Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1907-12-06
ton IA winch shch stuck Is owned.
Lessons of Recent cri,i..

ment I advocate In the antitrust las
power Of supervision over big business
concerns engaged IN Interstate COIN,
merce would benefit them as IL ha.
benefited the national banks la the
recent business crisis IL Is noteworthy
that the institutions which failed wcgy
institutions which were Dot under the
government Those which were under
national control stood the test
National control VI the kind above
advocated would he Ca the benefit Of
every well managed railway. From
the standpoint Of the public there Is
need for additional tracks. additional
terminals and improvements Ia the uc,
tual handling OF the railroads. ana all
this as rapidly as possible. Ample,
safe aud speedy transportation faCi.i
| ties are even more necessary than
cheap transportation. Therefore there
Is need for the investment OF money
which will provide for all these things
while ut the same time securing as far
as Is possible better wages and shorter
hours for their employees Therefore.
while there must he Just and reasona-
BILE regulation OF rates, we should be-
the first to protest against any arbitra-
~ aud nnthiuklng movement TO cut
them down without the fullest ana
most careful consideration of all inter
ests concerned and of the actual needs
| nf tho siftIatinn flniy "a SnAa;.tl hnIR
OF men acting for the national govern
ment under authority conferred upon il
by the congress Is competent to pass
Judgment on such a matter.
Those WHO fear from any reason the
extension OF federal activity will do
well 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
ly that Its passage was delayed for Il
decade, yet IL has worked uumixed and
immediate good. The meat inspection
law was even more violently assailed
and the same men who now denounce
the attitude OF the national govern
ment in seeking 10 oversee and control
the workings OF interstate common car
riers and business concerns then as
serted that we were ''discrediting and
running great American industry"
Two years have not elapsed, and al
ready II has become evident that the
great benefit the law confers upon the
public Is accompanied by an equal beu-
eft to the reputable packing establish,
ments. The latter are better off nnde
the law than they were without it.
The benefit TO interstate common car
riers and business concerns from the
legislation ! advocate would be equal.
ly marked.
Pure Food Law.
Incidentally In the passage of the
pure food law the action of the vari.
Gus state food aud dairy commission
ers showed in striking fashion how
much good for the whole people results
fr0la the hearty cooperation of the
federal aud state officials in securing
a given reform. IT is primarily to the
action OF these state commissioners
that we owe the enactment of this
law, for they aroused the people. first
to demand the enactment and enforce
ment OF state laws on the subject and
then the enactment of the federal law.
without which the state laws were
largely ineffective. There must be the
closest cooperation between the ma
tional and state governments in adj
ministering these laws.
Currency Legislation Needed.
again urge on the congress the
need of immediate attention to this
matter. We need greater elasticity
in our currency. provided Of course
that we recognize the even greater
need OF safe and secure currency.
Provision should be made for an
emergency currency. The emergency
Issue should of course be made with
an effective guarantee and upon condi-
tons carefully prescribed by the gov.
eminent. Such emergency issue must
be based Oh adequate securities ap-
proved by the government aud must be
issued under heavy tax. This would
permit currency being issued when the
demand for II was urgent, while secur-
ing its retirement as the demand fell
Off. 1t is worth investigating TO de-
termine whether officers and directors
Of national banks should ever he al
lowed to loan to themselves. Trust
compa MES should be subject to the
same supervision as banks. Legisia-
tion to this effect should be enacted for
the District OF Columbia and the ter.
rltories
Yet We must also remember that
ject can only accomplish a certain
amount. No legislation can by any
possibility guarantee the business com-
munity against the results Of specula,
tive folly any more than it can guaran-
tee an individual against the results Of
his extravaganza. When an individual
mortgages his house to buy an auto
mobile 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
speculation. especially if it is accom-.
panied by dishonesty. they jeopardlze
not only their own future. but the fu-
ture Of all their innocent fellow citi-
zens, for they expose the whole bust
ness community 10 panic and distress.
Can't Revise Tariff Now.
This country Is definitely committed
to the protective system. and any eff
fort to uproot It could not but cause
widespread industrial disaster. In
other words. the principle Of the pres