The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1913-12-03
NC ADOO ASKS
FOR LEGISLATION
Conpratluates People on Earyl
Prospect Of Currency Law


been of nationwide interests To rec
concentrations for Increased appropri-
ATOMS for bureaus under his authority
ana Tor better conduct of the govern =
ment and the protection of the people
The secretary discusses at some
length the subject of currency legis-
lation reviewing the activities in his
department related Ia IL. lie speaks
al an unrest in business circles fol-
lowing the beginning OF the special
session of Congress in April, refers 10
"A 'proposanda OF pessimism which
deslsnedly or not, produced a condi-
lion of extreme nervousness and ten
sion and points to his announcement
| IN June that the treasury was ready To
| issue S5OOO0O,OO0 of emergency cur
rency under the Aldrich- Vreeland act
To prevent restriction of credits and to
ease any situation.
| Mr.. McAdOo details the treasury's
offer to loan To banks of the country
money To move the fall crops The
sum of S46.5O0,O00 out of $40, 900. 900
estimated To be needed. was appor-
| tlohed among the states.
1T was essential" says the secre-
iary, that the action of the depart
| ment should be non partisan and nom
political, the crops of Republicans.
Democrats and Progressives. and all
other classes of people had To be
moved. and the earnest effort Of the
department was To have the benefits
| of this action diffused as widely and
impartially as possible"
Need Of Better Financial System.
After praisng the psychological
value of these incidents, the report
continues:
| They demonstrate clearly that any
! Improvement in our financial system
which will permanently establish con-
ildence will in itself be an immense
GAIN and if that improved financial
system assures the opportunity to Sc
cure at all times the necessary funds
and credits Ia meet the expanding and
! legitimate needs Of the commerce and
! industry of the country. il will be an
achievement of enduring benefits.
These incidents also show conclu-
sively the enormous value of an al
| truistic government agency in the fl
nancial affairs of the country. So long
as the government has the power to
intervene in beneficient and unself-
ish way, the danger of panics and Of
! unjust practices will be largely, if not
wholly, destroyed. This is one of the
| ohlef objects sought In the proposed
reformation and reorganization of our
banking and currency system. The
people of the country are To be con-
graduated upon the early prospect Of
! sound legislation on this vitally i'm
portant subject Should the Con-
gress enact the fundamentals of the
pending measure il is believed that
permanent protection will be provided
against recurring commercial crisises
and that adequate facilities will be
created for that legitimate ana sound
expansion of credits so vital To the
prosperity of our great and growing
country
Asks New Legislation.
OF the new tariff act Secretary Me-
sufficient length of time to make OBS
sible an accurate estimate Of it's ulti
mate revenue producing powers. He
asks Congress To impose n nominal tax
of one per cent proof gallon on all al
cohol withdrawn for denaturation--and
legislation requiring every dealer in
leaf tobacco Ia make an inventory Of
81 slr In ntY 4 nf
make Il report Of his transactions
quarterly or monthly, and that every
dealer he required to give bond.
The present oleomargarine law is de-
clared to be unsatisfactory and the
government is said To lose more taxes
from Illicit practices in oleomargarine
than through moonshine stills. The
difference in the tax on cOlored and
uncolored CLEO is held responsible
for the loss and Congress is asked to
impose "A Hat nominal tax without any
difference for color with provision for
individual stamped or original pack
ages of certain sizes adequately mark
ing the sale of adulterated butter is
declared To have brought about IN
fortunate conditions through the diff
Guilty of its just enforcement.
Secretary's Recommendations.
Among his principal recommends
tions to Congress the secretary placed
the following:
Enlargement of the public health
service and a closer cooperation with
state authorities TO prevent and stamp
out epidemiCs of disease.
Building of four sevenue cutters, for
need of which the secretary points
out, the service is seriously crippled.
Consolidation of the revenue cutter
and life saving services into one or
ganlZatlon To- be known as the coast
guard. Such a consolidation, the Sec
rotary says. would increase the efIi-
cheney of each service with the idea
that the new coast guard should he
come a first naval reserve i'm time of
war. The increase in cost would he
about 100000. In that connection the
secretary also recommends passage Of
legislation for the retirement of life
savers on pension, and declares that
unless some such measure is made
law, the efficiency of the service will
he impaired and it will become in