The state herald., 1907-12-06
rect subject of currency legislation. and

SUBJECT Oh currency 'EiSlHllbn, anu
says.
"I again urge on the congress the need
of immediate attention to this matter.
We need u greater elasticity in our cur
rency: provided, of course, that we recoE-
nizc the even greater need of safe and
secure currency. There must always be
the most rigid examination by the ma
tional authorities. Provision should be
made for an emergency currency. The
emergency issue should. of course, be
made with an effective guaranty, and up
on conditions carefully prescribed by the
government. Such emergency issue must
be based on adequate securities approved
by the government. and must be issued
under heavy tax. This would permit
currency being Issued when the demand
for 1t was urgent. while securing Its re-
tirement 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 sub
ject to the same supervision ms banks;
legislation to this effect should be en-
acted for the District OF Columbia and
the territories.
Yet we must also remember that even
the wiscst legislation on the subject can
only accomplish certain amount. No
legislation can by any possibility guar
antee the business community against the
TfSullS OF SpttNlHilFt lpllN any tuuI
1t can guarantee an individual against the
results of his extravaganza. When an in
dividual mortgages his house to buy an
automobile he invites disaster. and when
wealthy men. or men who pose such.
or are unscrupulously or foolishly eager
to become such, indulge in reckless spec
ulation-especially II 1t is accompanied by
dIshonesty-they jeopardizc not only their
own future but the future OF all their in
nocent fellow-citizens. for they expose
the whole business community TO panic
and distress"
He advises against any general tariff
legislation this session OF congress, and
says.
I'm country of such phenomenal
growth ours II is probably well that
every dozen years or so the tarin laws
should be carefully scrutinized 80 as TO
see that no excessive improper bene-
fits are conferred thereby. that proper
revenue is provided. and that our
foreign trade is encouraged. There
must always be minimum
tarim which will not only al
low for the collection OF an ample rev.
enue but which will at least make
good the difference In cost OF production
here and abroad; that is, the difference In
the labor cost here and abroad. for the
well-being OF the wage worker must ever
be cardinal point OF American policy.
INc question snould De anprouched pure
ly from business standpoint; both the
time and the manner Of the change being
such as to arouse the minimum of agi-
tation and disturbance In the business
world. and to give the least play for
selfish and factional motives, The sole
consideration should be to see that the
sum total Of changes represent tho pub
lie good. This means that the subject
cannot with wisdom be dealt with In the
year preceding presidential election. be-
cause as matter OF fact experience has
concluslvely shown that at such n time
IL is impossible to get men TO treat Il from
the standpoint Of the public good, In my
judTmcnt the wise time to deal with the
matter is Immediately after such cleo
tion."
He asks for the repeal OF the tarin on
paper and wood pulp.
He reviews and onlarges upon his pre-
vious recommendations for the enact
ment Of federal Inheritance and income
tax laws.
Attention In called to the prosecution OF
wealthy offenders against the national
laws. and In this connection he asks that
the laws under which these prosecutions
are brought be strengthened and mnde
more definite,