The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1907-12-06

government Of all owners and stock
holders. both by the corporation own
Ing such stock and by the corporation
IN which such stock is owned.
To confer Dor the national gov
eminent, in connection with the amend
ment l 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 1t is noteworthy
mat the institutions which failed were
institutions which were not under the
supervision n control of the national
government. Those which We're under
national control stood the test.
Would Help tho Railroads.
National control OF the kind above
advocated would be to the benefit Of
the standpoint OF the public there is
need for additional tracks, additional
terminals. and improvements in the
actual handling Of the railroads. and
all thls as rapidly as possible. Ample.
safe and speedy transportation facili-
cheap transportation. Therefore. there
Is need for h investment OF none
which will provide for all these things
While at the same time securing as far
possloie oelter wages ano Shorter
for their employees. Therefore,
while there must be just and reason
able regulation Of rates. we should be
inc first to protest against any arbi-
trary and unthinking movement to cut
them down without the fullest and
terests concerned and of the actual
needs of the situation. Only a spe-
clal body OF men acting for the ma
tional government under authority con-
ferred upon 1t by the congress is COM
petent to Ass judgment on such a
matter.
Pure Food Law a Success.
Those who fear, from any rea-
son, the extension of federal ac-
tivity will do well to study the
history not only Of the national
law, and notably the meat tnspec-
ton law recently enacted. The
pure food aw was opposed SO vio- I:
lently that its passage was de-
layed for a decade; yet 1T has
worker unmixed and immediate
was even more violently assailed; {:
and the same men who now de-
nounce the attitude Of the na-
tional government in seeking to
oversee and control the workings
of interstate common carriers and
business concerns. then asserted
that we We're "discrediting and
running a great American indus
I: try" Two years have not elapsed,
and already it has become evident
/: fers upon the public is accom-
/: plished by an equal benefit to the
: reputable packing establishments.
/: The latter are better off under the
/: law than they were without it. The
{: benefit to interstate common car
. rlarC and h11SinaCc rnr0nrrc f,.ny,,
/: che legislation l advocate would be
{: equally marked. /:
Currency Reform Needed.
In my message to the congress a year
ago 1 spoke as follows of the currency:
81 especially call your attention to
the condition of our currency laws. The
national bank act has ably served a
great purpose in aiding the enormous
business development of the country,
and within ten years there has been an
increase in circulation per capita from
SILL TO s53.oS. For several years evil
dence has been accommodating that ad-
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
because to leave them as they are
means to incur liability of business dis
aster. Since your body adjourned
there has been a f%luctuation in the in
terest on cell money from 2 per cent.
to 80 per cent. II the uctuatio was
even greater during the preceding six
months. The secretary of the treasury
a to step in and by wise action put
a stop to the most violent period OF
oscillation. Even worse than such
fiuctuation is the advance in CONNER
cial rates and the uncertainty felt in
the insufficiency Of credit even at high
rates. All commercial interests suffer
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
cial borrowers are forced to pay abb
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.
THE mere statement of these facts
shows that our 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. n 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 6 to 10 per cent, whereas in'Can-
d the corresponding differene is but
2 per cent"
I again urge on the 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
safe n secure currency. There must
always be the most rigid examination
by the national authorities.
Should Be Elastic System.
T:
Provision should be made for an (:
emergency currency. The emer- /:
{: gency issue should, Of course, be /:
I: made with effective guaranty. /:
[: upon conditions carefully prescribed {: