The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1907-12-06


nient in seeking to oversee and control
the workings Of Interstate common car
riers and business concerns then as
serted that we We're "discreditfng 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 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 adj
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 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
eminent. 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
|
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
eren the wlsest 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 it can guaran-
tee an individual against the results of
his extravaganza. When an Individual
mortgages his house to buy an auto
mobile he invitesVdisaster, 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 flu
ture of all their innocent fellow citi-
zens, for they expose the whole bust
ness community to panic and distress.
Can't Revise Tariff Now.
This country is definitely committed
to the protective, system. and any eff
fort to uproot it 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 u country Of such
phenomenal growth as ours it is prob
ably well that every dozen years or so
the tariff laws should be carefully scru-
tiniZed so as to see that no excessive
or improper benefits are conferred
thereby. that proper revenue is provid-
ed and that our foreign trade is en-
couraged. There must always be as
minimum Il tariff which will not only
allow for the collection of an 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 question
should be approached purely from
business standpoint, both the time and
the manner of the change being such
as to arouse the minimum Of agitation
and disturbance in the business world
and to give the least play for selfish
and fractional motives. The sole con-
sideration should be to see that the
sum total of changes represents the
public good. This means that the sub
ject cannot with wisdom be dealt with
in the year preceding presidential
election because as a matter of fact
experience has conclusively shown that
4 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
Immediately after such election.
Income Tax and Inheritance Tax.
When our tax laws are revised the
/ question of an income tax and an in
heritance tax should receive the care
ago to their schoolmates of the He