The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-03-08
head 1t needs two good new ones,
both in 'front.'
NOT TARIFF ALONE.

for an extra session of Congress ia
the tariff alone, will fail, even though
the day's news indicates his purpose
to comply. Not that necessarily Con.
gress would be bound TO. adhere ex-
clusively 10 the subject of the call in
its deliberations, but because the tariff
is not the only pressing issue before
the country II the Pujo committee
did not find money trust. 1T at least
developed through the testimony of ex"
pert financiers the fact that our bank
ing and currency laws are sadly in need
of reformation. President Wilson him
self, IN his inaugural address, made
explicit reference to the fact that we
are banking now and issuing currency
on a plan adopted fifty years ago for
the express purpose of making a mar.
ket for United States bonds. 1t is
known to every one that this is cor"
rect statement of the case. 1t is known
to every one that the basis of banking
had been reduced by more than fifty
per cent, so far as currency issues based
on U. s. bonds are possible, since the
close of the war. We are, therefore,
put in the curious position of being
bound to currency basis which shrinks
as the Government gets out of debt,
and is reduced as the country is able
to pay its obligations, in spite of the
fact that this very ability TO pay is
evidence Of the increasing need Of cur
rency. the expansion of business, and
the general financial and business
growth Of the country. Despite that
great growth the currency is held
down TO the reduced figure to which
the bonded debt of the Government has
been reduced. The National bankers Of
the country could have issued double
the currency fifty years ago on the
Government bonds basis that is possible
to issue now, although the business re-
quiremcnte for currency have at least
quadrupled,
There is also the Panama toll ques-
tion, upon which Great Britain is
pressing for reply, and on which Pres.
ident Wilson has been quoted as in ac-
cord with the British view.
There is the Colombian situation,
which the Taft administration has been
endeavoring to settle, but without sue
cess, since Colombia appears to be quite
as unreasonabl BILE in its demands now as
ii has been from the first. 1t appears
that the Taft administration made a
tentative offer of $10,000,000 to Colon
bin 10 settle the Colombian complaint.
This was refused Colombia insists
upon an arbitration which would bring
in for settlement the right of the Re-
public of Panama to secede and set up
an Independent sovereignty, and our
with that secession. This
would directly raise the question of our
title 10 the canal zone, to the property
and the concession of the French canal
which we bought for forty
million dollars; to the Panama railroad,
and to the canal itself. There is a pos
sibility in this extravagant demand of
Colombia for that country to lay a
claim not only to Panama, but to every.
thing therein, to vitiate our sovereignty
over the canal zone and as stated, to
confiscate the canal itself. transferring
CANT demands like this are absolutely
ont of the question, No progress was
made by the Taft administration in its
four years correspondence with Colon.
bia which had followed a prior four
years correspondence between this
country and Colombia during the sec
ond administration of President Roose-
welt. But it is a question that ought
to be settled, and the sooner the bet.
ter.
These questions are all urgent There
is no reason why the extra session of
Congress should, even in the proclama.
tion for its assemblage, be limited TO
but one subject 1t might be well
enough for President Wilson to give as
the immediate reason for the call the
tariff question, but there should be i'm.
mediately added words that would in.
dlcate the freedom of Congress TO take
up any question whntever that might
come before it, Congress, TO be sure
would be quite justified in taking lid
any OF these questions, even though the
call for It's assemblage iu extra ses-
sion limited the purpose to but one sub.
Ject; for when Congress is in session
there is no possibility of limiting the
range of its activities; but in view of
the many and large questions that
ought to receive attention, it would be
unwise in President Wilson to make
an express limitation to the tariff cues
ton ~ the call that will convene the
extra session.