The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1907-12-03

the workings or'lnrerslaue common car
riers and business concerns then as
serted that We were 'discrediting and
running 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 DackinG 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 l 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
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
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 ad,
ministering these laws.
Currency Legislation Needed.
| 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 a 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
tons carefully prescribed by the gov
ernment. 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
demand for it was urgent, while secur-
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 tho
same supervision as banks. Legisla.
ton to this effect should be enacted fol-
the District Of Columbia and the ter.
ritories.
Yet we must also remember that
even the wisest legislation on the sub
ject can only accomplish a 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
mortgage his house to buy an auto
mobile 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
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 a country of such
nh
ably we'll 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 a
minimum a 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 we'll being Of the wage
worker must ever be cardinal point
of American policy. The question
should be approached purely from a
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 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
immediate ly, after such election.
Income Tax and inheritance Tax.
When our tax laws are revised the
question of an income tax aud an in
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 fed
eral taxation. | speak ditfidently about