Meade County news. [volume] (Meade, Kan.) 1900-1918, 1907-12-19
standpoints of the city banker and the

IT again urge on the congress the
need of immediate attention to this
matter. We need a greater elasticity
in our currency; provided, of course.
that we recognize the even greater
need of a safe and Becure currency.
There must always be the most rigid
examination by the national authori-
ties. Provision should be made for an
emergency currency. The emergency
issue should, of course. be made with
an effective guaranty, and upon condi-
tons carefully prescribed by the gov
eminent. Such emergency issue must
be based on adequate securities APP
proved by the government and must
be issued under a heavy tax This
would permit currency being issued
when the demand for it was urgent.
while securing it's retirement as the
demand fell off. 1t is worth investi-
eating to determine whether officers
and directors of national banks should
ever be allowed 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 terri
tories"
Not Time for Tariff Discussion.
On the subject of the tariff the presi-
dent declares himself in favor of post
poning all consideration of the ques-
ton until after the presidential cleo
ton. He says:
THE income account of the nation Is
in most satisfactory condition. For
the six fiscal years ending with the
first of July last. the total expenditures
and revenues Of the national govern
ment, exclusive of the postal revenues
and expenditures, were in round num-
bers, revenues, s3.465. 900. and ex-
penditures, s3.275.OO0. The net ex-
cess of income over expenditures, in
Guiding in the fiftv millions
| expended for the Panama canal, was
100000 for the six years, an
average of about $31, 0O0, 900 a year. This
represents an approximation between in
come and outgo which it would be hard
to improve. The satisfactory working of
the present tariff law has been chiefly
| responsible for this excellent showing.
Nevertheless, there is an evident and con-
stantly growing feeling among our peo-
pie that the time is rapidly approaching
when our system of revenue legislation
must be revised.
This country is definitely committed
to the protective system and any effort
| to uproot it could not but cause wide
spread industrial disaster. In other
words. the principle of the present tar
| If law could not with wisdom be
| changed. But in a country of such
phenomenal growth as ours it is prob
ably we'll that every dozen years or so
scrutinized SO as to see that no ex-
cessive or improper benefits are con-
| ferred thereby. that proper revenue. is
| provided, and that our foreign trade is
encouraged. There must always be as
a minimum tariff which will not only
| allow for the collection of ample
revenue but which will at least make
| good the difference in cost of produc-
ton here and abroad; that is. the diff
| ference in the labor cost here and
| abroad for the well-being of the wage
worker must ever be a cardinal point
of American policy. The sole consider
| alton should be to see that the sum
| total of changes represent the public
good. This means that the subject can
not with wisdom be dealt with in the
| year preceding a presidential election
| because as a matter of fact experience
| has conclusively shown that at such a
| time it is impossible to get men to
treat it from the standpoint of the
public good. In my judgment the wise
time to deal with the matter is immedi-
ately after such election"
Income and Inheritance Tax.
There has been no change in the
mind of the president concerning the
| ACCESSIBILITY of an income tax and an
inheritance tax. In the message he
says:
When our tax taws are revised the
| heritance tax should receive the care
| full attention of our legislators. In my
| judgment both of these taxes should be
| part of our system of federal taxation.
| 1 speak diffidently about the income tax
| because one scheme for an income tax
was declared unconstitutional by the
| supreme court; while in addition it is
| a difficult tax to administer in it's prac-
| tical working. Nevertheless. a grad
| uated income tax of the proper type
| would be a desirable feature of federal
| taxation, and it is to be hoped that one
may be devised which the supreme
court will declare constitutional. The
| inheritance tax. however is both a far
| better method of taxation and far more
| important for the purpose of having
| the fortunes of the country bear in
| proportion to their increase in size a
| corresponding increase and burden OF
| taxation. The government has the alb
solute right to decide as to the terms
| upon which a man shall receive the be-
| quest or devise from another. and this
point in the devolution of property is
especially appropriate for the imposi-
| ton of a tax"
Due Enforcement of Law.
On the matter of the impartial en-
forcement of the laws the message
says:
"A few years ago there was loud
| complaint that the law could not be in
voked against wealthy offenders. There
is no such complaint now. The course
of the department of justice during the
last few years has been such as to
make it evident that no man stands
| above the law. that no corporation is
so wealthy that it cannot be held to
account. Everything that can be done
under the existing law. and with the
| existing state of public opinion, which
so profoundly influences both the
| courts and juries. has been done But
| the laws themselves need strengthen
| ing in more than one important point;
they should be made more definite so
| that no honest man can be led unwit-
| tinSl- to break them, and so that the
real wrongdoer can be readily punished.
THE two great evils in the execution
of our criminal laws to-day are senti-
mentally and technically. For the lat
| ter the remedy must come from the
hands of the legislatures, the courts
| and the lawyers. The other must de-
pend for its cure upon the gradual
growth of a sound public opinion which
shall insist that regard for the law and
| the demands of reason shall control all
| other influences and emotions in the
| jury box. Both of these evils must be
| removed or public discomfort with the
criminal law will continue"
Use of InJunctions.
Referring to the question of the use and
abuse of injunctions the president de-
| cfares:
Instances of abuse in the granting of
| injunctions in labor disputes continue to
| occur, and the resentment in the minds
| of those who feel that their rights are
being invaded and their liberty of action
and of speech unwarrantably restrained
continues to grow. Much of the attack
on the use of the process of injunction is
wholly without warrant: but 1 am con-
| strained to express the belief that for
some of it there is warrant. This ques-
ton is becoming more and more of prime
Importance. and unless the courts will
themselves deal with it in effective man
ner, it is certain ultimately to demand
some sort of legislative action. I earnest
| ly commend to the attention of the con-
gress this matter, so that some way may
be devised which will limit the abuse of
injunctions and protect those rights which
from time to time it unwarrantably in
vades."
Among the recommendations made in
the message are for federal inspection of
railroads, the establishment of an en-
ployers' liability act, and for the extern
| sion of the present eight-hour law by the