The Republican. [volume] (Oakland, Md.) 1877-current, 1909-03-04

ment
Reforms Called for in
Monetary and Banking Laws.
One of the reforms to be carried
out during the incoming administra-
ton is a 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 embarrassments of a
financial panic. The monetary COM
mission lately appointed is giving full
consideration to existing conditions
and to all proposed remedies, 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 mar
row view of those who believe that the
sole purpose of the new system should
be to secure large return on bank
Ing capital or 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 eco,
nomic discussion so intricate and so
likely to evoke differing views and
dogmatic statements as this one. The
commission in studying the general in
huence OF currency on business and
Of business on currency, have wisely
extended their investigation in Euro
pean banking and monetary methods.
The information that they have de-
rived from such experts as they have
found abroad will undoubtedly be
found helpful in the solution of the
difficult problem they have in hand.
Urges Prompt Passage of
Postal Savings Bank Bill.
The incoming congress should
promptly fulfill the promise of the Re
publican platform and pass q 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 a 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.
| sincerely hope that the incoming
congress will be alive, as it should be.
to the Importance OF our foreign trade
and of encouraging II in every way
feasible. The possibility of increas-
ing this trade in the orient, in the
Philippines and in South America are
known to everyone who has given the
matter attention.
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 il is hoped that the use Of
the maximum and minimum feature
of our tariff law to be soon passed
" III Dt tltCllNt To ESulONe MANY OF
those restrictions.
No Prospect of Failure In
Building Of Panama Canal.
The Panama canal will have most
important bearing upon the trade be
tween the eastern and the far western
sections of our country, and will great
ly increase the facilities for transpor-
tation between the eastern and west
ern seaboard and may possibly revo
lutioniZe the transcontinental rates
with respect to bulky merchandise. It
will also have a most beneficial effect
TO increase the trade between the east
ern seaboard of the United States and
the western coast of South America
and indeed. with some of the i'm
portant ports on the east coast of
South America reached by rail from
the west coast. The work on the
canal Is making most satisfactory
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 depart
ment and the executive upon those
reports. Recent suggestion that some
thing had occurred on the isthmus TO
make the lock type Of the canal less
feasible than it was supposed to be
when the reports were made and the
policy determined on, led to a visit to
the istnmus oI d UUarn Of competent
engineers 10 examine the Gatun dam
and locks which are the key of the
lock type The report of that board
shows that nothing has occurred in
he nature of newly revealed evi-
dence which should change the views
once formed in the original discussion
The construction will go on under A
most effective organization controlled
by Col. Cocktails and his fellow army
engineers associated with him. and
will certainly be completed early in
the next administration if not before.
Some type of canal must be con-
structed. The lock type has been Sc
lected. We are all in favor of having
it built as promptly as possible. We
must not now, therefore, keep up a fire
in the rear OF the agents whom we
have authorized to do our work on the
isthmus We must hold up their
hands ord .lo