New-York tribune., 1908-06-17

rnents on other bills" May Is passed the fol-
Resolved That the COMMITTEES or. Finance are
authorized in connection with Investigations mere
ppopy securing the nformaton necessary
intelligent revision Of the customs laws OF the
the executive Departments Of the governments, and
40 a2 an h1 sre to
what further legislation is necessary, to secure
products Of the United States in foreign countries.
they shall also IN the tn &c, ssts cost sf Of
duoon in + this and IN pInGPa b t
tariff upon which changes in rates of duty are de-
| These public decla rations by Congress. upon the
of the election. give the most solemn assurance
| and pressed to an early contamination.
TARIFF REVISION WITH PROTECTION.
In this connection 1t be safely promised that
| whatever revision readjustment takes place
under the control of the Republican party 1t VIII VII
give just and adequate protectlon 10 american III
dustries and American labor and defend the Anerf-
can market against unjust and and unequal
Our recent financial disturbance challenged the
| to the fore the question Of our banking and cur
| rency system. the consideration of which became
and continues be a subject of pressing and COM
| manding Importance In the midst of unusual
PROSPERITY with 66ss natonal % b banks under direct
ment. with q pad-up capital Of over $780, 600.
outstanding circulation of $4,000 0oo, secured by
| tinted states bonds every dollar Of which was
holding of coin in the treasury Of the United states
yet sudden paralysis seized the banks, national and
| state. and they either reluctant or unable to
respond to the ordinary and legitimate demands OF
| trade
| CONSERVATION prevailed. confidence was shaken:
| and nothing but the prompt and heroic action OF
the Secretary OF the Treasury ayerted w1dsspread
said in commencing the Secretary of the Treas
| Il congratulate you upon the admirable way in
which you have handled the present crisis l con;
/ a a
business men who In this crisis have acted with
sS sG Sd sna In e the pano
beginning as matter of speculation was threaten
| to the conduct of legitimate business
| mo who considers calmly can question that
ciaI and industrial wellbeing essentially sound
and honest. Dishonest dealing and speculative en-
real prosperity. The action taken by You and by
most consequence and has secured opportunity for
the calm consideration which must inevitably pro,
That such disturbance should have occurred
| under such circumstances furnishes the strongest
fective in the system itself, which can only be
m Easily 81 sy Sps
| ing the exigencies, OF war, while confessedly de-
! the varying and exactng demands of trade, yet
during the forty-hve years. of its existence has
Under the public credit an was restored @ and ad
erest than those of any other nation Under
| specie payments resumed, the gold standard
issued was made convertible into coin Under this
system questionable az and worthless state bank is,
national currency of unquestioned character and
| While other countries have added TO their bur
den Of debt With a @ q Tats @ @ Of M .
| obligations, and the present administration has
M s and I in it's ref1dne has @ reduced
the annual interest charge from SSo,S7463 to s21-
pgnf the Ge.ss gs9d Of Of a t s a 9 600 sSs T
| only ore-h hal Of I
WEAKNESS OF NATIONAL BANK SYSTEM
purpose in uplifting the credit of the government
in @ ae rranv hTraen Of THAI da IN m s ri
country as well as in every commercial nation
country extended its Industries. expanded it's trade
and aided LIN in ksep9g the pledge OF 1893 that the
eTaTes raS1' 'sO' S.,OD1 >, 80 -N -N - ' 0.al...
re ha Ras Of the aEe
from the beginning by practically. every seeretary
been made as these defects have. developed, yer
continued and remains. AS early as 1872 the Hon.
George na then @ tSs gst OF the the
lows:
by a rule of law. The aggregate circulation is.
there fore fxed sum and c,9nseauently , there is
for money due occasionally 70 sxtraoIdnary events
at home or abtoad M a. ana arsng perioaically with
fexibility in the volume of currency is essential
ment @ cannot be transacted properly If limit is
IF Toe that sG dns rSe
| this nature would compel the Secretary accumu-
afs e edt Of th ann sS 9n m dn
the LIZ daily ehs and yeoa eos s at h
| sion In the United States.
moving the crops without delay from the South
| and West to the seaboard that they NAV be In hand
| for export and consumption as wanted. In the
| summer months funds accumulate at the centres
| Der gives employment for large sums and leaves
little nothing for forwarding the crops in Octo-
| ber and November. The problem is TO find
| way Of increasing the currency for moving the
| crops and diminishing II st once when that work
| is done
Secretary Window. in 1890 reiterated the warn
Tn my judgment the gravest defect in our pres
| ent financial system is its lack of elasticity.
The demand for money in this country is irreg-
| uar that an amount OF circulation which will be
| ample during ten months of the will IRE
quently prove so deficient during the other two
months as TO cause stringencv and commercial dis
speculative manipuatons of money though unfort-
unately. IL is often intensified by such manipuls-
|. tions
| The crops OF the country have reached proper
! tions immense that their movement TO market
| in August and September. annually causes a dan
gerous absorption of money. The lack Of sum
those months NAV entail heavy losses upon the as
| ricultural well other business interests
Though financial stringency at any time
and from many causes, yet nearly all OF the great
| during the months named and unless some uro-
| vision be made to meet such conting in the
future Ike disasters may be confidently expected
The recent panic called the attention of Con-
gress 10 the necessity of further legislation and
measure has been passed providing for
ton, II is believed. which will prevent the recur-
renee of any such disaster as heteli the country