Weekly journal-miner., 1909-03-10

OutDursts or race 1ee1ng among our people against foreigners of whatever
 nationality who have by our great a
 treaty right to pursue lawful business here and to be protected against law
 less assault or injury.
 This leads me to point out a serious defect in the present federal jurisdic-
 ton which ought to be remedied at once. Having assured to other coun- 1 tries by treaty the protection of our laws for such of their subjects or cit
 izens as we permit to come within our | jurisdiction, we now leave to a state or
 city, not under the control of the | federal government, the duty of per ! forming our inter4atiOnal obligations
 in this respect. By proper legislation
 we may, and ought to, place in the
 hands of the federal executive the
 means of enforcing the treaty rights
 of suen aliens in the courts of the fed eral government. It puts our govern
 ment in q pussillanimOus position to
 make definite engagements to protect
 aliens and then to excuse the failure
 to perform those engagements by an explanation that the duty to keep them
 is in states or cities, not within our
 control. If we would promise, we
 must put ourselves in a position to ! perform our promise. We cannot per
 nit the possible failure of justice due to local prejudice in any state or mu- nieipal government to expose us to the
 risk of a war which might be avoided | if federal jurisdiction was asserted by
 suitable legislation by congress and | earned out by proper proceedings in
 stituted by the executive, in the courts of the national government.
 One of the reforms to be carried
 out during the incoming administra- tiOn is a change of our monetary and
 banking laws, so as to secure greater elasticity in the forms of currency available for trade, and to prevent the limitations of law from operating to
 increase the endorsements of financial panic. The Monetary Com
 mission lately appointed is giving full
 consideration to existing conditions
 and to all proposed remedies, and will
 doubtless suggest one that will meet
 the requirements of business and of
 public interest. We may hope that
 fhe report will embOdy neither the
 narrow view of 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 se-
 eurity. There is no subject of econom-
 ic discussion so intricate and so likely
 to evoke differing views and dOgmat-
 ic statements as this one. The com
 mission is studying the general infu-
 enee of currency on business and of
 business on currency, have wisely ex- tended their investigations in Europe an banking and monetary methods. The information that they have de- rived from such experts 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 Re publican platform and pass a proper Postal Savings Bank bill. It will not be unwise or excessive paternalism. The promise to repay by the govern ment will furnish an inducement to savings deposits which private enter prise cannot supply, and at such low rate of interest as not to withdraw custom from existing banks. It will substantially increase the funds avail i able for investment as capital in use ful enterprises. It will furnish the ] absolute security which makes the pro- 1 posed scheme of government guaranty | of deposits so alluring without its per niciOus results.
 l sincerely hope that the incoming | congress will be alive. as it should be, l to the importance of our foreign trade | and of encouraging it in every way 1 feasible. The possibility of increasing this trade in the Orient, in the Philip pines and in South America is known to everyone wno has given the matter The direct effect of free trade between this country and the Philippines will be marked upon our sale of eottOns, agricultural machinery and other manufactures. The neees- sity of the establishment of direct lines of steamers between North and South America has been brought to the attention of congress by my pre- lecessor. and by MT. Root before and after his noteworthy visit to that con- -inent, and I sincerely nope that con Sress may be inducted to see the wis iom of a tentative effort to establish such Lines by the use of mail subsidies.
 The importance which the depart nent of agriculture and of commerce md labor may play in ridding the markets of Europe of prohibitions and iiscriminatiOns against the importa- ion of our products is fully under tood, and it is hoped that the use of he maximum and minimum feature of 'ur tariff law to be soon passed will C 'e effective to remove many of those It
 The Panama Canal will nave most c important bearing upon the trade be- d ween the eastern and the far western ( ectiOns of our country, and will great O ' increase the facilities for transporta- ion between the eastern and the west Tn seaboard, and may possibly revo- 1tionize the transcontinental rates | 'ith respeett bulky merchandise. It : ill also have a most beneficial effect d Q increase the trade between the east II m seaboard of the United States and d he western coast of South America u