Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1907-12-04
Fully equipped to do anything IN the Banking line

meat inspection law recently enacted.
The pure-food law was opposed SO
violently that its passage was delayed
IUr a uecauej YET iI mas WORKED I'M
mixed and immediate good. The meat
inspection law was even more violent
~ assailed; and the same men who
now denounce the attitude of the Ma
tional Government in seeking to over
see and control the workings of in
terstate common carriers and BUSH
ness concerns, then asserted that we
were 'discrediting and running a great
American industry" Two years have
not elapsed, and already it has be-
come evident that the great benefit
the law confers upon the public is
accompanied by an equal benefit to
the reputable packing establishments.
The latter are better off under the
law that they were without it. The
benefit to interstate common carriers
and business concerns from tae legis
lation / advocate would be &c rally
marked
Currency.
In my Message to the Congress a
year ago l spoke as follows Of the
currency:
4 especially call your attertion to
the condition Of our currency 'laWs
The natiOnal-bank act has ably served
great purpose in aiding the enor-
nous business development of the
country, and within ten years there
has been an increase in circulation
per capita from $21.41 to $33.0S. For
several years evidence has been &C
cumulating that additional legislation
is needed. The recurrence of each
crop season emphasizes the defects
OF the present laws. There must soon
be a revision of them. because to
leave them as they are means to in
cur liability of business disaster.
Since your body adjourned there mas
been a Illustration in the interest en-
call money from per cent 10 80 per
cent, and the fluctuation was even
greater during the preceding six
months. The Secretary of the Treas
Try had to step in and by wise action
puT stop to the most violent period
oE oscillation. Even worse than sich
fluctuation is the advance in co inner
cial rates and the uncertainty felt in
the sufficiency of credit even at high
rates. All commercial interests suf-
fer during each crop period. Excess
SlNe rates LOT call money III ne" 4OEN
attract money from the interior banks
into the speculative field. This de-
pIetes the fund that would otherwise
be available for commercial uses, and
commercial borrowers are forced TO
pay abnormal rates, so that each fail
a tax, in the shape of increased inter
est charges, is placed on thu whole
commerce of the country.
The mere statement of these facts
shows that our present sy stem is Sc
Tiously defective. There is n5ed Ct
a change. Unfortunately, however,
many of the proposed changes must
be ruled from consideration because
they are complicated, are not easy OF
comprehension, and tend TO disturb
existing rights and interests. We
must also rule out any plan which
would materially impair the value OF
the United States 2 per cent bonds
now pledged to secure circulation,
the issue of which was made under
conditions peculiarly creditable to the
Treasury. 1 do not press any especial
plan. Various plans have recently
been proposed by expert committees
of bankers. Among the plans which
are possibly feasible and which GER
tainIy should receive your considera-
ton is that repeatedly brought to your
attention by the present Secretary OF