The free lance. (Fredericksburg, Va.) 1885-1926, 1909-03-06

legislation by congress aud carried ON,
by proper proceedings Instituted by
the executive IN the courts OF the ia.
uonal government.
Monetary Laws Need Change
One OF the reforms 20 be carried oct
during the incoming administration Is
a change u our monetary and banking
laws 50 as 70 secure greater elasticity
IN the forms OF currency available for
trade and 10 prevent the limitations OF
law froa operating TO increase the en-
arraSSinents OF 4 financial panic. The
monetary commission lately appointed
Is giving fun consideration 70 existing
conditions and 10 all proposed rene
dies and viii doubtless suggest one that
win meet the requirements Of business
and Of public interest. We may hone
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 large return on
banking capital nor OF those who would
have greater expansion OF currency
with little regard To Professions for its
immediate redemption or ultimate Sc
curity. There Is 10 subject OF econou-
nc discussion 50 intricate and 50 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 extend
ed their Investigations in European
banking and monetary methods The
Information that they have derived
from such experts as they have found
abroad viii undoubtedly De found
helpful In the solution OF the difficult
problem they have I'm hand.
FsVors Postal Savings Banks.
The incoming congress should
promptly fulhu the promise OF the Re
publican platform and pass a proper
postal savings bank bin II VIII not
be unwisc or excessive paternalism
The promise TO repay by the govern
ment Will furnish an inducement 10
savings deposits which private enter
prise cannot supply and at such low
rate Of Interest as not 10 withdraw
custom from existing banks. Il will
substantially increase the funds avail
able for Inv cstmcnt rs capital IN use
rul enterprises. II Will furnish the
absolute security which makes the
proposed scheme Of government guar
anty Of deposits so anuring without
its pernicious results.
Ship Subsidies Advocated.
sincerely hope that the incoming
congress Will be alive. as II 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 De marked upon our
sale OF cottons. agricultural machinery
and other manufactures. The necessi-
" 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 70 that continent. and
I sincerely hope that congress may be
Induced 10 see the wisdom OF a teuta.
dive effort 10 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 1t is hoped that the use Of
the maximum aud minimum feature
Of our tari1 law to be soon passed will
be effective 10 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 revOlutionlze the transconti-
mental rates with respect 10 bulky mer-
chandise. IL viii also have most
beneficial effect 10 increase the trade
between the eastern seaboard Of th.
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 fxed bv
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
isthmus 10 make the lock type OF the
canal less feasible than II was sup
posed 10 be when the reports were
made and the policy determined on
led TO n visit TO the isthmus Of a
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 20
on under most effective organization
controlled by Colonel Cocktails and his
fellow army engineers associated with
him and will certainly be completed
early in the next administration. IL not
before.
Some type OF canal must be con
structed. The lock type has been Sc.
lected. We are all in favor OF having
IL built as promptly as possible. We