Semi-weekly herald., 1907-12-05

der national control stood the test
National control OF the kind above
advocated would be to the benefit OF
every well-managed railway. From
the standpoint OF the public there is
need for additional tracks, additional
terminals. and improvements in the
actual handling OF the railroads. and
all this as rapidly as possible Ample
safe. and speedy transportation IA
cilities are even more necessary than
cheap transportation. Therefo lore. there
IS reed for the Investment of money
which will provide for all these things
while at the same time securing as
far as is possible better wages and
shorter hours for their employees.
| Therefore, while there must be Just
and reasonable regulation of rates,
We should be the first to proteat
ngainst any arbitrary and unthinking
movement 10 cut them down without
the fullest aud most careful consider
alton Of all interests concerned and OF
the actual needs of the situation. Only
a special body of men acting for the
national government under authority
conferred upon it by the congress is
competent to pass judgment on such
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
" that its passage was delayed a
decade; yet it has worked unmixed
and immediate good The meat in
specti1u law was even more violently
assailed and the same men who now
denounce the attitude of the national
government in seeking to oversee and
control the workings of interstate com
mon carriers and business concerns
then asserted that we were "discredit-
ing and running a great American in
dustry" Two years have not elapsed,
and already 1t has become evident
that the great benefit the law confers
upon the public is accompanied by an
equal benefit to the reputable packing
establishments. The latter are better
on under the law than they were with
out it. The benefit to interstate com
mon carriers and business concerns
from the legislation ! advocate should
be equally marked
Pure Food Law.-Incident8lly. in the
passage OF the pure food law the ac-
tion Of the various state food and
dairy commissioners showed in strilS-
ing fashion how much good for the
whole people results from the hearty
cooperation of the federal and state
officials in securing n given reform.
II is primarily to the action of these
state commissioners that we owe the
enactment OF tbs law: for they arous-
ed the people. first to demand the en-
actment and enforcement of state laws
plt tli' HAbI'NAs anu til'i Alif tltetNl
ment OF the federal law, without which
the state laws were largely ineffec
tive There must be the closest co
operation between the national and
state governments in administering
these laws.
In my message to the congress
year ago, | spoke as follows of the
currency;
currency.-"I especially call your
attention to the condition of our cur
rency laws. The national bank act
has ably served a greatpurpose in aid
ing the enormous business develop
ment Of the country, and within ten
years there has been an increase in
per capita from s2141 to
S33.OS. For several wears evidence
has been accommodating that additional
legislation is needed. The recurrence
OF each crop season emphasizes the
defects of the present laws. There
must soon be a revision 3s them, be
cause to leave them as they are means
to incur liability of business disaster
Since your body adjourned there has
been fuctuation in tie interest on
call money from per cent to 80 per
cent, and the fluctiiation was even
greater during the preceding SIX
months. The secretary of the treas
ury had to step in and by wise action
put stop to the most violent period
Of oscillation. Even worse than such
nuctjation Is the advance in com
mere al rate and the uncertainty felt
in the suficlency Of credit even at
high rates. All commercial interests
suffer during oLch crop period. Ex
cessiye rates for call money in New
York attract money from the interior
banks into the speculative field. This
depletes the fund that would other
wise be available for commercial uses,
and commercial borrowers are forced
to pay abaormal rates, so that each
fall tax, in the shape Of increased
interest charges, is placed on the
whole commerce OF the country.
..The mere statement of these facts