The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-08-31

, ing to prevent such combinations. but
10 completely controlling them in the
interest OF the public we,fare.
For that purpose the federal bureau
Of corporations is an agency Of the FIRST
importance. It's power and therefore
It's efficiency, as well AZ that OF the In
terstate commerce commission. should
be largely Increased.
We have a right to expect from the
bureau of corporations and from the
Interstate commerce commission
very high grade OF public service. We
should be- sure OF the proper conduct
Of Interstate railways and the proper
management of interstate business as
we are now sure of the conduct and
management of the national banks,
and we should have as effective super
vision in one case as 10 the other.
The Hepburn act and the amend
ment to thar act ip the shape In which
It finally passed congress at the last
session represent Il long step In ad-
vance. and we must gn yet further.
influence Of Special Interests.
There IL a widespread belief among
our people that under the methods OF
making tariffs which have hitherto OBJ
tanned the special interests are too In
fiuential Probably this is true Of both
the big interests and the little inter
ests. These methods have put a pre-
MUM on selfishness. and naturally the
| selfish big interests have got more
| than the selfish small interests. The
duty OF congress is to provide meth
cd by which the interest Of the whole
people shall be all that receives con
| sideration.
To this end there must be an expert
| tariff commission wholly removed from
the possibility Of political pressure or
| Of improper business influence.
| Such a commission can find out the
| real difference between the cost of
| production. which is mainly the diff
| ference OF labor cost here and abroad
| As fast as its recommendations are
made ] believe in revising one sched-
ule at a time. A general revision Of
the tariff almost inevitably. leads to
log rolling and the subordination Of
| the general public interest to local and
special interests.
The absence of effective state and
especially national restraint upon un-
fair money getting has tended to
create small class Of enormously
wealthy and eccsv,mically powerful
men whose chief object Is to hold and
increase their power.
| The prime need Is to change the
| conditions which enable these men to
accumulate power which 1t is not for
the general welfare that they should
hold or exercise.
| We grudge no man a fortune which
represents his own power and sagacity
when exercised with entire regard to
fortune must be honorably obtained
and well used. IL is not even enough
that 1t should have been gained with
out doing damage to the community.
We should permit it tc be gained
only SO long as the gaining represents
benefit TO the community. This.
know. implies a policy Of far more
active governmental interference with
social and economic conditions in this
country than we have vet had. blu, ]
think We have got to face the fact that
such an increase in governmental con,
troll Is now necessary.
Money Fairly Earned.
No man should receive a dollar IN
less that dollar mas been fairly earned
Every dollar received should represen,
a dollars worth of service rendered
The really big fortune. the swollen
fortune. by the mere fact Of its size
acquires qualities which dinerentiate
1t in kind as well as in degree from
what is possessed by men Of relative
~ small means.
Therefore ! believe In graduated
income tax on big fortunes and In an
other tax which is far more easily
collected and far more effective-s
graduated Inheritance tax on big for
tunes. properly safesuarded against
evasion and increasing rapidly ir
amount with the size Of the estate.
The people Of the United States suf
fer FROM periodical financial panics t.
degree substantially unknown among
the other nations which approach u
In financial! strength. There is NJ
reason why we should suffer wha'
they escape.
II 1t Is OF profound importance thai
our financial system should be prompt
~ investigated and so thoroughly anG
effectively revised rs to make It Ger
ain shat herea f.e- our currency VII
no logger fall Mt critical times t,
meet our needs.
1t Is hardly necessary for me to re
peat that I believe in an efficient army