Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1907-12-05

= from an to tn per cent. wh~rs,. IN
canada the corrsspnndirE dinerenc@ -
but two per cent Any piaa must of
courn~. guard the interests q western
and southern bankers a. carefully as n
guards the interests % New York OF
chicago bankers. and must - drawn
from the standpoint- % the farmer aad
the merchant NJ less than from the
standpnints oi the city banker and the
country banker
Repeats Recon- NC . dstiss..
The president continues.
Il again urge on the congress the
need 20 immediate attention 70 this
matter, We need greater elasticity
In our currenrv provided of course.
that we Recognize the even greater
need % a safe and secure currency.
There must always b the mos, rigid
examination By the national authori-
ties. Provision sEouid be made for an
euersenry currency. The emergency
issue should. % course he made with
an effective guaranty. and upon condi-
ttons carefully prescribed by the gov
ernmsut Such emergency issue must
be based on adequate securities sp-
proved by the government. aad must
be issued under heavy tan THIS
would permit currency being issued
when the demand for "a was urgent
while securing tts retirement a. the
demand fell OF. II 10 worth inve@ti-
eating to determine whether orcer.
and directors % national banks should
ever b. allowed % loan 10 themselves
Trust companies should he subject to
the same supervision a. banks. legisia-
tion % this eject should he enacted for
the District OF Columbia and the terri
tories
Nss Time for TsrtG Dts~wsssesL
on the subject Of the tsrtr the pr--i-
dent declares himself IN favor OF post
poninz all consideration Of the aues-
uon until after the presidential el.c-
tion lie saws
This country IL definitely committed
20 the protective system and any EFFORT
10 uproot II could not hu, cause wide
spread Industrial disaster In other
words the principle OF the present tar
~ Law could not with wisdom n.
changed. But In country OF such
Phenomenal growth as ours 10 L. prob
ably well that every dozen years or 50
the tariff laws should be carefully
scrutinixed 50 as TO see that no ex-
eessive or improper BENEFITS are con
ferred thereby that proper revenue. is
provided. and that our foreign trade 10
encouraged. There must always be aS
a 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 ot produc-
tion here ami abroad. that t. the dlf-
ference IN the labor cost here and
abroad. for the well-belng Of the wage
worker must ever be a cardinal point
Of American policy. The sole consider
alton should be to see that the sum
total OF changes represent the public
good. This means that the subject can
not with wisdom be dealt with in the
year preceding a presidential election
because as n matter Of fact experience
has cOnclusiveiy shown that az such q
time IL IL impossible to get men to
treat it from the standpoint OF the
public good In my Judgment the wise
time to deal with the matter is immedi-
ately after such election"
Income and Inheritance Tar.
There has been no change In the
mind Of the president concerning the
advisability OF an income tax and an
Inheritance tax In the message he
says
when our tax taws are revised the
question of an income tax and an in
heritancc tax should receive the care
full attention of our legislators. In my
Judgment both Of these taxes should be
part Of our system Of federal taxation.
speak diffdently about the income tax
because one scheme for an income tax
was declared unconstitutional by the
supreme court: while in addition IL is
difficult tax to administer in its prac-
teal working. Nevertheless. grad
uated income tax OF the proper type
would be a desirable feature OF federal
taxation. and il Is to be hoped that one
may be devised which the supreme
court will declare constitutional The
Inheritance tax. however. Is both far
better method of taxation. and far more
important for the purpose OF having
the fortunes OF the country bear IN
proportion to their increase in size q
corresponding increase and burden OF
taxation The government has the alb
solute right 10 decide as 10 the terms
upon which a man shall receive the be-
quest or devise from another. and this
point in the devolution OF property is
especially appropriate for the imposi-
tion of a tax"
Due Enforcement of Inv.
On the matter OF the impartial en-
forcement OF the laws the message
says:
"A few years ago there was loud
complaint that the law could not be In
voked against wealthy offenders There
Is no such complaint now. The course
Of the department of justice during the
last few years has bern such as to
make 10 evident that no man stands
above the law. that no corporation Is
so wealthy that II cannot be held to
account Everything that can be done
under the existing law. and with the
existing state OF public opinion. which
so profoundly influences both the
courts and iuries has been done But
the laws themselves need strengthen
ing in more than one important point:
they should be made more definite so
that no honest man can be led unwtt-
tingly to break them. and 50 that the
real wrongiosr can be readily punished
The two great evils in the execution
Of our criminal laws to-day are senti-
mentally and Technically For the lat
ter the remedy must come from the
hands Of the legislatures the courts
and the lawyers The other must de-
pend for its cure upon the gradual
growth Of a sound public opinion which
shall insist that regard for the law and
the demands OF reason shall control all
other Influences and emotions In the
jury box. Both Of these evils must be
removed or public discomfort with the
criminal law will continue
Use OF InJusetions.
Referring to the question Of the use and
abuse OF injunctions the president de-
clares:
Instances of abuse In the granting OF
intunctions in labor disputes continue to
occur. and the resentment in the minds
OF those who feel that their rights are
being invaded and their liberty of action
and OF speech unwarrantably restrained
continues to grow Much OF the attack
on the use Of the process OF Injunction Is
wholly without warrant. but l am con-
strained to express the belief that for
some OF IL there is warrant This ques-
ton is becoming more and more OF prime
Importance. and unless the courts will
themselves deal with II In effective man
ner. 1t Is certain ultimately to demand
some sort of legislative action earnest
" commend TO the attention OF the con-
gress this matter. 50 that some way may
be devised which will limit the abuse ef
injunctions and protect those rights which
from time TO time II unwarrantably in
yAdes"
Among the recommendations made in
the message are for federal inspection OF
railroads the establishment Of an en-
pioyers' liability act. and for the extern
sion OF the present eight-hour law by the
government
In Industrial Disputes-
The president favors compulsory in
vestigatlon by the national government
Of fn1ussrfaI HfsnutRs saving.