The Yale expositor., 1907-12-06
rect subject of currency legislation. and

says:
Il again urge on the congress the need
of immediate attention 10 this matter.
We need a. greater elasticity I'm our cur
rency; provided. of course, that we recog-
nize the even greater need of safe and
secure currency. There must always be
the most rigid examination by the ma
tional authorities Provision should be
made for an emergency currency. The
emergency issue should OF course, be
made with an effective guaranty. and ~
on conditions carefully prescribed by the
government. Such emergency issue must
be based on adequate securities approved
by the government. and must be Issued
under a heavy tax. This would permit
currency being issued when the demand
for il was urgent, while securing it's re-
tirement as the demand fell off. II Is
worth investigating 10 determine whether
officers and directors OF national banks
should ever be allowed to loan TO them
selves. Trust companies should be sub
ject TO the same supervision as banks;
| legislation to this effect should be en-
| acted for the District of Columbia and
| the territories.
''Yet we must also remember that even
| the wisest legislation on the subject can
| only accomplish a certain amount. No
| legislation can by any possibility guar
! antee the business community against the
| results of speculative folly any more than
| il can guarantee an individual against the
| results of his extravaganza. When an in
| dividual mort cages his house to buy an
automobile 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 spec
| ulation-especially IL IL is accompanied by
! dishonesty--they jeopardiZe not only their
own future but the future Of all their in
nocent felow-citzens. for they expose
! the whole business community to panic
and distress"
He advises against any general tariff
! legislation this session OF congress, and
says:
'In country OF such phenomenal
growth as ours II is probably we'll that
every dozen years or so the tariff laws
should be carefully scrutinized so as to
see that no excessive or improper bene-
fits are conferred thereby. that proper
revenue is provided and that our
foreign trade is encouraged There
| must always be as minimum
a tariff which will not only al
low for the collection OF ample rev.
| enue but which will at least make
good the difference in cost OF production
here and abroad; that Is, the difference in
| the labor cost here and abroad. for the
| well-being OF the wage-worker must ever
| he a cardinal point OF American policy.
! The question should be approached pure
| ly from q business standpoint; both the
| time and the manner OF the change being
such as to arouse the minimum of agi-
| tation and disturbance in the business
| world. and TO give the least play for
selfish and factional motives. The sole
consideration should be to see that the
sum total OF changes represent the pub
lie good. This means that the subject
cannot with wisdom be dealt with in the
year preceding presidential election, be-
! cause as a matter of fact experience has
concluslveiy shows chat at such time
II is impossible to get men to treat II from
| the standpoint OF the public good. In my
| Judgment the wise time 10 deal with the
matter Is Immediately after such cleo
ton"
He asks for the repeal OF the tariff on
paper and wood pulp.
He reviews and enlarges upon his pre-
vious recommendations for the enact
ment OF federal inheritance and income
tax laws.
Attention Is called to the prosecution OF
wealthy offenders against the national
laws, and in this connection he asks that
the laws under which these prosecutions
are brought be strengthened and made
more definite.
The Use and the
Abuse of IniunctIons
Instances or 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 / am con-
strained to express the belief that for
some OF II there is warrant. This ques-
ton is becoming more and more of prime
Importance, and unless the courts will
themselves deal with II in effective man
ner, II is certain ultimately TO demand
some form OF legislative action. II would
be most unfortunate for our social well
fare IL we should permit many honest
and law-abiding citizens to feel that
they had just cause for regarding our
courts with hostility. / earnestly com
mend to the attention OF the congress
this matter. so that some way may be
devised which will limit the abuse Of in
functions and protect those rights which
from time TO time IL unwarrantably in
vades. Moreover discomfort is often ex-
pressed with the use of the process OF
Injunction by the courts, not only in la
Dor disputes, but where state laws are
concerned. 1 refrain from discussion of
this question l am informed that II
will soon receive the consideration OF the
supreme court"
OF other legislation in the interest of
labor he favors federal inspection OF rail-
roads providing limited but definite COM
pensation for accidents to all workmen
employed in any way by the government,
and says:
1.-THE constitutionality OF the employers
liability act passed by the preceding con-
gress has been carried before the courts.
In two jurisdictions the law has been de-
clared unconstitutional, and in three juris-
dictions its constltutionality has been af-
frmed. The question has been carried 10
the supreme court, the case has been
heard by that tribunal, and n decision is
expected at an early date. In the event
that the court should affirm the consti-
tutionality of the act, I urge further leg
islaton along the lines advocated in my
message TO the preceding congress. The
practice OF putting the entire burden OF
loss of life or limb upon the victim OF
the victims family is a form of social in
Justice in which the United States stands
in unenviable prominence. In both our
federal and our state legislation we have
with few exceptions, scarcely gone
farther than the repeal of the fellow
servant principle of the old law of labil-
ity, and in some OF our states even this
slight modification OF complete out
grown principle has not yet been Sc
cured"