New-York tribune., 1908-01-01
THE YEAR AT HOME.


ments I'm the field Of national politics but
brought no notable experiments in fedora! leg
islation Ike those of 1908. The movement
toward hrmer control of the instrumentalities
Of interstate commerce and the regulation or
corporations engaging in such commerce culmi-
mated temporarily in the passage at the long
session OF The S9th Congress Of the Hepburn
railroad rS:e net. the liability or common car
riers act, the pure food act and the act proVid-
ing for federal inspection of meat products
At the short session Of 1@06-07 the 59th Con
gress merely rounded out a record Of eXtraOr-
dinary activity and frutfulnesS. 1t passed an
act limiting the hours of labor OF railroad en-
ployes an act revising and extending the immi-
grafton laws and an expatrtation act intended
to supplement the excellent naturalization
measure Of 1906. 1t prohibited the contribution
of money by any corporation in connection with
any election at which Presidential Electors, Se'-
ators or Representatives in Congress are 10 be
chosen, and forbade corporations chartered by
the federal government to make contributions
of money for any political purpose. Laws of
similar purport were passed by many of the
state legislatures which held sessions in 1907.
The efforts made In Congress to regulate rail-
road rates turned the attention of many or
these legislatures TO the same problem. Laws
limiting the charge for the transportation Of
half cents mile were passed in various states
among them New York. Pennsylvania, North
Carolina Georgia, alabama. Missouri. Arkansas
and Minnesota. Governor Hughes wisely vetoed
the 2-cent passenger rate act in this state
In Pennsylvania the lower state courts have
held the 2-cent rate conhscatory, and in ali
the other commonweaths the federal courts
have been INVOKED to set aside the new laws on
the same ground In case has a final de-
cision been reached. There has been, however
decided reaction against the notion Of impos
ing fiat maximum passenger rate, because in
the larger states different railroads are Oper-
ated under unequal and diverse conditions
New York has set an example which many other
commorWealths ere likely to initiate in creating
a public service commission. authorized to reg
ulate the operation Of railroads, gas companies
g ID electric lighting companies and to adjust
the charges which they levy on the public The
passage of this act and its enforcement by the
Hughes administration have made New York
leader in the state movement to increase the
efficiency and distribute to better effect the ben
efts Of public service enterprises.
The state elections Of the year few and
brought only one sur1risf-the choice Of a Re
publican Governor in KeItuck.-. In Massachu-
setts the Democratic party tried to commit hara-
kiri and the Hon. Henri NJ. Whitney discovered
that he was not after ALL the heaven born and
logical" leader for whom the state had long
ye..rned and waited.
The last quarter of the year saw Il decided
simplifcation of tho problem of future leader
ship in each Of the great political parties. Pres
ident ROoseveit's emphatic reteration of his
purpose not to accept a denomination for the
Presidency dashed the hopes and upset the plans
o. those who were arranging to force him into
another candidacy. Since his withdrawal the
h., u,
publican nomination have been encouraged to a
more genuine rivalry. and the Republican party
is now compelled to measure more seriously and
more critically their claims Of merit and avail
ability The convention at Chicago will see a
fair and open fight for leadership unembittered
by fractional enmities. In the Democratic camp
certainty has also succeeded uncertainty. Mr..
Bryan has announced that he will accep: Il re-
nomination. and the opposition TO him. which IL
year ago. following his unfortunate Maids III
Square Garden speech. seemed to he widespread
and threatening. has simmered away.
The Union has been enlarged by the adnI:s-
sion Of the fOrty-siXth state Oklah cma. form"d
out Of the territory OF that name and the Indian
Territory, is the most fully grown appiica It
ever received into the federal circle Its pOT,r-
lation. 1,414GGO far exceeds that possessed
admission by Texas or West Virginia. and is
much greater than that of any Of the original
states at the first census in 1900. striking
economic and senpOlitical development of the
year has been the rapid spread of prohibition
sentiment in the South Georgia and Alabama
have enacted prohibition laws, and in nearly
every other Southern state the sale of liquor
has been greatly restricted by grant of local
olnion TO cities and counties. In military
sense the most notable occurrence Of 1907 was
the dispatch o. the sixteen battIeshps Of the
Atlantic feet on a cruise around South America
to the Pacific.
Financially and commercially 1907 will be re-
membered chiefly for the panic OF October and
November This disturbance WAS Of far
mIIder nature than the panics OF 1873 and 1898
in respect to impairment of credit and shrink
age Of values and resources. Signs were not
wanting in 1905 of an exhaustion Of available
floating capital, for the railroads had begun
to find 1t difficult to raise money for better
ments. Then public confidence in the operations
Of high finance WAS seriously disturbed. and
when 1t became known last October that re-
tain New York banking Institutions were cmbar.
raised distrust grew acute and Withdrawals of
deposits and boarding began. The prompt action
Of the administration In turning government
funds over tn fha banks and the efforts of finaI-
ciaI leaders here sustain all solvent institutions
checked the first raid oH reserves ani the EN-
barge quickly laid everywhere on cash pay
ments coupled with the issue of clearing house
certificates and other substitute currency. pre-
vented serious runs elsewhere and gave derosi-
tors time to recover their equilibrium.
Business, of course. suffered contraction and
currency w'ent to prem'Hia. But the haaks