The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1909-03-11

teRlsIhllon Dy congress anu carried Out
by proper proceedings instituted by
1 the executive In the courts Of the ma.
tional government.
Monetary Laws Need Change.
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 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 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
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
promptly fulfill the promise of the Re-
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 inducement to
savings deposits which private enter
prise cannot supply and at such low
rate of interest AZ not to withdraw
custom from existing banks. 1t will
increase the funds avail.
able for investment as capital In use
ful enterprises. 1t will furnish the
absolute security which makes the
scheme OF government guar
anty Of deposits so alluring without
Its pernlcious results.
Ship Subsidies Advocated.
sincerely hope that the incoming |
congress will be alive, as It should be,
to the Importance Of our foreign trade
and OF encouraging 1t IN every way |
The possibility Of increasing
This trade In the orient, In the Philip
pines and In South America Is known
10 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
'ale of cottons. agricultural machinery
ind other manufactures The necessi-
y Of the establishment of direct lines
II stea mers between North and South
America has been brought to the at
ention OF congress by my predecessor
ind by Mr.. Root before and after bis
visit to that continent, and
sincerely hope that congress may be
Induced to see the wisdom Of tenta-
I've effort to establish such lines by
he use OF mail subsidies.
The Importance which the depart
nent Of agriculture and Of commerce
nd labor may play in ridding the
markets Of Europe Of prohibitions and
determinations against the importn.
lon Of our products is fully under
TODD, and It In hoped that the use Of
be maximum and minimum feature
1 our tariff law to be soon passed viii
e effective 10 remove many Of those
estrictions.
Lock Canal Plan Defended.
The Panama canal will have most
important bearing upon the trade be.
ween the eastern and the far west
IN sections Of our country and will
realty increase the facilities for
between the eastern
nd the western sesboard and may
ossibly reyolutionize the transconti.
entail rates with respect TO bulky mer'
handise II viii also have 4 most
eaefcial effect 10 increase the trade
etween the eastern seabosrd Of the
'nited States and the western coast
I South Americs and indeed with
pine Of the important ports Of the
Ast coast Of South America reached
y rail from the west coast The
'ork on the canal Ia making most sat
factory progress. The type Of the
anal m lock canal was nxed by
snxress sttsr q full consideration Of