The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-12-03
.cct suejec, Of currency legislation. ana,

rect subject Of currency legislation. and
says:
II 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, that we recog.
nize the even greater need of safe and
secure currency. There must always be
the most rigid examination by the ma
tionai authorities. Provision should De
made for an emergency currency. Inc
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 It's re-
tirement as the demand fell on. IL 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 as 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 wisest legislation on the subject can
only accomplish certain amount. NO
legislation can by any possibility guar
antee the business community against the
results of speculative folly any more than
IL 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 as such,
or are unscrupulously or foolishly eager
TO become such. indulge in reckless spec
ulation-especiall IL 1t Is accompanied by
dishonesty-they jeopardize 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, ana
says
"In a country OF such phenomenal
growth as ours IL is probably well that
every dozen years or so the tariff laws
should be carefully scrutinized so as TO
zee that no excessive or improper bene-
hts are conferred thereby. that proper
revenue is provided, and that our
foreign trade Is encouraged. There
must always be as minimum
a tariff 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
we'll being of the wage-worker must ever
The question should be approached pure
ly from IA business standpoint. both the
time and the manner OF the change being
such as to arouse the minimum of agt-
tation and disturbance in the business
world. and to give the least play Tor
| selfish and factional motives. The sole
| consideration should be TO see that the
| sum total of changes represent the pub
| lie good This means that the subject
cannot with wisdom be dealt with In the
| year preceding a presidential election. be-
cause as n matter of fact experience has
| conclusvely shown that at such time
| II ~ impossible to get men to treat II from
| the standpoint OF the public good. In my
Judgment the wise time to deal with the
| matter IL Immediately after such cleo
| ton"
He asks for the repeal Of the tariff or
paper and wood pulp.
He reviews and enlarges upon his pre-
| vious recommendations for the enact
| ment of federal Inheritance and income
| tax laws.
| Attention In called 10 the prosecution o
wealthy offenders against the nationa
| laws and In this connection he asks tha
| the laws under which these prosecution.
| are brought be strengthened and mad
| more definite.
| The Use and the
| Abuse of Injunctions.
Instances of abuse in the granting o
injunctions In labor disputes continue 4
\ occur and the resentment in the mind
of those who feel that their rights ar
| being invaded and their liberty OF actiol
| and OF speech unwarrantabiy RESTRAINED
| continues to grow. Much OF the attacl
on the use OF the process OF Injunction I
| wholly without warrant; but l am con
| strained to express the belief that 20
| nf thara la This M
ton is becoming more and more OF prim
Importance and unless the courts wi
| themselves deal with II In effective man
ner. II Is certain ultimately to deman
some form of legislative action. II woul
be most unfortunate for our social wei
fare II We should permit many homes
| and w-abiding citizens to feel tina
they had Just cause for regarding ou
courts with hostility. l earnestly con
mend to the attention OF the congres
| this matter. so that some way may h
devised which will limit the abuse OF In
functions and protect those rights whic
| from time to time II unwarrantably In
vsdes. Moreover discomfort Is often e,
pressed with the use of the process {
| Injunction by the courts. not only In IL
Dor disputes, but where state laws al
| concerned. l refrain from discussion ,
, this question as ! am informed that
! will soon receive the consideration OF III
supreme court.
OF other legislation in the interest
. labor he favors federal inspection of raj
roads; providing limited but definite con
, pensation for accidents to all workms
employed In any way by the governmen
| and says:
"The consttutionality of the employer
1 liability act passed by the preceding col
| gress has been carried before the court
| In two jurisdictions the law has been d.
clared unconstitutional. and In three juri
dictions It's constituiionality has been a
v frmed. The question has been carried
4 tue supreme court, the case has bee
. heard by that tribunal. and Il decision
\ expected at an early date. In the evel
q | that the court should affirm the const
v tutionallty OF the act. urge further lei
I sation along the lines advocated In II
message to the preceding congress III
practice of putting the entire burden
i, loss of life or limb upon the victim
. the victims family Is form OF social q
. | justice In which the United States stan,
a In unenylabe prominence. In both Of
federal and our state legislation we hay
!. | with few exceptions. scarcely gol
farther than the repeal of the fello,
. servant principle of the old law Of lab
a lty, and IN some of our states even III
>, slight modification OF complete ou
' grown principle has not yet been \
cured"
He favors the extension of the eigl
:, hour law to all departments OF the go
| ernment. and to all work carried on
| the government. He urges legislati,
/ 81. a