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

nary daily claims upon 1t would be af
and political revulsion in the United
States
Secondly, there IL a necessity every
autumn for moving the crops without
delay from the south and west to the
seaboard that they may be in hand
for export and consumption as want
ed. In the summer months funds
accumulate at the centers, but the re-
newal of business in August and SEN
TENDER gives employment for large
sums and leaves little or nothing for
forwarding the crops in October and
to find a way Of increasing the CIV.
rency for moving the crops and dim
inishing 1t at once when that work IL ,,
done"
WINDOWS Warming.
secretary Window, in 1890, reiter-
ated the warning
In my judgment the gravest defect
IN our present financial system fs its
lack of elasticity. The de-
mand Tor money in this country is
SO irregular that an amount of cir
culation which will be ample during
ten months OF. the year will frequently
prove SO deficient during the other
two months as to cause stringency and
commercial disaster Such stringency
may occur without any speculative
manlpulations of money, though, I'M
fortunately, it is often Intensified by
such manipulations.
The crops of the country have
reached proportions SO immense that
their movement to market, in August
and September, annually causes a
dangerous absorption of money. The
lack or a sufficient supply to meet the
increased demand during those
months may entail heavy losses upon
the agriculturalsas well as other BUSH
ness interests. Though financial
stringency may occur at any time and
from many causes, yet nearly all of
the great commercial crises in our
history have occurred during the
months named, and unless some pro-
vision be made to meet such contin-
gencies in the future. like disasters
may be confidently expected.
The recent panic called the atten-
ton Of congress to the necessity OF
further legislation, and measure
has been passed providing Tor. an en-
Urgency currency of 100000, 900 to
be issued under certain conditions
and limitations. an authorization. 1t Is
believed, which will prevent the re-
currence of any disaster as befell the
country last fall. The secretary Of
the treasury has already taken the
necessary steps to give effect to this
LEGISLATION, and banking associations
are already forming to avail them
selves of the benefits Of this act. 1t
is doubtful II the provisions of this
act will ever be invoked. as the abil-
ity to supply $500,000,000 additional
currency whenever needed will Of it
self have a tendency to make its issu-
ance unnecessary.
Still More Revision.
In the meantime, however. the Re-
publican party is not Indifferent to
the necessity Of further and COM
prehensive revision OF our monetary
and banking system, and to that end
the congress just closed authorized the
creation of monetary commission,
composed of 1s members OF the two
houses of congress, clothed with
power to inquire into his report to
congress at the earliest date prac-
ticable what changes are necessary
or desirable in the monetary system OF
the United States or in the laws re-
lating to banking and currency. and
for this purpose they are authorized
to sit during the sessions or recess OF
congress at such times and places as
they may deem desirable, to send for
persons and papers, to administer
oaths, to summons and compel the at
tendance of witnesses, experts, and
other assistants as shall be necessary
to carry out the purpose for which
said commission was created, and to
make such investigations and ex-
aminations, in this or other countries,
of the subjects committed to their
charge as they shall deem necessary.
This commission has already or
ganized and entered upon its labors
and will diligently prosecute its duties
with the hope of formulating a none
tary system that will meet every
legitimate need and promote the pros
perity of all of our people.
State Department.
But. in the broader field of the
worlds drama, where the nations are
actors, our country has taken a con-
ing become world power. our in
f1uence is worldwide and always
exerted in the interest of peace and
the betterment of mankind. When
the dispute between Germany and
France regarding the right of control
in Morocco threatened to involve all
Europe in war, the active influence of
the United States, both directly and
through its representative at the
| conference at Algeciras. was potent
| factor in bringing about peaceable
solution.
| in the Pan-Aunerican conference at Rio DE
Janeiro in August. 1906, and the visit OF
Secretary Root to that conference ntr ane ~ ~
South America, where he was received
with universal acclaim, put an end to the
groWinE power of the United states was
regarded BY the Latin-Americau races.and
began a new era of friendship and sym
pafhy between the American republics
This has been augmented by the secre-
tary's visit to Mexico as the guest of the
Mexican republic in October. 1907. and by
the visit OF our fleet to the chief mari
time republics Of South America and by
| the enlarged and greater development OF
the work of the international union OF
American republics for the dissemination
OF knowledge and the cultivation of trade
and friendly relations between the diner
Co. ~ Oh oil
REPUBLICS are now uniting in the erection
of a splendid building in the city of WASH
ington dedicated in the peace and prosper
| ity of all the Americas.
| The United States and Mexico have CO.
operated in bringing about better condi-
| tons, which will put an end to all discord
| and restore peace and prosperity In Cen
| traI America At the instance of the Uni
| ted States and Mexico a peace conference