The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1907-12-05

which VIII provide TOT all THESE tuluSs
while at the same time securing as far
as is possible better wages and shorter
hours for their employees. therefore,
while there must tie just and reasona-
bile regulation Of rates. we should be
the first to protest against any arbitra-
nv and unthinking movement to cut
them down withou. the fullest and
most careful consideration OF all inter
ests concerned and Of the actual needs
of the situation Only special body
of men acting for the national govern
ment under authority conferred upon 1t
bv the congress is competent TO pass
Judgment OH such matter.
Those who fear from any reason the
extension OF federal activity Will do
wesS 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 Tor
decade, yet ii 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 az interstate common car
riers ana business concerns then as
serted that we were "discrediting and
running great American industry.
Two years have not elapsed. and al
ready il has become evident that the
great benefit the law confers upon the
public IS accompanied by IN equal ben
eft to the reputable packing establish
ments Fhe l.! tier are better off under
the law than they were without it
The benefit to interstate common car
riers and business concerns from the
LEGISLATION / advocate would be equal
ly marked
Pure Food Law.
incidentally i'll the passage OF the
pure food law the action OF the varf-
Gus state food and dairy commission
ers showed il striking fashion how
much good for the whole people results
from the hearty cooperation OF the
federal and state officials in securing
given reform II is primarily to the
action OF these state commissioners
that we owe the enactment OF this
law, for they aroused thu people. first
to demand the enactment and enforce
ment of state laws on the subject and
then the pllact ,iei:t ot the federal law,
without which the state laws were
largely ineffective There must be the
closest cooperation between the ma
tionai and state governments in ad-
mini>terine these laws
Currency Legislation Needed.
again urge on the congress the
need IF iMme late attention to this
matter We iced a greater elasticity
in orr currency. provided Of course
that we recognize the even greater
need Of safe and secure currency
Provision should he made for an
emergency currency The emergency
issue SHOULD Of course lie made with
an effective guarantee and upon condi-
tons carefrlly prescribed by the gov
ernmpnt. Such emergency issue must
be based on adequate securities ap-
proved by the government and must be
issued under Il heavy tax. This would
permit currency icing issued when the
demand for If was urgent. while secur-
ing its retirement as the demand fell
Off It is vGr1h Investigating to de-
termine whc her officers and directors
Of national banks should ever be al
Loved TO loan to themselves. Trust
companies should be subject to the
rane su,'r"''i,'ic len as banks. LegiSla
ton to tlli effect should be enacted fol-
the District Of Columbia and the ter,
ritOries
Yet we must also remember that
even the wisest legislation on the sub
jtct "an only accomplish Il certain
amount No legislation can by any
possibility guarantee the business com.
tive folly any mora than it can guaran.
tee an iudil idl:d against the results OF
his extravaganza When an individual
mOrtgt ges his house to buy an auto
mobile be invites disaster. and when
wealthy men or men who pose as such
- vi CdSCl
to become such indulge in reckless
speculation, especially II II Is accom-
panied by dishonesty. they jeopardize
not only their own future, but the flu
ture of all their innocent fellow citi
zens. for they expose the whole bust
LESS 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. Ii
other words. the principle of the pres
ent tariff law could not with wisdom
be changed. But in country OF sucf
phenomenal growth as ours it Is prob
ably well that every dozen years or 81
the tariff laws should be carefully scru
tiniZed so us to see that no excessiv,
or improper benefits are conferred
thereby. that proper revenue Is provid
ed and that our foreign trade is en-
couraged There must always be as .
minimum q tariff which will not onl!
allow for the collection of an ampl,
revenue, but which will at least max,
good the difference in cost of produc
ton here and abroad-that is. the diff
ference in the labor cost here ant
abroad, for the we'll being Of the wage
worker must ever be cardinal poin
Of American policy. The question
should be approached purely from ,
business standpoint, both the time ant
the manner Of the change being sucl
as to arouse the minimum Of agitation
and disturbance in the business world
and to give the least play for selfsl
and factional motives. The sole con
sideration should be to see that tn
sum total Of changes represents tn
public good. This means that the sub
ject cannot with. wisdom be dealt wit
in the year preceding presideptia
election. because as matter Of fac
experience has conclusively shown tina
at such a time 1t is impossible to &c
men to treat 1t from the standpoint o
the public good, In my judgment tn
wise time to deal with the matter j
Immediately after such election.