The Miller sun. (Miller, Hand County, S.D.) 190?-19??, 1907-12-07
Should Be Elastic System.

2
-................. ....'.....''.''.'..s
Provision should be made for an /
emergency currency. The enner-
gency issue should. Of course. be
made with effective guaranty. and 3
upon conditions carefully prescribed I
by the government. Such emer- I
gency issue must be based on ade- 1
Quate securities approved by the
government, and must be issued I'M
der heavy tax. This would permit
currency being issued when the de-
mand for it was urgent, while Sc I
curing its retirement as the demand
fell off. It Is worth investigating
to determine whether officers and
directors of national banks should Z
ever be allowed to loan to them
selves. Trust companies should
be subject to the same supervision
as banks: legislation to this effect
should be enacted for the District
of Columbia and the territories q
............
Yet we must also remember that even
the wisest legislation on the subject
can only accomplish certain amount.
No legislation can by any possibility
guarantee the business community
against the results of speculative folly
any more than Ii can guarantee an
individual against the results of his ex-
travagance. When an individual mort
cages his house to buy an automobile
he Invites disaster; and when wealthy
men, or men who pose as such, or ara
unscrupulously or foolishly eager to be-
come such, indulge in reckless specula-
tion-especfally IL 1t is accompt MED by
dishonesty-they Jeopardize not only
their own future, but the future Of all
their innocent fellow citizens, for they
expose the whole business community
TO panic and distress.
The Tariff.
go. 49, '.......s
This country is definitely com 3
mitted to the protective system and q
and any effort to uproot Ii could =
not but cause widespread industrial ;
disaster. In other words, the prin- |:
ciple of the present tariff law
could not with wisdom be changed. {.
But in country OF such phenom- =
email growth as ours 1t Is probably :.
well that every dozen years or so !!
the tariff laws should be carefully 4
scrutiniZed so as TO see that no ex- {:
:cessive or improper benefits are )
conferred thereby. that proper rev !!
enue is provided, and that our for u
eign trade is encouraged. There q
must always be as a minimum q
tariff which will not only allow For 4
the collection of an ample revenue j.
: but which will at least mako good =
the difference in cost of production ::
: here and abroad; that Is, the DIFF =
: ference in the labor cost here and i
: abroad, for the well being OF the y
/: Wage-worker must ever be card 4
: inal point Of American policy. The .
i: question should be approached pure =
: iy from business standpoint; 3
: both the time and the manner or y
/: the change being such as TO arouse 8,
{: the minimum of agitation and dis y
I: turbance in the business world, and =
: to give the least play for selfish !
I: and fractional motives. The sole :;
{: consideration should be to see that Z
I: the sum total OF changes repre- =
(: sents the public good. This means ::
/: that the subject can not with wis.,;
/: dom be dealt with in the year pre- q
: ceding a presidential election, be- 4
(: cause as q matter Of fact expert
I: ence has co1clusively shown that !:
: at such time 1t is impossible to !:
: get men to treat 1t from the stand 9
{: point Of the public good Ia my q
f: judgment tho wise time to deal >
/: with the matter is Immediately az .
4; ter such election y