The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1907-12-03

that the institutions which failed were
institutions which were not under the
supervision and control of the national
government. Those which were under
national control stood the test
National control of the lind 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 ac-
tual handling of the railroads, and all
this as rapidly as possible. Ample.
safe and speedy transportation facilf-
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 at the same time securing as far
as is possible better wage and shorter
hours for their employees. Therefore.
while there must be just and reasona-
BILE regulation of rates, we ould be
the first to protest against any arbitra-
ry and unthinking movement to cut
them down ithou the fullest and
most careful consideration of all inter
ests concerned and of the actual needs
of the situation. Only a special body
of men acting for then national govern
ment under authority conferred upon it
by the ongre 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
" that ifc Oo uyaS dnl1 we'd for :.
decade, yet it has worked unmixed 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 to oversee and control
the workings of Interstate common car
riers and business concerns then as
serted that we We're '~discrediting and
running a great American industry"
Two years have not elapsed, and al
ready it ha become evident that the
great benefit the law confers upon the
/ public is accompanied by an equal ben
eft to the reputable packing establish
ments. The latter are better off under
the law than they were without it.
The benefit to interstate common car
riers and business concerns from the
legislation l 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 and dairy commission
ers showed in striking fashion how
much good for the whole people results
from the hearty cooperation of the
federal and state officials in securing
a given reform. 1t is primarily to the
action of these state commissioners
tina 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 eeded
1 again urge on the congress the
need of immediate attention to this
matter. We iced a greater elasticity
in our currency, provided of course
that we recognize the wen greater
need of a 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-
lions carefully prescribed by the gov
eminent. Such emergency issue must
be based on adequate securities ap-
proved by the government and must be
issued under a heavy tax. This woul
permit currency being issued when the
demand for it was urgent. while secur-
ing it's retirement as the demand fell
off. 1t is worth investigating to de-
termine 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 as banks Legisla-
ttcn 10 this effect should be Enacted for
the District of Columbia and the ter
rftortes.
Yet we must also remember that
even the wisest legislation on the sub
tect 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 han 1t can guaran-
tee an individual against the results c?
his extravaganza. When IN 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 OF foolishly eager
to become such indulge in reckless
speculation. especially if it is accom-
panied by dishonesty. they jeopardize
not only their own future, put the flu
ture of all their innocent fellow citi-
ems, 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 eff
fort to uproot 1t could not but cause
widespread industrial disaster. In
other words, the principle of the pres
emit tariff law could not with wisdom
be changed. But In a country of such
phenomenal growth as ours 1t is prob
ably well that every dozen years or 50
the tariff laws should be carefully scrl-
tinized so as to see that no excessive
or improper benefits are conferred
thereby, that proper revenue is provid- |
al and that anr foraf0n trade Is an |