Morris tribune., 1909-03-06

/
the executive in the courts of the ma
tional government.
Monetary Laws Need Change.
i One of the reforms to be carried out
during the incoming administration Is
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 en-
barrassments of a financial panic. The
monetary commission lately appointed
is giving full consideration to existing
conditions and to all proposed RENE
dies and will doubtless suggest one that
will meet the requirements Of business
and of public interest. We may hope
that the report will embody neither the
narrow view of those who believe that
the sole purpose Of the new system
should be to secure large return on
banking capital nor Of those who would
have greater eXpansioN of currency
with little regard to provisions for it's
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 commis7
sion in studying the general influence
of currency on business and of bust
ness 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
publican platform and pass proper
postal savings bank bill 1t will not
be unwise or excessive paternalism.
The promise to repay by the govern
ment will furnish an 1nducement to
savings deposits which private enter
prise cannot supply and at such low
rate Of interest as not to withdraw
custom from existing banks. 1t 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 necessi-
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 a 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 a 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 1t 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 recommendation of the
war department and the executive
upon those reports. Recent suggestion
that something had occurred on the
lsthmus 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 a
board of competent engineers to exam
me the Gatun dam and locks which
are the key of the lock type. The re-