The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-12-06
Continued from page two.)

Continued from page two
law, for they aroused the people. first
to demand the enactment and enforce
ment of state laws on the subject ana
then the enactment of the federal la"'
without which the state laws were
LARGELY ineffective. There must be the
closest cooperation between the ma
ttonal and state governments IN ad-
ministering these laws.
Currency Legislation Needed.
again urge on the congress the
need Of immediate attention to this
matter. We need a greater elasticity
in our currency, provided Of course
that we recognize the even greater
need Of a safe and secure currency.
Provision should be made for an
emergency currency. The emergency
issue should Of course be made WIN
an effective guarantee and upon condl-
tions carefully prescribed by the gov
ernment. Such emergency issue must
be based on adequate securities ap-
proved by the government and must oe
issued under a heavy tax. This would
permit currency being issued when the
demand for it was urgent, while secur-
ing it's retirement as the demand fell
off. It is worth investigating to de-
termine whether officers and directors
OF national banks should ever be al
lowed to loan to themselves. Trust
companies should be subject to the
same supervision as banks. Leg1sla"
tion to this effect should be enacted for
the District Of Columbia and the ter
ritories-
Yet we must also remember that
even the wisest legislation on the sub
ject can only accomplish a certain
amount. No legislation can by any
possibility guarantee the business COM
munity against the results Of specula-
tive folly any more than 1t can guaran-
tee an individual against the results OF
his extravaganza. When an individual
mortgages his house to buy an auto
mobile 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
speculation, especially If it Is accom-
panied by dishonesty, they jeopard1ze
not only their own future, but the fu-
ture Of all their innocent fellow citi-
zens, for they expose the whole busi-
ness community to panic and Distress
Can't Revise Tariff Now.
This country is definitely committed
to the protective system, and any ef-
fort to uproot it could not but cause
widespread industrial disaster. In
other words, the principle Of the pres
ent tariff law could not with wisdom
be changed But in country Of such
phenomenal growth as ours it is prob
ably well that every dozen years or so
the tariff laws should be carefully scru-
tinized so as to see that no excessive
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 a tariff which will not only
allow for the collection Of an ample
revenue, but which will at least make
good the difference in cost Of produc-
ton here and abroad-that is, the diff
ference in the labor cost here and
abroad, for the well being Of the wage
worker must ever be cardinal point
Of American policy. The question
should be approached purely from
business standpoint. both the time and
the manner Of the change being such
as to arouse the minimum Of agitation
ana disturbance in the business world
and to give the least play for selfish
and factional motives. The sole con-
sideration should be. to see that the
sum total of changes represents the
public good This means that the sub
iect cannot with wisdom be dealt with
in the year preceding a presidential
election, because as q matter of fact
experience has conclusively shown that
at such a time it is Impossible to get
the public good. In my judgment the
wise time to deal with the matter is
Immediately after such election.
Income Tax and Inheritance Tax.
When our tax laws are revised the
question of an income tax and an in
heritance tax should receive the care
full attention Of our legislators. In
my judgment, both Of these taxes
should be part Of our system Of fed
eral taxation. I speak dif6dently about
the income tax because one scheme for
an income tax was declared unconst1-
tutional by the supreme court, while In
addition it is a difficult tax to admin
lister in its practical working, and great
care would have to be exercised to see
that it was not evaded by the very
men whom it was most desirable to
have taxed. Nevertheless graduated
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