The Morris County chronicle., 1907-12-03

ment in seeking to oversee and control
the workings of interstate common car
riers and business concerns then as
serted that we were "discrediting and
running a great American industry"
Two years have not elapsed, and al
ready it has become evident that the
great benefit the law confers upon the
public is accompanied by an equal ben
eft to the reputable packing establish
ments. The latter are better off under
the law than they were without It,
The benefit to interstate common car
riers and business concerns from the
legislation I advocate would be equal
ly marked.
Pure Food Law.
Incidentally in the passage of the
pure food law the action of the vari-
GUS state food and dairy commission
ers showed in striking fashion how
much good for the whole people results
from the hearty cooperation of the
federal and state officials in securing
a given reform. 1t is primarily to the
action of these state commissioners
that we owe the enactment of this
law, for they aroused the people. first
to demand the enactment and enforce
ment of state laws on the subject and
then the enactment of the federal law
without which the state laws were
largely ineffective. There must be the
closest cooperation between the ma
tional and state governments in ad
ministering these laws.
Currency Legislation Needed.
l again urge ON the congress the
need of immediate attention to this
matter. We need greater elasticity
in our currency, provided of course
that we recognize the even greater
need of a safe and secure currency.
Provision should be made for an
emergency currency. The emergency
issue should of course be made with
an effective guarantee and upon condi
tions carefully prescribed by the gov
ernment. Such emergency issue must
be based on adequate securities ap-
proved by the government and must be
issued under heavy tax This would
permit currency being issued when the
demand for 1t was urgent, while secur-
ing its retirement as the demand fell
off. 1t is worth investigating to- de-
termine whether officers and directors
of national banks should ever be al
lowed to loan to themselves. Trust
companies should be subject to the
same supervision as banks. Legisla-
ton to this effect should be enacted for
the District of Columbia and the ter
ritories.
Yet we must also remember that
even the wisest legislation on the sub
ject can only accomplish Certain
amount. No legislation can by any
possibility guarantee the business COM
munity against the results of specula
tive folly any more than 1t can guaran-
tee an individual against the results of
his extravaganza. When am individual
mortgages his house to buy an auto
mobile he invites disaster, and when
wealthy men or men who pose as such
or are unscrupulously or foolishly eager
to become such indulge in reckless
speculation. especially If it is accom-
panied by dishonesty, they jeopardize
not only their own future. but the fu-
ture of, all their innocent fellow citi-
zens, for they expose the-whole busi-
ness community to panic and distress.
Can't Revise Tariff Now.
This country is definitely committed
to the protective system. and any ef-
fort to uproot 1t could not but cause
widespread industrial disaster. In
other words, the principle of the pres
ent tariff law could not with wisdom
be changed. But in a country Of such