The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1912-12-06

I gwen through It's governing antuofltleS
the power. by issuing circulating notes
Tor approved commercial paper. hy fix
Inc discounts. and hy other methods NJ
transfer of currency. Ia expand the
supply of the monetary medium where
II WAS most needed Ia prevent the ex-
port or boarding of gold and generally
10 exercise such supervision over the
: supply of money in every part of the
country AZ Ia prevent n Str'inscncy and
n panic
/ Certain IL j.. however. that the Oh
/ iectionS which were made in the past
history ~ this country Ia a central
bank as furnishing monopoly OF
financial power Ia private individuals.
would not apply tn an association
/ whose ownership and control il 81
b widely distributed and is divided be
! tween all the banks of the country
state aud national. ON The one hand
and the chief executive through three
department heads and his comptroller
I of the currency on the other.
There il no class in the community
more interested in safe aud saue
/ banking aud currency system. one
which will prevent pauics and auto
matically furnish in each trade center
the currency needed in the carrying on
Of the business at that center than
the wage Garner. There is no class in
| the community whose experience bet
ter qualities them To make suggestions
as 10 the Sutiiciency Of a currency and
banking system than the bankers aud
business men,
Ought we therefore 10 ignore their
recommendation and reject their
financial judgment as 90 the proper
method of reforming our financial syS
TEN merely because of the suspicion
which exists against them In the minds
OF many of our fellow citizens; l. II
not the duty of congress to take M
the plan suggested, examine il from al
standpointS. give impartial considera
tion 10 the testimony of those whose
experience ought Ia III them 10 give
the best advice on the subject, aud
then 10 adopt some plan which will
secure the benefits desired?
banking and currency system
seems far away from the wage Garner
and the farmer but the fact is that
they are vitality interested in n safe
system Of currency which shall grad
uate its volume to the amount needed
and which shall prevent times of ar
titicial stringency that frighten CAPT
tai. stop employment. prevent the
meeting of the payroll. destroy local
markets and produce penury and want.
The Tariff.
I have regarded il a. my duty in for
mer messages 10 the congress 10 urge
the revision of the tariff upon princi-
pies OF protection. II was my 1udg
ment that the customs dulles ought To
be- revised downward. hut that the re.
duCtion ought not To be below rate
which would represent the difference
in the cost eff production between the
article in question NJ home and abroad,
and for this aud other reasons vetoed
several bills which were presented Ia
ME i'm the last session of this congress
Now that new congress has been
elected on Il platform Of tariff Tor
revenue only rather than II protective
tariff. aud is to revise the tariff on that
basis. II is needless for me to occupy
the time of this congress with argu-
ments or recommendation In favor Of
n protective tariff.
Army Reorganization.
Our small army now consists % 80
500 men. excluding the 1000 Philip
pine scouts. Leaving ont of considera
ton the coast artillery force. whose
position is fixed in our various sea
coast dcfenses. aud the present rarri-
sons Of our various insular posses
sions. we have today within the con.
tinental United States II mobile army
OF only about $1,000 men. This little
force must be still further drawn upon
to supply the new garrisons for the
great naval base which is being cstab-
lshed at Pearl halbor, in the Hawaii
al Islands. and To protect the locks
now rapidly approaching completion
at Panama.
The forces remaining in the United
States are now scattered IN nearly
fifty posts. situated for n variety Of
historical reasons in tweuly-four
states. These posts contain only frac-
tons of regiments. averaging Less than
100 meu each. In time of peace IL has
been our historical policy 10 admins.
ter these units separately 10y II geo
graphical organization. In other words.
our army in time of peace has never
been united organization. but mere
ly scattered groups of companies, bat
talionS and regiments. aud the first
task in time Of war has been To- create
out OF these scattered units an army
nj for effective team work and coop
GRAFTON
A comprehensive plan of army rcor-
ganizatiou was prepared by the war
college division OF the general staff.
Under the Influence Of this study |,
definite and effective steps have been !
taken toward army reorganization so /
far ms such reorganization lies within |
the executive power. Hitherto there |
has been no difference Of policy in the |
treatment of the organization Of our |
foreign garrisons from those Of troops |