New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-03-05
TAFT'S INAUGURAL ADDRESS

| who have by our grant treaty right 10 pursue
lawful business here and to be protected against
lawless assault injury.
This leads me TO point out serious defect in
the present federal jurisdiction which ought to
| be remedied at once Having assured 20 other
countries by treaty the protection of our laws
fer such Of their subjects citizens as we per-
nit TO come within our Jurisdiction we now
leave TO a state or a city, not under the control
Of the federal government, the duty of perform
ing our international obligations in this respect
BY proper legislation may, and ought to.
place in the hands of the federal Executive the
means of enforcing the treaty rights OF such
aliens in the courts Of the federal government.
II puts our government In pusillanimous posi-
ton TO make definite engagements to protect
aliens and then TO excuse the failure to perform
those engagements by explanation that the
duty to keep them is in states or cities not
within our control II would promise We
must put ourselves in position to perform our
promise, We cannot permit the possible failure
of Justice due to local prejudice in any state or
municipal government 10 expose Us TO the risk
of war which might be avoided If federal juris-
diction was asserted by suitable legislation by
Congress and carried out by proper proceedings
instituted by the Executive in the courts OF the
national government.
CURRENCY REFORM URGED.
One Of the reforms to be carried out during
the incoming administration is a change of our
monetary and banking laws so as to secure
greater elasticity in the forms Of currency avail
able for trade and to prevent the limitations OF
law from operating to increase the embarrass-
ments of a financial panic. The Monetary COM
mission lately appointed is giving full considera-
ton to existing conditions and TO all proposed
remedies, and will doubtless suggest one that
will meet the requirements Of business and OF
nuhlie interest We may hope that the report
will embody neither the narrow view or those
who believe that the sole purpose OF the new
system should be to secure a large return on
banking capital or Of those who would have
greater expansion Of currency. with little regard
TO provisions for its immediate redemption or
ultimate security. There is no subject OF eco
non7fc discussion so intricate and so likely 70
evoke differing views and dogmatic statements
as this one The commission in studying the
general influence of currency on business and or
business on currency have wisely extended their
investigations in European banking and none
tarv methods The information that they have
derived from such experts as they have found
abroad will undoubtedly be found helpful in the
solution of the difficult problem they have in
hand.
POSTAL, BANKS AND MAIL SUBSIDY.
The incoming Congress should promptly fulfil
the rror,sse Of the Republican platform and pass
a proper postal savings bank bill. II Will not
be unwise or excessive peternalism. The prom
! Use to repay by the government will furnish an
inducement to savings deposits which private
| en+ernrise cannot supply and at such low rate
| If interest as not TO withdraw custom from ex-
| listing banks 1t will substantially increase the
| funds available for investment as capital In use
full enterprises 1t will furnish the absolute Sc
| curity which makes the proposed scheme Of gov
| eminent guaranty of deposits so alluring with
| out its perncious results.
| I sincerely hope that the incoming Congress
| will be alive as IT should be, 20 the Importance
! Of our foreign trade and OF encouraging II IN
every way feasible The possibilities Of increas-
| ing this trade in the Orient in the Philippines
| and in South America are knoUn to every one
| who has given the matter attention. The direct
| effect of free trade between this country and
| the Philippines will be marked upon our sale
of cottons agricultural machinery and other
| manufactures. The necessity of the establish
! nent of direct lines Of steamers between North
| and South America has been brought 10 the at
! tention Of Congress by my predecessor. and by
| Mr. Root before and after his noteworthy visit
| 20 that continent, and 7 sincerely hope that
Congress may be induced to see the wisdom OF a
| tentative effort to establish such lines by the
| use of mail subsidies.
The importance which the Department of
| Agriculture and OF Commerce and Labor may
| play in Kidding the markets of Europe Of prohi-
| billions and determinations against the importa-
ton of our products Is fully understood. and 1t
| is hoped that the use of the maximum and mini
! mum feature Of our tariff law to be soon passed
will he effective to remove many OF those re
| strictions.
THE PANAMA CANAL
The Panama Canal will have most in1por-
| tant bearing upon the trade between the East
| ern and Far Western sections Of our country
and will greatly increase the facilities for trans
portation between the Eastern and Western
| aboard and NAV nossihly revolutionize the