The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1907-12-05


government or ali owners and stock
holders, both by the corporation own
ing such stock and by the corporation
in which such stock is owned.
To confer upon the national gov
eminent, In connection with the amend
ment ! advocate in the anti-trust law,
power OF supervision over big business
concerns engaged in interstate com
merce, would. benefit them as 1t has
benefited the national banks. In the
recent business crisis II is noteworthy
that h institutions which failed were
institutions which were not under the
supervision and control OF the national
government. Those which were under
national control stood the test.
Would Help the Railroads.
National control Of the kind above
advocated would be to the benefit Of
every well managed railway. From
the standpoint of the public there is
need for additional tracks, additional
terminals, and improvements in the
actual handling Of the railroads, and
all this as rapidly as possible. Ample,
safe and speedy transportation facili-
ties are even more necessary than
cheap transportation. Therefore, there
is need for the investment OF money
which will provide for all these things
while at the same time securing as far
as Is possible better wages and shorter
hours Tor their employees. Therefore,
while there must be just n reason
aDIe regulation OF rates, we should be
the first to protest against any arbi-
trary M u~nthinking movement to cut
them down without the fullest and
most careful consideration Of all in
terests concerned and Of the actual
needs of the situation. Only a spe-
cial body OF men acting for the ma
tional government und authority on
ferred upon IL by the congress Is COM
petent to pass Judgment on such q
matter.
Pure Food Law a Success.
E: Those who fear, from any rea-
d: son. he extension of federal ac- /:
{: ttvity will do well to study the :
{: history not only of the national A.:
: banking act but Of the pure food /:
/: law, and notably the meat inspec- :
: ton law recently enacted. The {:
{: pure food law was opposed so vio- :
: lently that its passage was de- :
: iayed for a decade; yet 1t has
: worker unmixed and immediate {:
(: good. h meat inspection law I:
/: was even more violently assailed; :
. n the am men who now de- :
{: nounce the attitude Of the q :
4: ticnal government in seeking to I:
{: oversee and control the workings I: |
{: OF Interstate common carriers and :
{: business concerns, then asserted D.:
!: that we We're "dlscrediting and t:
/: running a great American indus {:
: try" Two years have not elapsed. :
/: and already 1t has become evident :
: that the great benefit the law con :
/: fers upon the public is accom- :
plished by al equal benefit to the {:
: reputable packing establishments. :
/; The latter are better Off under the {:
4: law than they were without IL. The {:
4: benefit to interstate common car /:
: riers n business concerns from /: |
: the legislation / advocate would be {:
/: equally marked. Y Il
Currency Reform Needed.
In my message to the congress- year |
ago l spoke as follows of the currency:
II especially call you attention to
the condition of our currency laws. The
national bank act has ably served q
great purpose in aiding the enormous
business development OF the country.
and within ten years there has been an
increase I'm circulation per capita from
$21. TO $33.0S. For several years evil
dence has been accommodating that adj
ditional legislation Is needed. The re-
currence OF each crop season empha- |
sizes the defects of the present laws. |
There must soon be a revision OF them |
means to incur liability Of business dis |
aster. Since your body adjourned
there has been a f~iuctuation in the in |
terest on call money from 2 per cent.
to 80 per e andethes fiuetuation was
even greater during the preceding six
months. The secretary of the treasury
a to step in n by wise action put
a stop TO. the most violent period of
oscillation. Even worse than such
1uctuation Is the advance in CONNER
cial rates and the uncertainty felt in
the insuffciency of credit W at high !
rates. All commercial interests SUITE
during each crop period. Excessive |
rates for call money In New York at
tract money from the interior banks |
into the speculative field. This depletes
the fund that would otherwise be avail |
able for commercial uses, and CONNER |
cial borrowers are forced to pay alb
normal rates, SO that each fall a tax,
in the shape of increased interest |
charges, is placed on the whole COM
merce OF the country.
1.-THE mere statement OF these facts
shows that N present system Is Sc
riously defective, There is need OF a
change. 1t must never be forgotten
that this question concerns business
men generally quite as much as bank
ers: especially is this true of stock |
men, farmers, and business me in the |
west; for at present at certain seasons |
of the year the difference in interest
rates between the east and west is
from v 10 ~ per CENT, whereas IN can
ada the corresponding differenC is but |
2 per cent" .a
/ again urge on h congress the need
of immediate attention to this matter.
We need a greater elasticity in our cur
rency: provided, OF course, that we
recognize the even greater need OF a
and secure currency. There must
always be the most rigid examination
by the national authorities.
. Should Be Elastic System.
: Provision should be made for an :
!: emergency currency. The emer- /: |
{: gency issue should, OF course, be :
. made with effartive p,Ia and . !