The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1909-03-05

is IN states or cities. not within our
control II We would promise. We
must put ourselves in a position 10
perform our promise. We cannot
permit the possible failure of justice
due to local prejudice in any state or
municipal government 10 expose us
10 the risk of a war which might be
avoided ii federal Jurisdiction was
asserted BY suitable legislation by
congress and carried out by proper
proceedings instituted by the execu-
tive. in the courts of the national
government.
One of the reforms 10 be carried
out during the incoming administra-
ton is a change of our monetary and
banking laws. so as 10 secure greater
elasticity in the forms of currency
available for trade. and To prevent
the limitations Of Law from operating
10 increase the embarrassments of a
financial panic. The monetary COM
mission lately appointed IS giving full
consideration - existing conditions
and To all proposed remedies. aud will
doubtless suggest one that will meet
the requirements OF business and OF
public interest We may hope that
the report viii smhody neither the
narrow v5e@ of those Who believe
that tbs soc purpose Of the new sys-
TEN shonIG he 20 secure a large re-
turn o. 1ankfng capital or Of those
who waald have greater expansion Of
currency vita little regaac TO prOvI-
sions fer It's immediate redemption or
ultimate security There IS no sub
Jeef OF economic disc sion 50 intri-
cate and 50 likely - evoke differing
views and dogmatie statements as
this one. The commission IN study
ing the general influence of currency
on business and of business on cur
rency. have wisely extended their in
, vestigations in European banking and
monetary methods. The information
that they have derived from such ex-
perts as they have found abroad will
undoubtedly be found helpful in the
solution of the difficult problem they
have in hand.
The incoming congress should
promptly fulfill the promise OF the
Republican platform and pass
proper postal savings bank bill. II
will not be unwise or excessive pa
ternalism. The promise to repay by
the government will furnish an in
ducement to savings deposits which
private enterprise cannot supply. and
at such a low rate of interest as not
to withdraw custom from existing
banks. II will substantially increase
the funds available for investment as
capital in useful enterprises. IL will
furnish the absolute security which
makes the proposed scheme of gov
eminent guaranty of deposits so al
Turing without its pernicious results.
| sincerely hope that the incoming
congress will be alive, as IL should
be. TO the importance of our foreign
trade and of encouraging it in every
way feasible. The possibility Of in
creasing this trade in the Orient, in
the Philippines and in South Amer
lea are known to everyone who has
given the matter attention. The d.
rect effect of free trade between this
country and the Philippines will be
marked upon our sale of cottOns, ag-
rieultural machinery and other man
ufactures. The necessity of the es-
tablishment of direct lines of steam
ers between North and South Amer
lea has been brought to the atten-
tion of congress BY my predecessor,
and by Mr. Root before and after his
noteworthy visit TO that continent.
and | sincerely hope that congress
may be induced TO see the wisdom
of tentative effort to establish such
lines by the use OF mail subsidies.
The Importance which the depart
ment of agriculture and of commerce
and labor may play In riding the
markets OF Europe of prohibitions
and determinations against the i'm
portation of our products Is fully I'M
derstood, and it is hoped that the use
of the maximum and minimum feat
ure of our tariff law to be soon passed
will be effective to remove many of
/ those restrictions.
| The Panama canal will have a most
important bearing upon the trade be-
I tween the eastern and the far west
| ern sections of our country. and will
+ greatly increase the facilities for
transportation between the eastern
and the western seaboard. and may
possibly revolutionize the transconti-
mental rates with respect 10 bulky
/ merchandise. Ii Will also have a
most beneficial effect to increase the
trade between the eastern seabOard
OF the United States and the western
coast of South America, and, indeed
with some of the important ports on
the east coast of South America
reached by rail from the west coast
The work on the canal Is making
+ most "a fiefacfarv uroQrpgg The tVDf
of the canal as lock casal was fixed
by congress after a full eonsidera-
ton of the conflicting reports of the
majority and minority of the con
sulting board, and after the recon-
mendation of the war department and
the executive upon those reports. Re
cent suggestion that something had
occurred on the isthmus to make the
lock type of the canal less feasible
than IL was supposed TO be when the