Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1908-06-18

view the cardinal principles of pro-
lection to American industries and
| American labor. AS evidence of it's
I good faith in this regard, the nation
| al house of representatives clothed
under the constitution with exclusive
jurisdiction to originate all bills for
raising revenue" on the goth of
April just past, by formal resolution,
authorized and directed it's committee
on ways and means, the organ of the
house having jurisdiction of the ques-
ton, ito sit during the recess of con-
gress and to gather such information
through governmental agents and
otherwise, as it may see fit, looking
! toward the preparation Of a bill for
| the revision of the tariff
| experimenting this action on the
part of the house of representatives,
and cooperating with it, the senate,
| in the exercise of its constitutional
prerogrative to propose or concur
| with amendments as on other bills"
on the 10th of May passed the fol-
| lowing resolution:
Resolved, That the committee on
| finance are authorized in connection
with investigations heretofore ordered
promptly securing the information
necessary for an intelligent revision of
| the custom laws of the United
| States, to call to their assistance ex-
perts in the executive departments OF
the government and to employ such
other assistants as they shall require;
and they are especially directed to re-
port what further legislation is nee
essary to secure equitable treatment
for the agricultural and other products
of the United States in foreign coun-
tries, and they shall also, in the con
sideration Of changes Of rates, secure
proof OF the relatives cost of produc-
ton in this and in principal competing
foreign countries of the verious ar
ticles affected by the tariff upon which
changes in rates Of duty are desir
able"
These public declarations by con-
gress upon the eve of the election,
give the most solemn assurance pos
sible that the work will be speedily
undertaken and pressed to an early
contamination.
In this connection it can be safely
promised that whatever revision or
readjustment takes place under the
control of the Republican party, it
will give just and adequate protection
to American industries and American
labor and defend the American mar
ket against the unjust and unequal
aggression from whatever quarter
they may come.
Financial Crisis Handled in Splendid
Manner.
Our recent financial disturbance
challenged the soundness of our mon
etary condition and brought to the
fore the question of our banking and
currency system, the consideration of
which became and continues to be a
subject of pressing and commanding
Importance In the midst of unusual
prosperity. with 6,69S national banks
under direct supervision and control
of the national government with a
paid-up capital of over ss00,oo000O
$3.50, 100000 and an outstanding
circulation of s63O,ooo 900, Sc
cured by United States bonds. every
dollar of which was worth it's
face in gold; with an un-
precedented holding of coin in the
treasury Of the United States, yet
sudden paralysis seized the banks, ma
tional and state, and they were either
reluctant or unable to respond to thu
ordinary legitimate demands of trade.
CONSERVATION prevailed, confidence
shaken and nothing but the prompt
and heroic action Of the secretary nf
the treasury averted a widespread AMI
serious catastrope. President Roose-
welt well said, in commencing the sec
rotary of the treasury:
81 congratulate you upon the ad-
mirable way in which you have hand
led the present crisis I coneratulate
also those conservative and substantial
business men who, in this crisis, have
acted with such wisdom and public
spirit. BY their action they did In
valuable service in checking the panic
which, beginning as matter of spec
ulation, was threatening to DESTROY
the confidence and credit necessary TO
the conduct Of legitimate business.
mo one who considers calmly can
question that the underlying condi-
lions which make up our financial and
industrial well-being are essentially
sound and honest. Dishonest dealing
and speculative enterprise are merely
the occasional incidents OF our real
prosperity. The action taken by you
and by the business men in question
has been OF the utmost consequence and
has secured opportunity for the calm
consideration which must inevitably
produce entire confidence in our bus
mess conditions"
lldL SUCH d ulSluTDdICe SnOulQ nave
occurred under such circumstances
furnishes the strongest evidence that
there is something inherently defec-
tive in the system itself, which can
only be reached by thorough over
hauling. But this system, hastily in
augurated by Secretary Chase during
the exigencies of war, while confessed.
" defective in it's inability to respond
at all times to the varying and exact
ing demands of trade. yet, during the
fortyfive years Of it's existence, has
served a wise and beneficent purpose.
Under it the public credit was restor-
ed and advanced until our bonds float al
a lower rate of interest than those Of
any other nation. Under it specie
payments We're resumed, the gold
standard established and maintained,
and every paper dollar issued con-
vertible into coin. Under this system
questionable and 'vorthless State bank
issues were driven out of circulation
supplanted by a national currency Of
unquestionable character and stability.
While other countries have added
to their burden of debt, with an in
| creased rate of interest thereon this
nation has paid off s1,494,0O0,oO of it's
obligations, and the present admins