The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1907-12-03

failed were institutions which were, not
under the supervision and control of
the national government. Those which
were under national control stood the
test
Those who fear, from any reason, the
extension of federal activity will do
we'll to study the history not only of the
national banking act but of the pure
food law, and notably the meat inspec-
ton law recently enacted. The pure.
food law was opposed so violently that
it's passage was delayed for a decade;
yet it has worked unmixed and imme-
diate good.o
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 re-
suits from the hearty cooperation of
the federal and state officials in secur-
ing a given reform. 1t is primarily to
the.action of these state commissioners
that we owe the enactment of this law
-, : Currency.
We need a greater elasticity in our
icurrency; provided, of course, that we
recognize the ~even greater need of
safe and secure currency. There must
Ialways be the most rigid examination
by the nationtl authorities. Provision
should be made for an emergency cur
i1"ncy. The emergency issue should, Of
course. be made with an effective
guaranty. and upon conditi:ns care
fully prescribed by the government
Such emergency issue must be based
on adequate securities approved by the
government, and must be issued under
heavy tax. This would permit cur
irency being issued when the demand
for it was urgent, while securing it's
retirement as the demand fell off. 1t is
worth investigating to determine
whether officers ard directors of ma
tional banks. should ever be allowed to
loan to themselves. Trust companies
should be subject. to the same supervi-
sion as banks; legislation to this effect
should be enacted for the District of
Columbia and the Territories.
Revenue.
| The income account of the nation is
in a most satisfactory condition For
the six fiscal years ending with the
first of July last, the total expendi-
lures and revenues of the nationa.
government, exclusive of the postal
revenues and expenditures, were in
round numbers, revenues, SO, 465, 100000,
and expenditures, $3,25,OO0,OOO. The
net excess of income over expendi-
lures, including in the latter the so
millions expended for the Panama ca
Eal. was one hundred and ninety mill
lion dollars for the six years, an aver
iage of about 81 millions a year This
represents an approximation between
income and Outgo which i would be
hard to improve. The satisfactory
working Of the present tariff law has
been chiefly responsible for this excel
lent showing. Nevertheless, there is al
evident and constantly growing feeling
among our people that the time is
rapidly approaching when our sys
tenn of revenue iegisla tion must be re-
vised.
The Tariff
This country is definitely committed
to, the protective system and any eff
fort to uproo. it could not but cause
widespread Industrial disaster. In other
words, the principle Of the present
tariff law could not with ;. wisdom be
changed. But in country of such
phenomenal growth as ours it is prob
ably well that every dozen years or SO
he tariff laws should be carefully scru
tiniZed SO as to see that no excessive
or improper benefits are conferred
thereby, that proper revenue is pro-
vided, and that our foreign trade is en-
encouraged.
Income and Inheritance Tax.
When our tax Jaws are revised the
question Of an income tax and an in
heritance tax should receive the care
ful attention of our legislators. In my
Judgment both of these taxes Shouts
part of our system of federal taxation.
Enforcement of the Law.
The course of the department of