Omaha daily bee., 1908-06-17

trophe, President Roosevelt well said, il
commencing the secretary of the treasury
Il congratulate you upon the admirable
way in which you have handled the present
crisis. / congratulate also those conserya
tive and substantial business men who
In this crisis, lave acted with such WIS
dom and public spirit. BY their action they
did invaluable service In checking the panic
which,. beginning. as a matter of specula'
ton. was threatening to destroy the con
fidehce and credit necessary to the con
No one. who considers calmly can ques
ton that the underlying conditions which
make UP our financial and Industrial well
Dishonest dealing and speculative enter
prise are merely the occasional incidents
Of our real real BroiiPPe s ty,s,r Tne m rsefio IN tnksr
tion has been of the utmost consequence
and has secured opportunity for the calm
duce entire confidence in our business con-
That such a disturbance should have oc-
Cured under such circumstances furnishes
the strongest evidence that there is some
thing Inherently defective In the system IT.
self, which can only be reached by a thor
inausGrated by Secretary Chase during the
exigencies Of war, while confessedly de-
times to the varying and exacting demands
of trade, yet, during the forty-five years
Of it's existence. has served a wise and
Under it the public credit was restored
and advanced until our bonds float at a
lower rate Of interest than those OF any
were resumed, the gold standard estab-
lished and maintained, and nvery paper
dollar issued convertible into coin. Under
this system questionable and worthless
state bank issues were driven out Of circu-
lation, supplanted by a national currency
Of unqnestionable character and stability.
burden OF debt. with an increased rate Of
interest thereon, this nation has paid off
!, 494 millions OF its obligations, and the
present administration has lessened the
Volume OF our Indebtedness by SOL. 81, sos,
and in it's refunding operations has reduced
the annual interest charge from SO'S7l4OS
During the period of It's existence, with
aggregate deposits Of s. billion. the average
loss has been only one-half OF / per cent.
The national banks have served a bene-
ficient 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 own
country as we'll as In every commercial
resources OF the country, extended it's in
dustries. expanded it's trade. and aided In
keeping the pledge of 1898, that the national
debt should be as sacred as the soldiers
The recent panic called the attention of
congress to the necessity of further leglsla-
ton, and a measure has been passed pro
Viding for an emergency currency or $780,
600 700 10 be issued under certain conditions
and limitations, an authorization. IL Is De-
any such disaster as befeii the country
last fall. The secretary OF the treasury has
already taken the necessary steps TO give
effect 10 this legislation and banking assoc
Citations are already forming to avail them
selves OF the benefits of this act. II Is
doubtful II the provisions Of this act will
ever be invoked, as the ability to supply
$500, 100000 additional currency whenever
needed will Of itself have a tendency to
make its issuance unnecessary.
In the meantime, however, the republican
party is not Indifferent 10 the necessity of
a further and comprehensive revision OF
our monetary and ankin system, and TO
that end the congres Just closed author
ICED the creation OF a monetary commits
sion composed OF eighteen members of the
two houses of congress-, clothed with power
TO inquire into and report to congress at
the earliest date practicable what changes
are necessary or desirable In the monetary
OF the United states or in the laws
relating TO banking and currency and for
this purpose they are authorized to SIT dur
ing the sessions or recess OF congress at
times and places as hey may deem
desirable, to send for persons and papers,
to administer oaths, to summons and com
other assistants as shall be necessary
to carry out the purpose for which said
commission was created, and 70 make
such Investigations and examinations, in
his or other countries, OF the subjects
committed 10 their charge as they shall
The Commission has already organized
entered upon its labors and will dili-
gently prosecute its duties with the hone
OF terminating a monetary system NAT Will
meet every legitimate business need and
promote the prosperity OF all OF our people.
Senator Burrows detailed the activities
Of the State department and the effect
of the participation Of the United states
IN world politics. Tit relations between
The United States and the other nations
Of the earth were set forth and the gen.
sral good that has come from the inter-
OF the friendly offices OF this
government 81 such times as when Pres
dent Roosevelt brought about a cessation
IF hostilities between Russia and Japan
was made clear. The speaker concluded
his lengthy address with these words:
The work OF this convention will soon
De concluded. The platform will voice the
dominant thought Of the people, and the
candidates nominated must stand upon IL
firm and erect. they must have the pa
and sagaeity OF a Lincoln. the
.enacity OF a Grant, the wisdom and mod
OF a Mckinley and the courage OF
l Roosevelt. With such a platform and
such candidates the issue ran not be in
ioubt. The republican party confidently /
its record TO the approving judg-
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