The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1909-03-04

law from operating to Increase tie en-
barrassments of a financial panic. The
monetary commission lately appointed
Is giving full consideration to existing
conditions and to all proposed reme-
dies and will doubtless suggest one that
will meet the requirements of business
and Of public interest. We may hope
that the report win 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 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 dogmatic
statements as this one. The commits
sion in studying the general influence
Of currency on business and Of bust
pess on currency have wisely extend
ed their Investigations in European
banking and monetary methods. The
information that they have derived
from such experts as they have found
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 proper
postal savings bank bill. It will not
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
able for investment as capital In USE
full enterprises. It will furnish the
absolute security which makes the
proposed scheme of government guar
anty Of deposits so alluring without
its pernicious results.
Ship Subsidies Advocated.
I sincerely hope that the incoming
congress will be alive, as it should be,
to the Importance Of our foreign trade
and Of encouraging it in every way
feasible. The possibility Of increasing
this trade in the orient, in the Philip
pines and in South America is known
to every one 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 necess1-
ty Of the establishment of direct lines
of steamers between North and South
America has been brought to the at
tention Of congress by my predecessor
and by Mr.. Root before and after his
noteworthy visit to that continent, and
I sincerely hope that congress may be
induced to see the wisdom Of tenta-
tive 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 Kidding the
markets Of Europe Of prohibitions and
determinations against the importa-
ton of our products Is fully under
stood, and it is hoped that the use of
the maximum and minimum feature
Of our tariff law to be soon passed will
be effective to remove many of those
restrictions.
Lock Canal Plan Defended.
The Panama canal will have most
important bearing upon the trade be-
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 to bulky mer-
.chandise. It 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 Of the
east coast Of South America reached
by rail from the west coast. The
work on the canal is making most sat
isfactory progress. The type Of the
canal as a lock canal was fixed by
congress after a full consideration Of
the conflicting reports Of the majority
and minority Of the consulting board
and after the ton Of the
war department and the executive
upon those reports. Recent suggestion
that something had occurred on the
isthmus to make the lock type Of the
canal less feasible than it was sup
posed to be when the reports were
made and the policy determined on
led to a visit to the isthmus Of q
board Of competent engineers to exam
Inc the Gatun dam and locks which
are the key Of the lock type. The re-
port Of that board shows that nothing
has occurred in the nature Of newly
revealed evidence which should change
the views once formed In the original
discussion. The construction will go
on under most effective organization
controlled by Colonel Goethals and his
fellow army engineers associated with
him and will certainly be completed
early in the next administration, If not
before.
Some type of canal must be con-
structed. The lock type has been Sc
lected. We are all in favor Of having
It built as promptly as possible. We
must not now, therefore, keep up fire
in the rear Of the agents whom we.
have authorized to do our work on
the isthmus We must hold up their
hands, and, speaking for the incoming
administration, ] wish to say that /.
propose to devote all the energy posi-