Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1911-09-30
PRESIDENT TAFT IN WATERLOO SPEECH URGES
SQUARE DEAL and C0UNSELS MODERATION

- ~ VUBSO SUVS
conduct; but such system with us is
absolutely impossible, and it might as
we'll be understood The countries to
which reference is made are veering
toward state socialism. This, indeed,
II competition is to disappear, Is the
logical escape from the evil of private
monopolies because If private COM
panies are to be allowed to manage
everything and fix prices, then there Is
every reason why the control thus ex-
ercised by them should be transferred
from them to the government, and this
is state socialism.
Discusses the Tariff.
Third With respect to tariff laws.
The business of the country today
rests upon the protective tariff basis.
Everyone knows this, and everyone
must be aware that change OF tariffs
in such a way that those businesses
that are dependent upon protection for
their existence shall lose 1t must injure
present conditions in all business,
whether dependent on the tariff or not.
The change, therefore, from a protec-
tive tariff to tariff for revenue only Is
necessarily hostile to existing bust
ness, and must lead to business de.
preston and at least temporary bust.
ness disaster. But there are many,
and am among those, who believe
that protection in the past has been too
high, and that 1t Is possible to lower the
tariff so as not to interfere with bust
ness, give a living rate Of protection to
existing enterprise and yet prevent ex'
cessive prices growing out OF excessiv'
rates. In carrying out such a policy
and maintaining such an attitude, 1t is
essential that the interest of business
should be guarded by close fnvestiga-
ton into their needs as to protective
tariff, and this emphasizes the import
ance and vital necessity Of the main
tenance Of a tariff commission and of
It's ascertainment of the facts with re-
spect to business and the difference
between the cost of production here
and the cost of production abroad be-
fore tariff changes are made.
Refers to Foreign Methods.
One Of the prominent and useful fea-
lures of the administration OF the gov
eminent Of Germany, in Aus
tria and in France is the
existence of under officials con-
shutting tariff bureau or commission
who follow closely the changes In
trade in their own country and in other
countries through consular bureaus
and otherwise, and who keep in con-
slant readiness for use digested mass
of Information which enables them to
advise the government with the ut
most accuracy what changes in the
tariff law would help the trade of their
own country, and what the effect of
the changes will be. They exercise
the closest guardianship over the bust
ness OF the country, with the hope OF
promoting its prosperity and expand
ing it's volume. They would no more
think Of changing a policy like that of
the protective tariff to free-trade pol
icy by one stroke, breaking down the
business of the country In many direc-
tons, than they would OF blowing up
their battleships or destroying their
Notifications.
Waits on Tariff Board Report.
We have had in the past two years,
since the agitation and the excitement
growing out of the passage of the
Payne bill, strong movement toward
the establishment Of a tariff board or
commission which, by furnishing &C
curate information as to tariff matters
and the comparative costs of foreign
and home production in respect to
manufactures and products, should en-
able congress to act with care toward
the existing industries of the country
and to save them as far as possible in
any changes that might be made. I'm
der circumstances which 1t is not now
necessary for me to recount and by
appropriations furnished by congress,
II have been able to es-
tablish a tariff board, and
I have declined to promote the passage
Of tariff measures framed without the
knowledge that within few months
this tariff board can furnish; and
have done so because l thought the
business of the country was entitled to
better treatment than the slipshod
framing and hasty enactment OF meas
ures the injurious effect Of which upon
the Industries of the country could not
| be calculated.
Currency Question.
Fourth, and finally, we have very
| lame banking and currency system.
The theory of the isue of bank notes,
based on the deposit of government
bonds by each national bank. Is that
this will increase and decrease accord
ing to the needs of the money market;
that these national banks will deposit
bonds and float their notes when
money Is needed, and will withdraw
/ Recent Advances In