdom be
changed. But in country OF such
phenomenal growth as Ours 1T is prob
ably well that every dozen years or so
the tariff laws should be carefully
scrutinized so as TO see that no ex-
cessive or improper benefits are con-
ferred thereby, that proper revenue. is
provided. and that our foreign trade is
encouraged. There must always be as
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 produc-
ton here and abroad; that is. the diff
ference in the labor cost here and
abroad for the well-being of the wage
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 a presidential election,
because as a matter of fact experience
has conclusvely shown that at such a
time il is impossible TO get men to
treat il 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 and Inheritance Tax.
There has been no change i'm 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
hertance 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.
/ speak diffidently about the income tax
because one scheme for an income tax
was declared unconstitutional by the
Supreme court: While in addition it is
q difficult tax TO administer in It's prac-
teal working. Nevertheless grad
uated income tax of the proper type
would be a desirable feature Of federal
taxation. and il is to be hoped that one
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 in
proportion to their increase in size a
corresponding increase and burden OF
taxation. The government has the abb
solute right to decide as 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-
ton of a 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
OF the department Of justice during the
last few years has been such as to
make ii evident that no man stands
above the law, that no corporation is
so wealthy that IL cannot be held to
account. Everything that can DC 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 strengthen
ing in more than one important point;
they should be made more definite. so
that no honest man can be led unwit-
tngly 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 sound public opinion which
shall insist that regard for the law and
the demands OF reason shall control all
other influences and emotions I'm the
! jury box. Both OF these evils must be
removed or public discomfort with the
| criminal law will continue"
Use of Injunctions.
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
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 unwarrantabIy restrained
continues to grow. Much OF the attack
on the use OF the process OF injunction Is
| wholly without warrant: but / am con-