The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-06-16

IHcaAss cHo oIBan OF the mouse having
jurisdiction of this question, ito sit dur
ing the recess of congress and to gath
er such information, through govern
mental agents and otherwise: as it
may see fit. looking toward the pre-
paration of bill for the revision of
the tariff"
experimenting this action on the mart
OF the house Of representatives. and
cooperating with 1t. the senate. in the
exercise OF its constitutional preroga-
tive to propose or concur with amend
menus as on other bills" on the 18th Of
Nay passed the following resolution:
Resolved, That the committee on
finance are authorized, in connection
with investigations heretofore ordered
by the senate, with the view of prompt
~ securing the information necessary
for an Intelligent revision of the Gus
toms laws OF the United States, to call
TO their assistance experts in the ex-
ecutive departments Of the government
ana to employ such other assistants as
tney snall require; and they are espec-
,diiy directed to report what further
legislation is necessary to secure equit-
aDle treatment for the agricultural and
other products of the United States in
foreign countries, and they shall also.
IN the consideration OF changes OF
rates, secure proof of the relative cost
OF production in this and in principal
competing foreign countries OF the
upon which changes in rates OF duty
are desirable"
These public declarations by con-
gress, upon the eve of the election,
give the most solemn assurance posi-
Bile that the work will be speedily
undertaken and pressed to an early
contamination.
In this connection 1t can be safely
promised that whatever revision or
readjustment takes place under the
n -
give just and adequate projection to
American industries and American
labor and defend the American mar
ket against the unjust and unequaI ag-
gression from whatever quarter they
may come.
The Recent Panic.
Our recent financial disturbance
CHALLENGED the soundness OF our none
tary condition and brought to the fore
the question of our banking and cur
rency system, the consideration of
which became and continues to be a
| subject of pressing and commanding
importance. In the midst or unusual
prosperity, with 6,698 national banks
under direct supervision and control
Of the national government with a
paid up capital of over 900 millions a
surplus and undivided profits of $50
ton Of $40 millions, secured by United
States bonds, every dollar of which
was worth its face in gold; with an
! unprecedented holding Of coin in the
treasury of the United States, vet sud
den paralysis seized the banks. ma
reluctant or unable to respond to the
ordinary and legitimate demands of
| trade.
CONSERVATION prevailed, confidence
shaken, and nothing but the prompt
and heroic action OF the secretary Of
the treasury averted widespread and
serious catastrophe. President Roose-
welt well said, in commencing the sec
rotary of the treasury:
II congratulate you upon the ad-
mirable way in which you have han
died the present crisis. congratulate
also those conservative and substantial
business men who, in this crisis, have
acted with such wisdom and public
spirit. By their action they did inval-
liable service in checking the panic
which, beginning as a matter of spec
ulation. was threatening to destroy the
confidence and credit necessary to the
conduct of legitimate business.
| No one who considers calmly can
question that the underlying condi-
tons which make UP our financial and
| industrial wellbeing 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 in
evitably produce entire confidence in
| our business conditions"
! That such disturbance should
| have occurred under such circum-
stances furnishes the strongest evil
dence that there is something inner
emily defective in the system itself,
| which can only be reached by thor
| nlRh nVnrhaI1inO this
hastily inaugurated by Secretary
| Chase during the exigencies of war,
while confessedly defective in its in
ability to respond at all times to the
trade. yet, during the forty-five years
| of its existence, has served a wise and
benef1cent purpose.
| Under it the public credit was restor-
| ed and advanced until our bonds float
at lower rate of interest than those
| of any other nation. Under it specie
payments were resumed, the gold
standard established and maintained
| and every paper dollar issued CONVEX.
| tible into coin. Under this system
| questionable and worthless state bank
! issues were driven out OF circulation
| suppranted by a national currency OF
| unquestioned character and stability
Public Debt
While other countries have added to
| their burden of debt, with an increased
| rate OF interest thereon, this nation
| has paid of 1 ,494 millions of its obliga-
| tions, and the present administration
has lessened the volume of our indebt-
| edness by $101, 341, 62S, and in it's re-
| funding operations has reduced the an
nual interest charge from $50. 81. 463 tc
| $21, 1O1 1876.
| During the period Of. its existence
with aggregate deposits of IS billion. the
| average loss has been only one-half OF
| per cent.
| The national banks have served q
| beneficent purpose in uplifting the
| credit of the government; in lessenine
| the burden Of taxation; In securing q
| sound and safe currency, that floats al
| par in our own country as well as in
| every commercial nation in the world
1t has developed the resources of the