The Washington herald., 1907-11-22

cheered. as he concluded with these senti-
ments:
Permit me 20 express the fervent wish
that the time-honored traditional friend
ship between our countries may never be
clOuded by any temporary misunderstand-
ings, and that Il may endure forever and
ever
Baron ROsen "On Gold Basis"
When Senator Spooner was introduced
the orchestra PLAYED I'VE Won't Go
Home Until Morning" Ie made the
longest speech Of the night
Mr.. spooner continued. in part. as fol-
lows:
Il have been so absorbed in profess
sional duty that I came 10 you tonight
with an informal talk upon some sub
ject which conceive TO be of general
public interest, rather than a prepared
speech. 1 do not affect TO disguise the
fact that there sre some tendencies OF
later years and some heresies 20 my way
Of thinking. which have given me pain
ful solicitude
The finest instrument, all things con
sidered. ever conceived By the human in
tellect. or drafted by the hand Of man.
IS the constitution Of the United States.
1t is a chart by which our ship Is 10 sail
II she keeps in safe waters. There has
not been year since IL was adopted
which has not yindicated the ability and
foresight Of the men who framed fl. and
during all those years in time Of peace
and in time OF war. It has been found.
until within the last few years. adequate
for the proper government Of the people
OF the United States.
10
adequate. but do know that II II be
inadequate, it is only 10 be changed IN
the manner pointed out in the instrument
by the fathers
DisfavOrs Sherman Act.
Referring to the same subject, Senator
Hoar said:
Il believe if you could take the testi-
mony Of the members of both Houses
who voted for the Sherman antitrust act
they would, with one accord. testify that
1t was not their intention or purpose to
prohibit reasonable agreements in re-
straint Of trade; but the Supreme Court
construed it, not as declaratory Of the
common law, which permitted contracts
in reasonable restraint Of trade. but on
the ground that all contracts came under
its provisions. which were in restraint of
trade. whether reasonable or not
That has brought about the necessity
precisely the thing which the act was
intended to prevent. because trade. and
competition in trade, is battle. and.
like all other battles, the eaker must 20
down before the stronger. And so great
combinations corporate in their charac-
ter. called by some people trusts have
come into existence, whereas, IL reason
able agreements for the maintenance Of
prices could have been entered into. com
petitOrS of smaller wealth and power
would have existed, and new competi-
tors would have been invited into the
field
Shaw FavOrs Central Bank.
Leslie NJ Shaw, said, in part:
Prior to the civil war, banks and bank
ers everywhere issued notes without re-
straint- The result was most disastrous
Congress determined to prevent its repe-
tition. The plan adopted was not through
restraints and safeguards. but by putting
a prohibitive tax of 10 per cent on any
thing designed to circulate as money.
In my judgment, it would have been
better had Congress recognized the com
mercial necessity for an elastic currency
and safeguarded the issue Of bank notes
No one will contend that the loss of busi-
ness confidence or the part OF the Ameri-
can people has been Occas.Oned by our
nonelastic currency. but every one who
studies the question must recognize thar
this want of elasticity prevents the banks
from granting that relief that is possible
in every other commercial country.