The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-12-30
PRoBLEBfs BEING SOLVED.

concerning tariff, cur
rency, trusts and railroads-problemsi
which for many years have been at
the bottom OF much OF the discomfort
in business and politics. 1t closed |,
with several of these problems prac-
tically settled and with adjustment to
the new order Of things the CHIEF
necessity OF the future.
The tariff bill has been passed and
is now beyond range Of a discussion
which kept 90 large a portion OF the
business community under constant
announcement and uncertainty. Our
manufacturers now know the condi-
lions upon which their calculations
must be based, and they can go ahead
without disconcerting uncertainty. OIL
course, foreign competition is q some
what unknown factor and 1t has not
yet been demonstrated how far our
steel and wooden and cotton mills can
hold their own. Up to date there
have been no serious consequences.
Our steel manufacturers have lowered
their prices to level that closes
the door to foreign produces, although
limited amounts may find their way
to the coastal markets in cases OF
rising prices at home or falling prices
abroad. Fine cottons and woolens
may come in more freely. but our
manufacturers, aided by free raw ma
terials, are already giving a good ac-
count of themselves: and foreign
manufacturers show a wise hesitation
about invading the American markets.
Time is necessary for ascertatning the
full effects Of the new tariff. but thus
far at least there is no cause Tor
alarm. Profits have been cut down.
and a few obsolete plants closed, but
this might have happened in any case.
There has been no financial legis-
lation of such vital Importance as the
present banking and. currency bill
since the success OF the sound money
campaign by the election Of President
Mckinley in 1886. The new bill is a
big step forward in placing the United
States in the front ranks of interna-
tional financial leadership. At last
we are to have an elastic banking cur
rency system, fitted to the growing re-
quirements of the country. and CIV
ing the advantage Of Capitalization
under public control with a view to
| preventing its abuse by private inter-
ests. The importance of this step can
not be Immediately gauged. Months
! IL not years, will be required to work
out its results and to amend any minor
| defects in the new plan. Suffice it to
say that it will give the country a
centralized banking system and an
elastic currency with a sound basis
| one capable of rational expansion OF
contraction according to requirements
and one that will prove a bulwark OF
safety In time Of emergency or panic
Its value in future will largely depend
upon the type Of men on the 'regiona
reserve board, and a heavy response
! bility falls upon the president in the
selection Of men of adequate ability
and character.
Another very important develop.
! ment which should tend to the restor'
! alton of business confidence 10 the at
titude of President Wilson on the trus
lquestion. The president considers the
Sherman law sufficient for all practi
cal purposes. because the supreme
court has read reason into the statute
He is consequently opposed to changes
further than supplementary legis:a
ton for clearing up ambiguous points
Still another event of the highest sig
nificance was the offer of the Bel
I Telephone company to voluntarily dis
3 solve in obedience to the law. demon
3 strating a more conciliatory spirit be
8 tween the government and big bust
mess. Monopoly has at last bowed t
public opinion; and, IL this policy
Q carried out in sincerity. there Is ever
reason to believe that the danSerou
D friction which has existed for year
: between. the government and our grea
e corporations will gradually disappear
President Elliott Of the New Have
road il another striking example c
g. the new policy. which is the publ
Z be pleased" in place of the puolic b
e damned" This does not mean this
y the millennium is in sight by an
L. means, but it does mean that the bin
n selfishness of monopoly, one If tn
prime causes of hostility to corpors
lions as well as one of the prime II
fcentives to government ownership.
being eliminated. and that more am
cable relations between corporation
and the public will now be possibl
,. The clearing of the political and con
II mercial atmosphere in these r.spec
will do much toward removing IL
shackles from business and stimula
'e ing a revival of confidence. Preside
Wilson was undoubtedly sincere whs
u he said his policy was ito hu;id I
O. business on q sound basis" ard to hi
q must be accorded the chief credit
~ settling the three disquieting prcbler
e. of tariff. currency and trusts-wheth
settled on a basis pleasing to ever
- body or not.
"a still another problem Of the gres
~ est importance which ID approAchil
"a solution IL the railroad question, t
=. details of which are too familiar
- require repetition in this review. ST
flee 1t to say the important fact
that public opinion At last begins
ran lire that IL Afhet IN ilroa IA n re- tn M