Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-12-08

stated in tne pldtloii' ~ oFe@Ae~D -
i,,rv TO the complainant would result.
He would then provide that the court
make written finding, to be a matter
of record. setting forth why immediate
and irreparable injury is likely to en-
she shall define that injury stating
whv it is irreparable, endorse on the
order the date and hour Of issuance
and that such order shall have force
for but seven days or less. The
recommendation of the President in
this matter is eminently fair to all
the parties and will doubtless be ac-
cepted without criticism by those
familiar with the situation.
"Following the course of my dis
tinguished predecessor, I earnestly
recommend to Congress the considera-
tion and passage of a ship subsidy
bill. looking to the establishment OF
lines between our Atlantic seaboard
and the Eastern coast Of South
America, as we'll as lines from the
West coast of the United States to
South America, China, Japan and the
Philippines" is the Presidents opening
statement concerning subject very
close to the citizens of Maine. He
suggests that the subsidies take the
form of compensation for carrying the
mails. Advocates of ship subsidies
disagree as to the form this legis-
lation should take, but in this
case it would seem to be wisdom to
follow the suggestion of the President
and wait further developments for
bill more in keeping with the needs
of our merchant marine, if indeed
the bill suggested is not entirely ade-
quate to our needs; something which
has not as yet been proven.
Postal savings banks are now and
have for some years been a much
mooted question among the people as
we'll as the financiers. There is an
insistent demand in rural communities
for some such system. The proposed
institution is almost uniformly oppos-
ed by the banking men on various
grounds. The parties will doubtless
have an opportunity to present their
cases before Congress during the COM
ing season.
President Taft appears in the role
of proponent in his message, in
which in dealing with the subject, he
first notes that promise to enact
such legislation was embodied in the
platform of the Republican party in the
last election, and then gives it as his
opinion that postal savings banks are
necessary in order to offer a proper
inducement to thrift and saving to a
great many people of small means who
do not now have banking facilities,
and to whom such system would Of
fer an opportunity for the accumula-
ton of capital"
Concerning the supposed COMPETE
ton with regularly established bank
ing institutions, the President says:
"The postal savings banks are not
constituted for the purpose of Great
ing competition with other banks. The
rate of interest upon deposits to
which they would be limited would be
So small as to prevent their drawing
deposits away from other banks"
The President, unthinkingly per-
haps, reiterates statements concern
ing the prosperity of the country, so
obnoxious to our Democratic friends,
when he says in conclusion, that:
There is every reason to believe that
we are on the eve of substantial
business expansion, and we have Just
garnered harvest unexampled in the
market value of our agricultural
products. The high prices which
such products bring mean great
prosperity for the forming COM
munity, but on the other hand they
mean very considerably increased
burden upon those classes in the COM
munity whose yearly compensation
does not expand with the improvement
in business and the general prosperity.
Various reasons are given for the high
prices. The proportionate increase in
the output of gold which today is the
chief medium of exchange and is in
some respects a measure of value, fur
nishes substantial explanation of at
least part of the increase in prices. The
increase in population and the more
expensive mode of living of the peo-
pie, which have not been accompanied
by proportionate increase in acreage
production, may furnish further rea-
son. 1t is we'll to note that the in
crease in the cost of living is not con-
fined to this country, but prevails the
world over, and that those who would
charge increases in prices to the exist
ing protective tariff must meet the
fact that the rise in prices has taken