The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1912-06-19


wise and courageous veto
The American people have now
pass. not upon the abuses or tue t"t
but on the fundamental question ~
tween the two systems OF tarih hi"N
ing
THE national currency. which the
election OF Mex inley rescued from 1is-
aster at the hands OF a free SILVER ~
lnocracy, still rests upon the clVl We
basis OF government bonds, ana -
no longer adapted TO our changed con
ditions. IL Is inelastic, it's volume zoe
not expand and contract accordlhs -
legitimate demands OF business.
subjects US 10 constant danger o.
panlcs, which begin In speculation anu
end In paralyzing business. IL facil-
ldtes and promotes the arbitrary con,
.rol OF small group OF banks am
bankers with enormous capital anu
tends TO an undue concentration OF the
money OF the country In few great
money! centers.
Any possible remedy involves the
study or world wide finance, because
We are no longer Isolated and money
vows from city TO city and country 10
country In accordance with the laws
oi demand and supply and the attrac-
llon or interest rates. No congress
tould by It's ordinary methods get be
Nond the surface OF the vast and COM
pIlcated problem, yet the working out
OF a new system adapted TO American
conditions Is OF vital Importance 10
the prosperity OF the country and the
security Of every business and OF every
man whose support IL directly or in
mess.
'CFor the solution OF this question
me policy or the Republican party
cstapHshed monetary commission.
Whlch mas made most thorough ana
exhaustive study of the financial sys-
TENS OF all civilized nations. OF their
relation 10 our own systems and the
needs iof American business
The commission has ranortaI Mn
Tor the establishment OF new system
on reserve associations under which
the currency Will be elastic. the bust
ness OF the country Will find ready sale
Tor It's commercial paper the people on
the country at large will exercise con
troll instead OF little group OF large
bankers and the danger OF panics VIII
disappear The president has recon-
hlended the conclusions of the commits
sion TO the congress. where the pro-
posed BIZ is under consideration II ~
ior the interest or every business man
in the United Setates that the party
controlling the government shall not
De changed until this policy has been
carried ifsto execution.
I'm order that the burdens II gov
eminent support may In time OF need
he more Justly proportional TO the
means OF our citizens the last Repub-
lean congress submitted TO the legis-
latures OF the states an income tax
amendment OF the constitution. and at
the same time, upon the recommenda-
ton OF the president. enacted a law
whleh mas been sustained by the SUI
prtme Court-lmpostng Il tax upon cor
porntlons measured by their Income
so that this vast fund of invested capt.
tai may bear it's fair share OF the pub
nc Ddruens At the rate OF only one
per cent upon corporate income the re-
ctlpts from this source during the past
yeer amounted 10 over $4,000. 900.
Upon the recommendation OF the
president, the powers of the interstate
I on q m 10
greatly enlarged and their control
over railroad rates and railroad SER
vice made more effective. Railroad
rebates have been vigorously prose
cuted and the imposition OF large
nnes has substantially ended the prac-
tice Upon prosecutions OF railroad
dis ordinations and fraudulent impor-
tatiCns at the custom house. under the
vigorous treatment OF the treasury de-
pagtment and the department. OF jus
tice. the fines and recoveries OF the
past three years have amounted to over
81, 000 600
Tho prosecution OF trusts and com
binations in violation OF the sherman
act has proceeded with extraordinary
Co has been dissolved by a suit be-
gun under Roosevelt and brought to
successful conclusion under Taft.
through a judgment in exact accord
ant. The Tobacco Co has been dis
solved and it's property scattered
among Ii different companies, with
stringent injunctiCns against common
| control, which. In the unanimous opin-
ion OF the four judges OF the circuit
| court OF appeals, were fully adequate
10 accomplish the relief demanded
The beef packers, the wholesale
grocers. the lumber dealers the wire
ma kers. the window glass pool. the
electric lamp combination, the bath tub
trust, the shoe machinery trust. the
/ foreign steamship pool. the sugar com
pany, the steel corporation, the Har-
vvstor company-all have been made To
| feel the heavy hand OF the law through
suits or indictments against restraints
! and monopolies
| Throughout that wide field In which
! the conditions OF modern Industrial life
require that government shall Inter
venc IN the name OF social justice for
/ the protection Of the wage Garner. the
Republican national administrations. In
succession have done their full, en-
! lightened and progressive duty TO the
limit OF the national power under the
constitution"