Watertown weekly leader. [volume] (Watertown, Jefferson County, Wis.) 1906-1908, 1908-06-19
entire confidence in our business condi-

entire confidence in our business condi-
tons"
That such disturbance should have
occurred under such circumstances fur
nisheS the strongest evidence that there
Is something inherently defective in the
system itself. which can only be reached
by thorough oVerhauling. But this
system. hastily inaugurated by Secre-
tary Chase during the eNigenCies of
war, While confessedly defective in its
inability TO respond at all times to the
varying and eNacting demands of trade.
yet, during the fortY-fiVe years of its
existence, has served wise and benefi-
cent purpose
Under ii the public credit was restored
and advanced until our bonds float at
lower rate Of interest than those Of
any other nation. Under it specie pay
ments were resumed the gold standard
established and maintained and every
paper dollar issued convertible into coin
Under this system questionable and
worthless state bank issues were driven
out of circulation, Supplanted by a ma
tiOnal currency of unqueStioned char
acter and stability.
The National Debt.
While other countries have added to
their burden of debt with an increased
rate of interest thereon. this nation has
paid off 1,494 millions of its obligations,
and the present administration has les
sened the volume of our Indebtedness by
$1O1,341.62S and in it's refunding opera
lions has reduced the annual interest
charge from $3O,371.46 S 20 $21,1O1.196.
During the period of its existence,
with aggregate deposits of 65 billion.
the average loss has been only one-half
of l per cent.
The national banks have served a
benefcent purpose in uplifting the credit
of the government; in lessening the bur-
den of taxation; in securing a sound and
safe currency, that floats at par in our
own country as well as in every COM
mercfal nation il the world 1t has
developed the resources of the country
extended its industries, expanded its
trade, and aided in keeping the pledge of
1883, that the national debt should be
as sacred as the soldiers graves
That it has its Weaknesses is freely
admitted. The defects of the system
have been recognized from the begin
nin& by practically every secretary of
the treasury. and while remedial changes
have been made as these defects have
dC\ oloPod, yet the one glaring fault the
want Of elasticity has continued and
roH"i"&. As early as 1872 Hon George
5, utWell. the then secretary of the
treasury, directed attention to this de-
feet
For Emergency Currency.
The recent panic called the attention
of congress to the necessity of further
le2i lation, and a measure has been
passed providing for an emergency cur
rency of $500,000.0 600 to be issued under
certain conditions and limitations, an
authorization, it is believed which will
prevent the recurrence of any such dis
aste' as befell the country last fall. The
secretary of the treasury has already
taken the necessary steps to give effect
to this legislation. and banking associa-
tions are already forming to avail them
selves of the benefits of this act 1t is
doubtful if the provisions of this act
will ever be invoked as the ability TO
supply $500,000.000 additional currency
whenever needed will of itself have q
tendency to make its issuance unneces-
sary.
In the meantime, however. the Repub- |
Hcan party is not Indifferent to the ne
cessity of a further and comprehensive |
revision of our monetary and banking |
system, and to that end the congress
just closed authorized the creation Of |
monetary commission, composed of IS |
members of the two houses of congress. |
clothed with power to inquire into and |
report to congress al the earliest date |
practicable what changes are necessary
or desirable in the monetary system of |
the United states or in the laws relating |
to banking and currency, and for this |
purpose they are authorized to sit during |
the sessions or recess of congress, at |
such times and places as they may deem |
desirable, to send for persons and pa
perS, to administer OathS to summons |
and compel the attendance of witnesses |
experts. and other assistants as shall |
be necessary to carry out the purpose |
for which said commission was created |
and to make such Investigations and |
examinations, in this other countries. |
of the subjects committed to their
charge as they shall deem necessary.
This commission has already organic
ed and entered upon it's labors, and will |
hope of formulating a monetary system
that will meet every legitimate business |
need and promote the prosperity of all
of our people.
State Department.
But, in the broader field of the worlds
drama, where the nations are actors, our
country has taken a conspicuous and
commanding part Having become a
world power, our influence is worldwide
and always eXerted in the interest of
peace and the betterment of mankind
When the dispute between Germany and
France regarding the right of control in
Morocco threatened to involve all Europe
in war, the active influence of the United
States, both directly and through it's
representative at the conference at Alge-
ciras, a potent factor in bringing
about peaceable solution.
The participation of the United States
in the Pan-American conference ct Rio
de Janeiro in August, 1906, and the visit
of Secretary Root to that conference and
to all the principal maritime countries
of South America, where he was received
with universal acclaim, put an end to
the suspicion and distrust with which
the growing power of the United States
was regarded by the Latin-American
races and began a new era of friendship
and sympathy between all the American
republics. This has been augmented by
the seCretarys visit to Mexico as the
guest of the Mexican republic in Oc-
tober, 1907, and by the visit of our
fleet to the chief maritime republics of |
South America and by the enlarged and
greater development of the work of the
Union of American Repub-
lies for the dissemination of knowledge |
and the cultivation Of trade and friendly
relations between the different Ameri-
can countries, for which all The republics
are now uniting in the erection of
SDlpndid building in the cjtV of Wash