The Montgomery advertiser., 1907-12-04

common carriers and husIness concerns. then asserted that we were 'discredit- I ing and ruining great American in
 dustry." Two years have not elapsed. | the great benefit the law confers upon l the public is accompanied by an equal l benefit to the reputable packing estab- ilishmsnts. The latter are better if on
 it The bsnent to interstate common carriers and business concerns from the
 Legislation advocate would be equsi- Pure-Feoa Law.
 pure food law. the action of the @ yar,-
 CTS showed in striking fashion how
 much good for the whole people results fyom the hearty co-operation or sne
 a given reform. It is primarily to
 the action of these State eommission-
 CTS that we owe the enactment of this
 law; for they aro1sed tne pesp,st; ptorcs. .
 ment of State laws on the subject nnd l then the enactment of the EederaI I law, without which the state iaws WsLe closest cooperation between the N1
 ministering nnGnna rpa f these iaws.
 year in aso my mspos spoxs as foiiows of the eur
 rency: Y | '1 especially call your n.eeeJn
 the condition of. our currency laws.
 The nat.onai-bank act has ably serv- ed a great purpose in aiding the erior-
 nous bushes. development or .s sns cohn. Sn. been an increase in circulation per cap; ita from $e1.41 to $s3.08. For severai years evidence las been saccumuIaunk
 The The recurrence recurrence of each cron season emphasizes the defects Of the presens laws There must soon be 2 revision s,,
 of them. because tn ienye ,iYe,,itS fnS" of bnsi. ness disaster Since, your body ad- liourned there has been a fiuctuatton Tn
 the interest on call money from r,,nt,,stian pep ing six months The sscretary of the Treasury bad to step in and by wise
 perioa erioa of S't osciiiation. SC Even worse than such a fiuctuation is the advance m commercial rates and the uncertainty Ihigh rates. All commercial interests jsuffer during each crop pericd. Ex-' cessive rates for cssl mohey In New
 York attract monex rom aasd sne iheert1s Tnis ldepietes the fund that would other lwise be ayailable for commercial uses;'
 land comnerciat borrowers are forcea fall a tax, in the shape of increas?d Interest charges, Is placed on the whole
 commerce of the country.
 |
 again urge on the Congress the
 need of immediate attention to this
 matter. We need greater elasticity
 in our currency; provided. of course
 need of safe and secure currency !:
 There must always be the most rigid
 examination by the National authori-
 resS sn9ad ss The eSs fss Issue should, of course. be made with an effective guaranty. and upon condi. : tions carefully prescribed py the Got Govt. be based on adequate securities approv- ed by the Government, and must be IF.
 sued under heavy tax. IhIs woMld l demand for 1t was urgent. while SC. . curing It's retirement as the demand { fell off. It Is worth investigating to tors of national banks should ever be } allowed to loan to themselves. Trust companies should be subject to the
 same superyisiS as banks 1sc,sa iesssttpbn sas tbs District of Columbia and the Territo-
 ries. , ject can only accomplish certain } amount No legislation can by any possibility guarantee the business com munity against the results of specula- B tive folly any more than it can guar r antee an individual against the results 3 of his extravagance. When an fndf-
 vidual m1rtsases ss his no1se 1satsr ao ouy an an . when wealthy men. or men who pose ; as such. or are unscrupulously or fooi- ishly eager to become such. indulge it is accompanied by dishonesty--they jeopardize not only their own future , but the future of all their innocent ,, fellow-citizens. for they expose the distress.
 The income account of the Nation is in most satisfactory condition. For the six fiscal years ending with the 1st
 of July last the total expenditures and revenues of the National Government . exclusive of the postal revenues and , revenues. ss.4s5, 900, 900. and expendi- ,, lures, $3.275.000.oO0. The net excess of , income over expenditures. including. in for for the the'e Panama @ Canal was s1so. .oSo.. 900 for the six years. an average oi about s31.0o0,00 a year. This repre- F sents an approxlm,atSioana I,a n % netWeen m: n . to improve. The satisfactory working of the present tarin law. has beer 1, chiefly responsible for this excelien i showing. Nevertheless, there Is an ev. : ident and constantly growing feeling 5 among our. people that the tirne is f rapidly approaching when our system The CariR.
 . This country is definitely committed to the protective system and any effort I l to uproot 1t could not but cause wide spread industrial disaster. Tn other
 words, the principle of the present tar. . if law could not with wisdom bt . Iichanged. But in country of such ' ably we'll that every dozen years or SC the tariff laws should be carefully . scrutinized so as to see that no .exces. . sive or improper benedts are conferred z thereby, that proper revenue Is provid . ed. and that our foreign trade is en 2 lcouraged. There must always be as ? minimum a tariff which will not only 2 allow for the collecsion 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 S ference in the labor cost here an( 7 abroad. for the well-heing of the wage worker must ever be a cardinal point o
 American policy. The question should = be approached purely from a bushes! = standpoint both the ttime and the man . arouse the minimuin of Agitation ant e disturbance In the business world, ant s to give the least play for selfish an . factional motives. The sole considera y tion should be to see that the sum to 0 tai of changes represents the publi 0 good. This means that the subject ca = not with wisdom be dealf with in tn = year preceding a Presidential election
 because as a matter of fact experience 2 has conclusively shown that at such ' time it is impossible to get men t, n treat it from the standpoint of the pub g lie good. In my judgment the wis, j time to deal with the matter is imme {; diately after such election.