Semi-weekly herald., 1909-03-08

7 quirements- OF business and of publl
interest. We may hope that the re
7 port will embody neither the marrow
view OF those who believe that tn,
! sole purpose Of the new system SHOULD
be to secure a large return on bank
; ing capital or OF those who woult
; have greater expansion OF currency
with little regard to provisions for III
J immediate redemption or ultimate Sc
curity
There is no subject OF economic
discussion SO intricate and so likely
, TO evoke differing views and dogmatic
statements as this one. The commits
sion in studying the general Influence
OF currency on business and of bust.
ness on currency, have wisely ex.
tended their investigations in Euro
pean banking and monetary methods.
The Information that they have de.
rived from such experts as they have
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 The promise
to repay by the government will fur.
nish an inducement to savings depos.
its which private enterprises cannot
supply, and at such a low rate of in.
terest as not to withdraw custom from
existing banks.
at win substantially Increase the
funds available for investment as CAPT
tai in useful enterprises II will fur
nish the absolutely security which
makes the proposed scheme Of govern.
ment guaranty of deposits so allurlng
without its pernicious results.
II sincerely hope that The incoming
congress will be alive. as ii should be.
TO the Importance of our foreign trade
and OF encouraging Il in every way
feasible The possibility of Increasing
this trade in the Orient. I'm the Philip
pines and In South America Is known
TO everyone 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 establishment
of direct lines of steamers between
North and South America has been
brought to the attention 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 a tentative effor. 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 Kidding the mar.
kets of Europe of prohibitions and dis.
ordinations against the Importation
Of our products is fully understood,
and II is hoped that the use of the
maximum and minimum feature OF our
| tariff law to be soon passed viii be
effective to remove many of those re.
strictions.
"The Panama canal viii have q most
important bearing upon the trade be
tween the eastern and the far western
sections of our country, and will great.
ly increase the facilities for trans-
portation between the eastern and
western seaboard. and may possibly
| raNni1Ittnptza tho N a m n
rates with respect TO bulk merchan.
disc.
ut will also have 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.
'"rhe work on the canal Is making
most satisfactory progress. The type
OF the canal as lock canal was fixed
by congress after n full consideration
jority and minority of the consulting
board, and after the recommendation
of the war department and the execu.
tive upon those reports.
Recent suggestion that something
had occurred on the isthmus to make
the lock type of the canal less feasI.
bic than 1t was supposed to be when
the reports were made and the policy
determined on, led to a visit to the
isthmus of a board OF competent en-
gineers TO examine the Gatun dam and
locks which are the key of the lock
type. The report Of that board shows
that nothing has occurred In the ma
lure of newly revealed evidence which
should change the views once formed
In the original discussion. The con
struction will go on under a most eff
fective organization controlled by Col
Goethals and his fellow army engi
neers associated with him, and will
certainly be completed early In the
next administration, II not before.
Some type of canal must be con
structed. The lock type has been Sc
, lected We are all in favor of hayini