The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1908-07-28
and the enforcement Of such orders.
Emergency Currency.

Emergency Currency.
The late panic disclosed a lack Of
elasticity in our financial system.
This has been Professionally met by
an act of the present congress permit
ting the issue of additional emergency
bank notes. and insuring withdrawal
when the emergency has passed by a
high rate of taxation. 1t is drawn in
conformity with the present system of
canknote currency, but varies from
1T in certain respects by authorizing
the use Of commercial paper and bonds
of good credit as well as United States
bonds, as security for it's redemption. 1t
is expressly a temporary measure and
contains provisions for the appoint
ment of a currency commission to re-
commend new reform system of
currency
This inadequacy of our present cur
rency system is due to a changed con-
dition and the enormous expansion
generally recognized. The republican
platform Well states that we must
have more elastic and adaptable sys-
tenn to meet the requirements of agri-
culturists, manufacturers, merchants
and business men generally, that 1t
must be automatic in operations re-
cognizing the fluctuations in interest
rates, in which every dollar shall be
as gold and which shall prevent rather
than aid financial stringency in
bringing about panic.
Sin addition the republican platform
recommends the adoption of a postal
savings bank system in which, of
course. the government would become
responsible to the depositors for the
payment of principal and interest. The
democratic platform recommends a
tax on national banks and such state
banks as may come in the nature of
enforced insurance to raise the guar
anty fund to pay depositors of any
bank which fails.
Opposes Guaranteed Deposits.
How state banks can be included
in such scheme under the constitu-
ton is left in the twilight zone of
state rights and federalism so fire.
quently dimmirg the meaning and pur-
pose of the platform. The proposition
to make UP for the dishonesty and i'm
prudency of others. If the proposal
were adopted exactly as the democratic
platform suggests it would bring the
whole banking system of the country
down in ruins and this proposal is it
self an excellent illustration of the
fitness for national control of the
party which will commit itself to a
scheme OF this nature, without the
sense of responsibility or the practical
operation Of the law proposed.
The material prosperity of Porto
Rico and the progress Of it's inhabi-
tants toward better conditions should
make every American proud that his
nation has been the efficient instru
ment of bringing happiness to a mill
lion people. In Cuba the provisional
government has administered affairs,
initiated necessary laws and has made
it possible to turn back the island
to lawfully elected officers of the re-
public February next. In the Philip
pines the experiment of the national
assembly justified itself We have
created comprehensive school sys-
tenn, have induced the private construc-
ton of 500 miles of railroad and have
policed the islands so that the condi-
tion as to law and order is better now
than ever before in their history. 1t is
quite unlikely that the people will BET
ready for complete self government
and independence before two genera
tons have passed. But the policy OF
increasing the partial self government
should be continued
The proposition of the democratic |
platform Is to turn over the island as
soon as staple government is estab- |
lished. Such acNon will LEAD to ultf- |
mate chos and the progress among the
ignorant masses in education and
better living will stop, Ons uaiscon-
ception Of fact with respect TO the Phil |
ppine policy is that it is costing the
people Of the United States a vast |
sum. The fact is since the close of the
var of 1902 and the restoring Of order
n the islands, the extra cost of Amer
can troops in the islands together with
hat of maintaining about 1000 Philip
pine scouts does not exceed $6,OOd,-l
100 annually. The expense of the civil