The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-02-13
that to meet our normal expenditures we
shall have ample revenue.

| tAioL " iuttt our IVllllttA PSAANaAA - " =
shall have ample revenue.
Hest Law Ever Passed
81, therefore, venture TO repeat the
remark / have had occasion to make
before that tho present customs law Is
the best customs law that has ever been
passed and 1t is most significant In this,
that it indicates on the part of the re-
publican party the adoption OF policy
| to change from an increase in duties 10
| reduction of them and TO erect an
increase of revenues at the same time.
The act has furnished to the executive
the power to apply the maximum ana
minimum clauses in order to prevent
undue discrimination on the part of for
eign countries and this is securing addi-
tional concessions In respect to IMPOSE
lions on our foreign trade.
THE act has done justice to the Philip
pine islands by giving them free trade
with the United States.
More than all this the new tariff
act has provided for the appointment of
tariff board to secure impartial evil
dence upon which when a revision OF the
| tariff seems wise we shall have at hand
the data from which can be determined
with some degree of accuracy the differ
ence between the cost of producing arti-
cles abroad and the cost of producing
| them in this country.
1.-The great difficulty in the hearing and
discussion of the present tariff bill was
the absence of satisfactory and credible
evidence on either side or the issues
as to low or high tariffs. The importer
on the one hand and the manufacturer on
the other were present to give their falli-
BILE judgments affected by their own Pc
cuniary interests as to the facts under
Investigation. Men who were struggling
to find the truth were greatly perplexed
by the conflicting testimony
Comparison of Tariffs
The tariff bill authorizes the President
to expend $4,000 in employing persons to
assist him in the administration of the
maximum and minimum clause, and to
assist him and other officers of the gov
eminent in the administration OF the tariff
law. l have construed this to mean thai
l may use the board appointed under this
power not only to look into the foreign
tariffs, but also to examine the question
with respect to each item in our tariff bill.
what the cost Of production of the mer-
chandise taxed is. and what its cost 10
abroad This is not an easy task for i'm.
partial experts, and 1t requires large
force. l expect to apply to Congress this
year for the sum Of $4,000 TO organize
a force through which this Investigation
may go on and the result will be recorded
for the use of executive and Congress
when the desire to avail themselves OF the
record. In this way any subsequent re-
vision may be carried ON with the aid of
data secured officially and without regard
to its argumentative effect upon the ques-
ton Of raising or lowering duties. Taken
as a whole, therefore, I do not hesitate to
repeat that the republican party has SUBJ
stantially complied with its promise In re-
spect to the tariff, and that it has set
itself strongly In the right direction to-
ward lower tariffs and furnished the
means by which such lower tariffs can BIO
properly and safely fixed.
IAN investigation by the tariff board OF
the sort proposed will certainly take a full
two years or more. Meantime the opera
ton of the present tariff promises to be
consistent with the prosperity Of the coun-
try and with the furnishing of sufficient
funds with which to meet the very heavy
but necessary expenditures of carrying on
our great government.
THE republican national platform con-
tanned the following: we favor the es-
tablishment of postal savings bank sys-
rem for the convenience OF the people and
the encouragement of thrift
Postal Savings Banks
IA bill has been framed to establish
postal savings bank. The great difficulty
with the bill seems to have been to secure
q PAOPSA DAOfiSiOli III llle management VI
the investment of the money deposited.
The great advantage OF a postal savings
bank Is the encouragement to thrift of
those whose fears of the solvency of any
depository except as a government de-
pository tempts them away from saving.
A government promise to repay seems To
be especially effective In leading people 10
save and deposit their savings. The ma
chlnery of the postoffice department with
its 60,000 postofices and 40 eco money order
offices offers an economical and far
reaching machine for the reception in
places remote from banks and among
people who fear banks, of that which
but for this they would not save, but
spend. The interest offered of per cent
prevents such postal savings banks from
interfering with regular savings banks,
whose rate of interest always is in excess
of 2 per cent.
'In the present stage of the Senate bill
there have been inserted amendments
drawn apparently for the purpose of hay
ing money deposited as savings in the
government postoffices distributed through
the locality where deposits in the banks
state and national. and so deposited as
to make 1t impossible for the trustees
of the fund appointed under the law
to withdraw the money for investment
in any other form. I regard such an
amendment as likely to defeat the law
First, because it takes away a feature
which ought to be present in the law to
assure Its constitutionality. If the law
provided that the trustees to be appoint
ed under the law with the funds thus
deposited could meet the financial exi-
gencies of the government by purchase
redemption of the government per
cent and other bonds, the measure would
certainly be within the federal power.
because the postal banks would then
clearly be an instrument of the national
government in borrowing money.
Big Bond Issue on Hand
Eve have now about s7Ooooo.000 Of .
per cent bonds with respect to which
we owe a duty to the owners to see that