The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1911-09-29

Payne bill, a strong movement toward
the establishment OF a tariff board or
commission which. by furnishing ac-
curate Information as TO tarif mat
ters and the comparative costs OF for
| eign and home production In respect
10 manufactures and products, should
enable congress TO act with care to-
ward the existing industries OF tne
country and to save them as far as
possible In any changes that might be
made. Under circumstances which IL
is not now necessary for me TO re-
count and by aPpfopriath,ons fsrnished
establish tariff board, and 1
have declined to promote the pas.
sage OF tarih measures framed
few months this tarifr board can fur
nish: and I have done so because 1
thought the business OF the country
was entitled TO better treatment than
ment OF measures the Injurious effect
IN upon the industries OF the
country could not be calculated.
Fourth. and finally we have very
The theory OF the issue 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
the bonds and reduce the circulation
when the demand for money is light
Such has not been the result. and II is
due to the fact that the bonds which
were issued for the purpose OF enab-
ling them to be used as deposits paid
only 2 per cent, a rate which is about
per cent below the regular market
rate for government bonds In this
country, and therefore prevents the
disposition and use OF the bonds for
any other purpose than the securing
OF bank notes. This gives a stiffness
TO the deposit and withdrawal OF such
bonds and Rightly TO the amount
OF currency dependent on them that
deprives the system OF the elasticity
hich In desired.
More than that. the independent ac-
tight. in reaching out for cash and in
creasing Its reserve. accentuates the
original cause for the contraction OF
the currency and doubles Its force. The
control by none OF them. and we find
money famine growing, by the very
fact OF Its existence, ~ 20 and more
pressing and panic-producing.
There ought to be some central au-
thority that could take over the quick
assets OF the banks In the form OF
business paper and issue bank notes
on the faith OF II to meet the exigency
arising at any time In a demand for
money. If vested in one person or set
OF persons, the business can be inteli-
gently done. panics avoided. and money
sufficient for the purpose OF business
constaatiy kept on hand. The present
proposition OF the monetary commits
sion. which I believe will be recon-
mended to congress. Is that this au-
thority shall be provided by COM
hination OF all the banks of the coun-
try reserving to the smaller banks a
power OF selection greater than the
ratio between their capital and the
capital OF the larger banks. in which
BOARD or agency the government shall
nave representative, not so that II
may control, but so that IL may have
n voice In the management.
L do not go into the details except
to say that they must be carefully
worked out for the purpose of pre-
venting the political control OF the
monetary situation, or control by the
system Is absolutely necessary for the
progress OF business I'm this country.
we must have system In which the
be scientifically run, and with a view
only to the public interest.
have thus reviewed four subjects
IN which the action OF the government |
mas direct relation to business, and |
have discussed them with view to |
the conclusion which ! would now like |
70 state. The evils which the inter |
state commerce law and the antitrust
law were adopted to correct are | the |
process OF being remedied. They wnre |
evils that required hostile legislation |
20 stamp them out and need constant |
vigilance in the future to prevent
the Indignation caused by he evils
aroused spirit OF antagonism and
bitterness which II is now difficult TO
aIlay, and which manifests ITSELF in
action OF n hostile character whenever
occasion arises. The same thing lay
be said OF the excessive tariff The
fact that banking and currency teces-
sarily concerns banks and those iI.sti- |
tutichs that gather together money at
tracts the hostility of men IN politics
who thrive by stirring up envy and
hatred and who live chiefly upon the
thrifty. and the successful in busi-
ness
have considered these points with
a View to an appeal to the public in
behalf OF reasonable moderate actIun
and treatment for the purpose of en-
couraRing the investment of .Apital
and OF promoting prosperity. / Jepre-
cate vindictive feeling against railway
corporations, against the connecting
parts OF trusts after they have com
piled with DEGREES OF courts lisinte-
grating them. against a reasonable
trea tment OF the business dependent
on the tarif, OF against the SOLUTION Of
the monetary question, which appeals
TO ell reasonable and experienced htcn
We In this country are all IN the
same boat. Speeches made IN one part
OF the country TO arouse the nople
OF that region against the enttrprises
or business OF another are made py
the blirdest men. Let there h. pros
tration OF business In one large sec
tion and that prostration will spread
quickly to all the rest.
What makes men happy? What
furnishes shoes and clothes and good
who leEome food 20 the family OF father
and mother and children but prosper
Gus times, In which labor is in nigh
demand. wages are good. sales are
pierty. prices are normal and every
bod r. sharing In the general pros
perity7
IL. attempting TO rid ourselves OF the
evils that were growing nv business
So AZ TO put dangerous power INTO the
hands OF concentrated wealth. we nad
90 do many things that savored of hos
fility to capital, at least TO the capital
which was engaged In those thlhLs
that ~ was thought necessary 20 enact
statutes TO condemn. I am 10 defend
err OF those evils. on the contrary,
have been as strongly In favor OF
their suppression by statutes made 81
fective as anyone: but thinK we have
arrived at time when. he people
themselves ought 10 acquire sufficient
perception into the operation OF ecos-
omic forces to realize that a sectional
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