Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1909-11-08
Cll11,1,1i,1s An
s,uers Cannon
scontinued from Seventh Page,

The triumvirate will dissolve and the
people will smile.
Financial institution lnadvlsable.
II you will allow me to trespass still
longer upon your forbearance, / ask
your consideration of other subjects
quite as important as the tariff. In a
country developed as ours is devel.
oped, with our abstract ideas of lib.
erty and free government thoroughly
established and never questioned, ma.
tional politics relate almost entirely
to economic, industrial, commercial
and financial questions. Under these
conditions the natural dividing line,
politically speaking, puts the progress.
Ives into one party and the conserya.
tives in the other. The traditions of
the olden time, when the issues were
of a different character, necessarily
obscure this division, but nevertheless
the potential forces of one party will
be progressive and of the other con.
seryatlve. Hitherto, although there
have been some irreclaimable and
been and are Republicans. the party
as whole has been progressive 1t is
true that some of us have wanted to
march fast, others have wanted to
march slowly, few have wanted to
stand still, and here and there one
who wanted to retreat. Nevertheless
the general course of the party has
been not only ahead. but ahead in the
right direction. There are some signs
now that number of our distin.
guished leaders think we have gone
far enough. and that we should settle
down, for period at least, into the
quiet and peace OF inaction. | hazard
the prediction that if we do, the camp
We pitch will be our burial ground.
There are things to be done, and if we
are not willing to do them some other
party will undertake the task, and we
will become nothing more than mem.
DRY in the life of the nation. | venture
to speak of two or three of the Der.
emptory calls to duty.
There is great unrest, especially
among the bankers, with respect to our
financial system. 1t is not all that 1t
should be. and probably has one seri-
Gus defect. 1t seems to be universally
conceded that there should be more
elasticity in our paper currency, al.
though we have not yet tested the
efficiency of the law that was passed
in response to the depression of 1907.
While l am speaking here. the re-
nowned chairman of the finance com.
mittee of the senate is speaking else.
where in the city of Chicago upon the
subject which the monetary commits.
sion has had under investigation.
do not know what his views are, nor
am familiar with the plan that he is
now laying before the country. 1t may
be that will be able to give his plan
my support in the senate of the Unit
ed States, and l earnestly hope that
can. fear, however, that it will in.
volve one Of two things, both of which
l leok upon as hostile to the welfare
OF the American people. Any plan
which subjects the volume of our cur
reney to the power and Judgment OF
few men who may become selfshly in
terested in either expanding or reduc-
ing it, is bad, and, if carried into exc
cution, would enslave the financial
world as completely as some parts of
the industrial field are now held in
bondage. Such a scheme, whether
called central bank OF any other
name. is intolerable
Likewise, we must avoid financial
Institution with the power to control
the money of the country, the posses
sion or management of which would
be an issue between political parties.
Any system which takes away from a
commercial community the power to
measurably take care of itself during
periods of stress and storm will be re-
dictionary rather than progressive.
Regulation Of Railroad Rates.
There are some very good men who
think that we have completed all, that
ought to be done in the way of regu.
lation of railways and other common
carriers. These are the conservatives
of whom have spoken AS view the
subject, we have scarcely made fair
beginning. In this suggestion, there
Is no disparagement of the members
OF congress who initiated the interstate
commerce law of 1887, nor of the men,
bers of congress who have added the
amendments adopted since that The
work has been experimental-part Of
1t successful and a part of it very un-
successful. Some injustice has been
done the railways, and much of the in
justice suffered by the people is not
yet repaired Disregarding minor
things, just one great wrong has been
corrected. Discrimination between in
| dividuals has substantially disappear
ed, and while other evil practices even
more important than such discrimina-
ton remain, the abolition of the re.
bate and other forms of discrimina-
ton is great reward for the labors
Of nearly a quarter of century.
| Notwithstanding the apparent scope
Of the original interstate commerce act,
and in spite of the tremendous energy
displayed in 1906, there is one funda.
mental phase Of the subject which has
not been touched, and one of the most
fragrant wrongs which is yet to be
righted. The fundamental omission re-
lates to the capitalization Of railway
| corporations; and the other concerns
fairness in railway rates as between
communities and localities. recog
nize and applaud the spirit and cour.
| 0Ha Of HailY,ay A,ailAasn ill.,.