The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-12-06
Continued from page two.)


to demand the enactment and enforce
mcnt of state laws OH 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 tho ma
tional and state governments In ad-
ministering these laws.
Currency Legislation Needed.
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.
Provision should be made for an
emergency currency. The emergency
issue should Of course be made with
an effective guarantee and upon condi-
tions carefully prescribed by the gov
crnment. Such emergency issue must
be based on adequate securities ap-
proved by the government and must be
issued under heavy tax. This would
permit currency being issued when the
demand for 1t was urgent. while secur-
ing its retirement rs the demand fell
off. 1t Is worth investigating to de-
terminc whether officers and directors
of national banks should ever be al
lowed to loan to themselves. Trust
companies should be subject to the
same supervision us banks. LcgiSla-
ton to this effect should be enacted for
the District Of Columbia and the ter
ritorieS.
Yet we must also remember that
I,
ject can only accomplish certain
amount. No legislation can by any
possibility guarantee the business COM
munity against the results Of sDecula-
tive folly any more than it can guaran-
tee an individual against tho results Of
his e1trnvRgance. When M individual
mortgages his house to buy an auto
mobile he invites disaster, and when
wealthy men or men who pose as such
or are unscrupulousy or foolishly eager
to become such indulge In reckless
speculation, especially If 1t IS accom-
panied by dishonesty, they jcopardlzc
not only their own future. but the :u-
ture of all their innocent fellow cit-
zcns. for they expose The whole bust
ness community to panic and distress.
Can't Revise Tariff Now.
This country is definitely committed
to the protective system. and any cf-
fort to uproot IL could not but cause
widespread industrial disaster. In
other words, the principle of the pres.
cnt tnrlT law could not with wisdom
be changed. Hut in country Of such
phenomenal growth as ours 1t is prob,
W.
tho tariff laws should be carefully scru-
tiniHcd so as to see that no excessive
or improper benefits are conferred
thereby. that proper revenue Is provid-
ed and that our foreign trade Is ell
colragcd. There must always be as Il
minimum Il tariff which will not only
allow for the collection OF an ample
revenue. but which will at least make
good tho difference in cost Of produc-
tion here and abrOnd-that Is. the DIFF
ference In the labor cost here and
abroad, for the we'll being OF the wage
worker must ever be n cardinal point
OF American policy. The question
should he approached purely from
business standpoint. both the time and
the manner OF the change being such
ami disturbance in the business world
and to give the least play for selfish
and factionnl motives. The sole con.
sidcration should be to SOC that the
sum total OF changes represents tie
public good. This means that The $ulr
iCct cannot with wisdom hr dealt with
In the year preceding Il presidential
election. because rs II matter OF fact
experience has concluSivr!y shown that
at such Il time it is Impossible to grt
men to treat il from the standpoint OF
the public good. In my Judgment the
wise time 10 deal with the matter Is
Immediately after such election.
Income Tax and Inheritance Tax.
When our tax laws are revised the
question Of IN income tax and an in
hCrilnncr tax should receive the care
ful attention of our legislators In
my Judgment. both of these taxes
should be part OF our system OF fed
eral taxation. | speak dittidcntly about
the income tax because one scheme for
an income tax was declared unc0nSti-
tutional by the supreme court. while In
addition 1t is q difficult tax to admin
lister In It's practical working, and great
care would have to be exercised to SEQ
that 1t was not cvndcd by the very
men whom 1t was most desirable TO
have taxed. Nevertheless graduated
income tax Of the proper type would
be Il desirable feature of federal taxa
tion, and II is to he hoprd that one
may be devised which the supreme
court will declare constitutional