The citizen-Republican. (Scotland, Bon Homme County, S.D.) 1???-19??, 1907-12-05

7 government of all owners and stock
holders, both by the corporation own
ing such stock and by the corporation
in which such stock is owned.
To confer upon the national gov
eminent, in connection with the amend
ment l advocate in the antitrust law,
power Of supervision over big business
concerns engaged in interstate COM
merce, would benefit them as it has
benefited the national banks. In the
recent business crisis 1t Is noteworthy
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.
Would Help the Railroads.
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, n improvements in the
actual handling of the railroads, and
all this as rapidly as possible. Ample,
safe and speedy transportation facll1-
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 wages and shorter
i'o'A@ 1AhSiA ~
while there must be just n reason
able regulation Of rates, we should be
the first to protest against any arbi-
trary and ~unthinking movement to cut
them down without the fullest and
most careful consideration of all in
%terests concerned and Of the actual
needs of the situation. Only a spe-
cial body OF men acting for the ma
tional government under authority con-
ferred upon it by the congress is COM
petent to pass judgment on such a
matter.
Pure Food Law a Success.
Those who fear, from any rea- /:
!: son, the extension Of federal ac-
tivfty will do we'll to study the
history not only Of the national
banking act but of the pure food
law, and notably the meat inspec- f:
/: ton law recently enacted. The (:
/: pure food law was opposed SO vio-
I: iently that it's passage was de ::
layed for a decade; yet it has
worker unmixed and immediate ::
good. The meat inspection law :
I: was even more violently assailed; ::
!: and the same men who now de- ::
!: nounce the attitude of the ma
tiona government in seeking to ::
oversee and control the workings
!: of interstate common carriers and
!: business concerns, then asserted ::
!: that we were 'discrediting and {:
!: running a great American Indus !:
try" Two years have not elapsed,
/: and already it has become evident ::
that the great benefit the law con-
!: fers upon the public is accom- {:
!: plished by an equal benefit to the
: reputable packing establishments.
!: h latter are better off under the
I: law than they were without it. The ::
+: benefit to interstate common car
rlerS n business concerns from
the legislation l advocate would be
:: equally marked. {:
Currency Reform Needed.
In my message to the congress a year
ago 1 spoke as follows of the currency:
Il especially call your attention to
the condition of our currency laws. The
national bank act has ably served a
great purpose in aiding the enormous
business development of the country,
and within ten years there has been an
increase in circulation per capita from
$21.41 to 33.0S. For several years evil
dence has been accommodating that adj
ditional legislation is needed. The re-
currence of each crop season empha-
sizes the defects of the present laws.
There must soon be a revision of them
because to leave them as they are
means to incur liability of business dis
aster. Since your body adjourned
there has been a f%luctuation in the in
terest on call money from 2 per cent.
to 80 per cent. n the fuctuation was
even greater during the preceding six
months. The secretary of the treasury
a to step in and by wise action put
a stop to the most violent period Of
oscillation. Even worse thar such
fiuctuation is the advance in CONNER
cial rates and he uncertainty felt in
the insufficiency of credit even at high
rates. All commercial interests suffer
! during each cTOn narin1 EIvaoSciya
rates for call money in New York at
tract money from the interior banks
into the speculative field. This depletes
the fund that would otherwise be avail
able for commercial uses, and CONNER
cial borrowers are forced to pay alb
normal rates, so that each fall a tax,
in the shape of increased interest
charges, is placed or the whole COM
merce of the country.
THE mere statement of these facts
riously defective. There is need Of a
change. 1t must never be forgotten
that this question concerns business
men generally quite as much as bank
ers; especially is this true Of stock
men, farmers, and business me in the
of the year the difference in interest
rates between the east and west is
from 6 to 10 per cent, whereas in Can
d the corresponding differene is but
2 per cent"
1 again urge on the congress the need
of immediate attention to this matter.
We need a greater elasticity in our cur
rency: provided, of course, tina we
recognize the eve greater need of a
safe and secure currency. There must
always be the most rigid examination
by the national authorities.
Should Be Elastic System.
Provision should be made for an /:
emergency currency. The emer- :
!: gency issue should, of course, be !:
made with effective guaranty, and !:
upon conditions carefully prescribed !:
by the government. Such emer- {:
gency issue must be based On ade- +:
quate securities approved by the !:
/: government, and must be issued I'M (:
der a heavy tax. This would permit /:
currency being issued when the de- !:
mand for it was urgent, while Sc !:
curing its retirement as the demand :
fell off. 1t Is worth investigating :
to determine whether officers and /:
directors of national banks should
ever be allowed to loan to them /:
selves. Trust companies should
be subject to the same supervision
as banks; legislation to this effect
should be enacted for the District
of Columbia n the territories.