The Huttig news., 1907-12-07
rect subject of currency legislation, and

says:
 'I again urge on the congress the need of immediate attention to this matter. We need greater elasticity in 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 na- tional authorities. Provision should be made for an emergency currency. The emergency issue should, of course, be made with an effective guaranty, and up- 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 it was urgent, while securing it's re- trement as the demand fell off. It is worth Investigating to 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 it can guarantee an individual against the results of his extravaganza. When an in dividual mortgages 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 10 become such, indulge in reckless spec ulation-especially if it is accompanied by dishonesty-they jeopardize not only their own future but the future of all their in nocent felow-citizens, for they expose the whole business community to panic and distress"
 He advises against any general tariff legislation this session of congress, and says:
 Tn a country of such phenomenal growth as ours it 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
 tariff which will not only al-
 low for the collection of an 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 be a cardinal point of American policy.
 The question should be approached pure ly from business standpoint both the time and the manner of the change being such as to arouse the minimum of ag- 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 a presidential election, be- nf ia bnc c conclusively shown that at such 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 immediately after such cleo tion."
 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 nnd the
 I Abuse of Injunctions.
 Instances of abuse in the granting o1 l fnjunctions in labor disputes continue to | occur, and the resentment in Athe 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 I am con- strained to express the belief that for some of it there is warrant. This ques- tion is becoming more and more of prime lsa will themselves deal with it in effective man. ner, it is certain ultimately to demand some form of legislative action. It would be most unfortunate for our social wei fare if we should permit many honest and law-abiding citizens to feel that they had just cause for regarding our courts with hostility. I 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 it unwarrantably in- vades Moreover. discontent is often ex- pressed with the use of the process of injunction by the courts; not only in la bor disputes, but where state laws are concerned. I refrain from discussion of this question as I am informed that it will soon receive the consideration of the supreme court.'
 Of other legislation in the interest of laDor 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 jurs- dictions it's constitutionalty has been af- frmed. The question has been carried to the supreme court, the case has been heard by that tribunal, and 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 islation 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 or 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 liabil- ity, and in some of our states even this slight modification of a complete out grown principle has not yet been se- cured"
 He favors the extension of the eight hour law to all departments of the gov ernment, and to all work carried on by