The Montgomery advertiser., 1908-06-17
Senator BurroWs Sounds
 Keynote of fhe Campaign

assistants as they shall require; and they are legally directed to report what further legislation Is necessary to se- cultural and other products of fine United States in foreign countries. and they shall also. in the consideration of changes Of rates. secure proof of the in principal competing foreign coun- tries of the various articles affected by the tarin upon which changes in rates or duty are desirable
 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 Tn this connection 1t can be safely promised that whatever revision or re- adjustment takes place under the con give just and adequate protection to American industries and American labor and defend the American market against the unjust and unequal ag-
 gresslon From whatever quarter they
 Our recent financial disturbance challenged the soundness of our mone- tary condition and brought to the fore rency system, the consideration of which became and continues to be subject of pressing and commanding
 in the midst of unusual prosperity. with 6,s9S national banks under direct supervision and control of the National Government, with a paid-up capital or Vdsd spS profts of o millions and an
 outstanding circulation of $50 millions, secured by United States bonds. every dollar of which was worth it's face in gold; with an unprecedented holding or coin in the Treasury of the United States, yet sudden paralysis seized the banks, national and State, and they were either reluctant or unable to re- spond to the ordinary and legitimate
 Commends Cortelyou.
 "'Consternation prevailed. confidence shaken, and nothing but the prompt and heroic action of the. Secretary Of serious catastrophe. President Rcose- welt we'll said. in commencing the Secretary of the Treasury:
 an, coagrau,ass bcg ov yon upGn Saye sne handled the present crisis. l congratulate also those conservative and supstantial business men who, in this crisis have spirit By their action they did invalu- able service in checking the panic which beginning as matter Of specu- lation, was threatening to destroy tho conduct of legitimate business.
 |" No one who considers calmly can question that the underlying conditions which make up our financial and in dustrial well-being are essentially sound and honest. Dishonest dealing and speculative enterprise are merely the occasional Incidents of our reat> 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 busi- ~ sssI,,, st s,,rh a a,at;,rharca AahouId have occurred under such circumstances fur rishes the strongest evidence that there is something Inherently defective in the .s system itself lh which can arS,,n only ne But this system, hastily inaugurated by Secretary Chase during the exiRen- cies of war. while confessedly defec- tive in its inability to respond at all mands of trade, yet. during the forty- five years of it's existence. has served wise and benefieent purpose.
 Under 1t the public credit was rec stored and advanced until our bonds float at a lower rate of interest than those of any other nation. Under 1t specie payments were resumed. the gold standard established and main tained, and every paper dollar issued convertible into coin. Under this sys- tenn questionable and worthless State bank issues were driven out of cir- culation, suppianted by national cur rency of unquestioned character and stability.
 while other countries have added to their burden of debt, with. an in- creaseed rate of interest thereon, this nation has paids of i,494 millions of it's obligations, and the present adminis- tratlon has lessened the volume of our indebtedness by Si01, 1,34i, ,628, and in it's refunding operations has reduced the annal interest charge from $So.S7l,4es to $21,i01,196.
 ''Durfng the period of its existence with aggregated deposits of sixty five billions. the average loss has been only one-holf of one per cent. sNHatg Credit of the Country.
 taThe national banks have served a beneflcfent purpose in uplifting the credit of the Government; in lessening the burden of taxation; in securing a sound and safe currency that floats at par in our country as well as in every Commercial nation in the world. It has developed the resources of the country, extended its industries. ex- banded its trade. and aided in keeping