New-York tribune., 1908-07-29

NEW
cases that those who would wish to defy the
order of the court would rely upon reason
for doing
Maintenance of Full Power Of Courts Necessary
to Avoid Anarchy.
The administration OF justice lies at the foun-
dation of government. The maintenance Of the
authority of the courts Is essential unless
prepared to embrace anarchy. Never in the
history OF the country has there been such an
nsidious attack upon the judicial system as the
proposal to fnterject a jury trial between ali
orders of tire court made after full hearing and
the enforcement of such orders.
The Currency System.
The late panic disclosed lack of elasticity In
our financial system This has been provisional
" met by an act Of the present Congress per-
mitting the issue of additional emergency bank
notes and insuring their withdrawal when the
emergency has passed by high rate of taxa
ton. 1t is drawn in conformity with the present
system OF bankHote currency, but varies from it
in certain respects by authorizing the use of
commercial paper and bonds of good credit. as
well as United States bonds. security for its
redemption II is expressly but a temporary
measure and contains a provision for the ap-
pointmert Of currency commission to devise
and recommend g and reformed system OF
currency. This inadeouacy of our present cur-
rency system. due 10 changed conditions and
enormous expansion, is generally recognized
The Republican platform well states that
must have more elastic and adaptable sys-
TEN TO meet the requirements Of agriculturists
manufacturers. merchants and business men
generally, must be automatic in operation, rec
ognizing the fluctuations in interest rates, in
which every dollar shall be as good as gold. and
which shall prevent rather than aid financial
strngency In bringing on a panic.
Postal Savings Bank and Its Advantages.
In addition to this, the Republican platform
recommends the adoption of postal savings
bank system, in which, of course, the govern
n1ent would become responsible TO the depositors
he nav o-1r r=r, interest
thought that the government guaranty VIII
bring out OF boarding places much money which
may be turned into wealth producing capital
and that il will be a great incentive for thrift
in the many small places in the country having
now savings bank facilities which are reached
by the Postof7ce Department 1t VIII o1Ins 10
every one however remote from financial cen
tres place of perfect safety for deposits with
interest return. The bill now pending in Con-
gress which. Of course, the Republican conVen-
ton had in mind. provides for the investment OF
the money deposited in national banks IN the
very places in which 1t is gatnered; OF as ne
thereto as may be practicable Thls is an an
swer to the criticism contained in the Demo-
cratic platform that under the system the money
gathered in the country will be deposlteo IN WaIl
street hanks The system Of postal savings
hanks has been tried in many countries sue
cessfuly that II cannot be regarded longer as d
new and untried experiment.
Objections to Democratic Proposal to Enforce
Insurance. Of Bank Deposits.
The Democratic platform recommends tax
as NAV come in in the nature Of enforced insur-
ance to raise a guaranty fund TO pay the oe-
positors Of any bank which rams no" So So
hanks can be included in such a scheIne unoer
the Constitution is left in the twilight zone OF
states rights and federalism 80 frequently oiLh i
ming the meaning ana purpose OF tns ~ t =
oT the DIetforra If they come in under sven q
system they must necessarily be brought Wllnln
the closest national control and SO tney ~ mus
really cease TO be state banks ana pecoii'e h"-
tionaI banks
The proposition is TO the honest and Pru.
dent banker TO make up for the dlsnonesty eto 80
i'm prudence of others. No one can foresee IIe
hurden which under this system would pc I'M
nosed I1pon the sound and conservative paiheiS
of the country by this obligation 10 MAKE eGuu so;
.F,e losses caused by the reckless speculative
ana dishonest men who would be enapleo 10
secure deposits under such system on the IaAtil
Of the proposed insurance, as III Us Is sTods
shape the proposal would remove all saLesua!u
against recklessness in banking, and the chlel;
and in the end probably the only penelI ,t5
accr7le 70 the speculatoT. who would De deiishteu
n enter +he banking business when II was GER
rain that he could enjoy any pront tha1 "oul9
accrue while the risk would have 10 De as~sIlleu ~
~ tie honest and hard working fellow In snort
rba r1roposaI is wholly tnpracticable unless is
+o he acconpanfed by complete revolution III
our banking system with sapeIriSI9" bant -
as nracrically TO create a government DaIh- II
+he nrorossl were adopted exactly as the DeIIlo-
cratic platform suggests. 1t Woulo prIhs ne
whole banking system Of the country uo"n III
- .1J +his Droposa4 Is itself an excellent
illustration of the fitness for national con1Tol OF
= Marty which will commit Itself 10 a scneIie oI
de
o,eibiIiTv for the practical operation Of the
law proposed.
Postal Savings Banks Much To Be Preferred
7-he Democratic party announces its adhesion
m this plan and only recommends the trleo
system Of postal savings banks as an alterTaINe
- +he new experimental panecea Is not avail
ahie The Republican party prefers the postI
ssI-inps hank as one tried, safe. and known 70
he efTective and as reaching many more people
now without banking facilities than the new
proposed.
Voluntary Plan for Guarantee
A plan for a guarantee Of deposits by the vol
1ntary act of the banks involved has been FAVOR
- renorted TO the House of Representatives
This is of course, entirely different from the
scheme in the Democratic platform, onlittfng. as
- 80 ~ fea t1,res of compulsory participation
srd governmental guarantee. This proposition
Ill 11nouestfonably receive the thoughtful con-
sideration of the National monetary CoInIlIs-
sion.
Republican Policies as to pepenoencies'
The Republican party has pursued consistent
1x the noiicy originally adopted with respect TO
+hs denendencies which came TO US as the result
of the Spanish war
Porto Rico.
--b. material prosperity Of Porto Rico and the
nrogress of its inhabitants toward better con-
ditions In respect TO comfort Of living and edu-
cation should make every American proud tnat
.hie nation has been an efficient instrument in
bringing happiness TO million people
Cuba.
1isT,s5 in order to prevent q bloody revolution
has so administered affairs and initiated the
necessary laws as 10 make it possible to turn
hack the island 10 the lawfully elected o1ncers
of the republic in February next
Philippines.
In the Philippines the experiment OF national
assembly has justified itself. both an assist
snca in the government OF the islands and as