The Barre daily times. (Barre, Vt.) 1897-1959, 1907-12-03
owning such stock and BY the corpora
ton Ia which such stock il owned.
Ls.sons Of Recent Crisis.

]
ment / advocate IN the antitrust Law
power Of supervision over big buglnes
concerns engaged ia Interstate com
marce would benefit them as Il hnI
benefited the national hanks. In Ia
recent business crisis Il Is noteworthy
that the institutions which failed wer
institutions which were not under thl
supervision and control Of the natlonn
government. Those which were unde
national control stood the test.
National control Of the kind above
advocated would be 20 the benefit o.
every well managed railway. From
tho standpoint OF the public there 4
need Tor additional tracks. nddltIona
terminals aud improvements ~ the nc
tual handling OF the railroads. and al
this as rapidly aS possible, Ample
safe and speedy transportation facili
ties are even more necessary thar
cheap transportation. Therefore thers
n need FOR tho Investment OF money
which VIII provide Cor all these thing'
while NJ the same time securing ~ fal
as is possible better wages ana shorteI
hours for their employees. Therefore
while there must be Just and reasona
bic regulation OF rates. we should b
the first 10 protest against any arbltra
~ and unthInkIng movement TO eui
them down without the fullest and
most careful consideration OF all inter
ests concerned aud OF the actual needs
OF the situation. Only special body
OF men acting FOR the national govern
ment under authority conferred upon Il
by the congress Is competent 70 pass
Judgment on such a matter.
Those who fear from any reason the
extension Of federal activity VIII ia
well 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 is passage was delayed for q
decade. yet Il has worked unmixed and
immediate good. The meat inspection
law was even more violently assaiied,
and the same men who now dcnounee
the attitude Of the national govern
ment 10 seeking TO oversee aud control
the workings OF Interstate common car
rlcrs and business concerns then as
serted that We were "discreditlng aud
ruinIngNa great American Industry"
Two years have not elapsed. and al
ready Il has become evident that the
great benefit the law confcrs upon the
public Is accompanied by an equal ben
eft 10 the reputable packing establish
ments. The latter are better on under
the law than they were without H.
The benefit to interstate common car
rlers and business concerns from the
legislation ! advocated would be equal
~ marked.
Pure Food Law.
Incidentally IN the passage OF the
pure food law the action Of the yari.
Gus state food and dairy commission
ers showed In striking fashion how
much good for the whole people results
from the hearty cooperation Of the
federal and state officials in securing
given reform. 1t Is primarily TO the
action Of these state commissioners
that we owe the enactment Of this
law. for they aroused the people. hrst
TO demand the enactment and enforce
ment OF state laws on the subject and
then the enactment OF the federal law,
without which the state laws were
largely ineffective. There must be the
closest cooperation between the ma
tional and state governments In al.
ministe..ng these laws.
Currency Legislation Needed.
I 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 conrse be made with
an effective guarantee and upon condi.
lions carefully prescribed by the gov
Such emergency issue must
be based on adequate securities APP
proved by the government and must be
issued under heavy tax. This would
permit currency being issued when the
demand for It was urgent. while secur-
ing its 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
should be subject TO the
same supervision as banks. Leglsla-
ton to this effect should be enacted for
the District OF Columbia and the ter
ritories.
Yet we must also remember that
sven the wisest legislation on the sub
iect can only accomplish certain
amount. No legislation can by any
possibility guarantee the business com.
nunity against the results of speeula-
I've folly any more than 1t can guaran-
ZEE an Individual against the results OF
lis extravaganza. When an individual
his house to buy an auto
mobile he invites disaster. and when
wealthy men or men who pose as such
II are unscrupulously or foolishly eager
o become such indulge In reckless
especially II 1t is accom-
'anied by dishonesty. they Jeopardlzc
tot only their own future, but the fu-
IRE of all their innocent fellow citl.
ems, for they expose the whole bust
less community to panic and distress.
Can't Revise Tariff New
This country Is definitely committed |
0 the protective system. and any eff
ort 10 uproot It could not but cause
Industrial alanster. IN