The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1909-03-06


by proper proceedings instituted by
the executive In the courts OF the ma
tional government
Monetary Laws Need Change.
One OF the reforms 20 be carried out
during the incoming administration Is
change OF our monetary and banking
laws so as 10 secure greater elasticity
In the forms Of currency available for
trade and 10 prevent the limitations Of
law from operating 10 increase the EN-
barrassments 81 a financial panic The
monetary commission lately appointed
is giving fall consideration 20 existing
conditions and 70 all proposed RENE
dies and VIII doubtless suggest one that
Will meet the requirements Of business
and Of public interest. We may hope
that the report VIII embody neither the
narrow view Of those who believe that
the sole purpose OF the new system
should be 20 secure large return on
banking capital nor OF those who would
have greater expansion OF currency
with little regard to provisions FOR its
Immediate redemption or ultimate Sc
curity. There Is no subject OF econom-
ic discussion SO intricate and SO likely
TO evoke differing views and dogmatlc
statements as this one The commits
sion In studying the general influence
OF currency on business and OF busi-
ness on currency have wisely extend
ed their Investigations In European
banking and monetary methods Tho
information that they have derived
from such experts as they have fsund
abroad Will undoubtedly be found
helpful in the solution Of the difficult
problem they have IN hand
Favors Postal Savings Banks.
The incoming congress should
promptly fulfill the promise OF the Re
publican platform and pass a proper
postal savings bank bill II will not
be unwlse or excessive paternalism
The promise 10 repay by the govern
ment viii furnish an inducement to
savings deposits which private enter
prise cannot supply and at such low
rate of interest ns not to withdraw
custom from existing banks 1t will
substantially Increase the funds avail
able for Investment as capital IN use
/ ful enterprises IL VIII furnish the
absolute security which makes the
proposed scheme Of government guar
anty OF deposits so allurIng without
its pernlclous results.
Ship Subsidies Advocated.
sincerely hope that the incoming
congress will be alive. as 1t should be,
TO the Importance OF our foreign trade
and OF encouraging It IN every way
feasible. The possibility OF increasing
4 this trade In the orient, in the Philip
4 pines and IN South America is known
10 every one who has given the matter
attention The direct effect Of free
trade between this country and the
Philippines VIII be marked upon our
/ sale OF cottons, agricultural machinery
and other manufactures The necessi-
/ ~ Of the establishment Of direct lines
\ OF steamers between North aud South
America has been brought 10 the at
/ tentlon OF congress by my predecessor
/ aud 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 a tenta-
] tive effort to establish such lines by
/ the use OF mail subsidies
i The Importance which the depart
ment OF agriculture and Of commerce
and labor may play in Kidding the
markets OF Europe Of prohibitions and
4 determinations against the importa-
tlon Of our products Is fully under
stood. and Il * hoped that the use Of
i the maximum and minimum feature
Of our tariff law 70 be soon passed viii
be effective to remove many Of those
restrictions
Lock Canal Plan Defended.
The Panama canal viii have Il most
important bearing upon the trade boz
tween the eastern and the FAR west
crn sections OF our country and VIII
greatly increase the facilities for
transportation between the eastern
and the western seaboard and may
I possibly revolutiOnize the transconti-
mental rates with respect 70 bulky mer-
chandlse II will also have a most
beneficial effect 10 Increase the trade
I between the eastern seaboard of tho
United states ana the western coast
Of South America and indeed with
some OF the important ports OF tho
east coast Of South America reached
by rail from the west coast Tho
work ON the canal Is making most sat
/ isfactory progress The type OF the
canal as a lock canal was fixed by
congress after full consideration OF
the conflicting reports OF the majority
and minority OF the consulting board
and after the recommendation OF the
war department and the executive
upon those reports. Recent suggestion
that something had occurred on the
( lsthmus 10 make the lock type OF the
canal less feasible than Il was sup.
/ posed 10 be when the reports were
made and the policy determined on
led 70 a visit 10 the lsthmus OF a
board OF competent engineers 70 exam
] l. III.