The morning journal-courier., 1908-03-06

of the Philippine islands as soon as stable government can be established, such independence to be guarded by us as We guard the independence Of Cuba, until the naturalization of the islands can be secured by treaty with other powers. In recognizing the lh- dependence of the Philippines our government should retain such land as may be necessary for coaling sta- tlons and naval basis.
 Desiring the prevention of war, wherever possible. we believe that our nation should announce its determln- alton not to use our navy for the col lection of private debts. and it's willing ness to enter into agreements with oth- CT nations providing for the investiga- tionS, by an impartial international tri- bunal, before any declaration of war or commencement of hostilities, Of eV- cry dispute which defies diplomatic set' tlement.
 Valuation of Railroads. We assert the right of congress to exercise complete control over inter state commerce, and we assert the right of each state to exercise just as :eom- plete control over commerce within It's borders. We demand such an enlarge ment of powers of national and state railway commissions as may be neces- sary to give full protection to persons and places from discrimination and eX- tortion, We believe that both the ma | tion and the various states should tlrst ascertain the present value Of the rail- roads, measured by the cost or repro duction; second, prohibit the issue of any more watered stock or fictitious capitalization; third, prohibit the rail- roads from engaging in any business which brings them into competition with their shippers, and fourth, reduce transportation rates until they reach q point where they will yield only req sonable return on the present value or | the roads-Such reasonable return be- | ing defined as return sufficient to keep the stock of the roads at par when such roads are honestly capital 1 ized.
 The injury done by issues of watered stock is more clearly seen and better understood since the shrinkage in the market value of such stocks has pre- cipitated widespread panic and brought enormous loss to the country
 The panic has emphasized the neces sity for legislation protecting the wealth producers from spoliation at the hands of stock market gamblers and the gamblers in products.
 The present financial stringency fur nishes additional proof that the repub- lican leaders are either unwilling or | incompetent to protect the interests of the general public. They have so link | ed us to Wall street that the sins of the speculators are visited upon the | entire country.
 We favor the postal savings bank, and, in addition thereto. Insist upon passage of laws, state and national. for the better regulation of banks and for the protection of bank deposits. The ,ar 1 1 deposits public money in a bank. and we believe that the security of the i'm dividual deposltor who entrusts his earnings to bank should be as spe ci- tc as the governments security.
 We oppose both the Aldrich bill and the Fowler bill, and believe that, in so far IS the needs of commerce require an emergency currency such currency should be issued and controlled by. the federal government, and that if should be loaned upon adequate security and at a rate of interest which will compel its retirement when the emergency Is passed.
 We demand further that favoritisn- in the deposits of treasury funds shall be abolished, and that surplus revenues shall be deposited al competitive rates upon sufficient security and fairly dis. tributed throughout the country.
 Capital and Labor
 We favor the eight hour day
 We believe in the concliation of cap ital and labor and favor every legiti-
 mate means for the adjustment of dis
 putes between corporation employers and their employees. to the end that jus
 tice may be done to those who toll ana
 that society may be relieved from tho embarrassment occasioned by prolong
 ed strikes and lockouts,
 We favor modification of the law re lating to injuncttons as will, first pre- ; vent the issuing of the writ in indus
 trial disputes exceptlafter notice to de : fendants and full hearing: second per init trial before judge other than tn one who issued the writ, and, third, al How d jury to be summoned in all case
 where the alleged contempt Is commit [ ted outside the presence of the court We favor an employers liability law applicable to both private and publi , employers.
 We favor full protection by both ma tional and state governments withi
 their respective spheres, of all foreign CTS residing in the United States unde the treaty, but we are opposed to tn 2 admission of Asiatic immigrants wh . cannot be amalgamated with our por
 ulation, or whose presence among Il
 would raise a race issue and involv l us in diplomatic controversies with or Iental powers and we demand a stricte enforcement of tho immigration law :, against any immigrants who advocat assassination as a means of reformin s our government.
 = We welcome oklahoma to the sister , hood of states and heartily congratulai 7. her upon auspiciously beginning he I great career.
 0 We favor separate statehood for Ari1
 ona and New Mexico and demand fc
 the people of Porto Rico the full CT joyment of rights and privileges of e territorial form of government