Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1909-03-04

ment to expose us to the risk Of a war
which might be avoided If federal
jurisdiction was asserted by suitable
legislation by congress and carried out
by proper proceedings instituted BIZ
the executive in the courts of the ma
tionaI 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
fhat 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 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 a 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 as not to withdraw
custom from existing banks. 1t will
substantially increase the funds avail
able for investment as capital In use
full enterprises. 1t 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.
| 1 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 bebmarked upon oul
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 congresssby my predecessor
and by Mr.. Root before and after his
noteworthy visit to that continent, an6
/ sincerely hope that rcongress 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 anC
Determinations against the impOrta
ton of our products is fully under
stood, and it is hoped that the use o,
the maximum and minimum featur,
of our tariff law to be soon passed viii
be effective to remove many of thos'
. restrictions.
, Lock Canal Plan Defended.
The Panama canal will have mos
important bearing upon the trade be
tween the eastern and the far west
ern sections Of our country and viii
greatly increase the facilities TO
transportation between the easter
and the western seaboard and ma.
t possibly reyo!utionize the transconti
mental rates with respect to bulky mer
: chandise. 1t will also have a mos
= beneficial effect to increase the trad
e between the eastern seaboard of tn
United States and the western coas
: of South America and indeed wit
q some of the important ports Of tn
n east coast of South America reache,
+ by rail from the west coast. TIL
o work on the canal is making most sal
: isfactory progress. The type of tn
> canal as lock canal was fixed b.
! congress after a full consideration Q
a the conflicting reports of the majorit
s and minority of the consulting boar
? and after the recommendation of til
war department and the executiv
IS upon those reports. Recent suggestio
: that something had occurred on tn
It isthmus to make the lock type Of til
l. canal less feasible than it was SUI
II posed to be when the reports wer
+ made and the policy determined o
II led to visit to the isthmus of
q board of competent engineers to exam
e inc the Gatun dam and locks whic
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