New Britain herald., 1916-08-19

l come tax; it is a feature of the f1sCa ] system of every civilized country anG { I predict that it will be a permanent l end prominent feature of our f1sca, l system so long as time lasts.
 l Tn England they have a budget. l do not know whether we are ever 1 going to have one or not. budget is simply an account stated-which
 any good business man or bookkeeper l can understand at a glance. They l bring In a budget, and if they need
 more money all they have to do is 1 10 slip up the income tax a little. If l they have more money than they ] need, all they do is to scale down the l income tax a little. It is easy to ar 1 range, either to increase the income
 tax or to diminish the income tax. | Our Currency System. ] we had for more than a half of l century a financial system of shreds 1 and patches, with a currency system almost wholly devoid of elasticity one of the most necessary and val | us.ble features of any correct currency system. The one we had was standing invitation and temptation to panic makers. Whenever 1t suited
 their convenience they created panics,
 and things went to smash, producing stupendous loss and widespread suffer-
 ing.
 It is a wonder we got along with
 it as well as we did For a genera
 ton our Republican friends had been
 tinkering it-always promising, but
 never achieving currency reform.
 ''The Democrats with the assistance
 of patriotic Progressives and a pat
 contingent
 placed on the statute book the na- tional reserve bank act which is now praised by all business men, big and
 little, which provides for elasticity and provides an abundant supply of currency, and which it is believed will render panics impossible in the fu- ture a consummation devoutly to be wished
 Tt enables farmers to borrow money on farm lands-the best se- Curity in the wOrld-tends to prevent the draining of all the money into few great cities, retaining it so far as possible, in the communities where it belongs. Does any sane man believe that we would have escaped a most de- structive panic during the overseas var if we had not enacted the reserve bank law?
 We passed an antitrust law which tends to promote legitimate busi- ness and to crush illegitjmate busi- ness. Under the old antitrust law the then existing trusts fourished like a tree planted by the rivers of water and new trusts sprang up as suddenly and as numerously as in damp cellar.
 Under the new law trusts are being dissolved and are rearranging their business on legitimate basis.
 I've passed a bill to open up our rich Alaskan empire for 1 the benefit of all our people and 10 | prevent that marvellous stCrehouse of l wealth from being exploited by the few for the benefit and beEoof of the lew.
 "The policy of looking up Alaska vas preposterous; the policy of throw ng it wide open to exploiters and OOters was criminal We have chosen the better part by authorizing he building of railroads into Alaska 70 open it up for homes for our children and our children's children.
 ''When I was child my father used to put me to sleep hy singing a song the refrain of which was "Uncle Sam is rich enough to give us all earm." He was then, but he is not | now So we are looking out for oosterity
 Very little land worth entering now belongs to him outside of Alaska, which bids fair to be not only a great mining region, but also a great agri- cultural and grazing section.
 The democratic policy seeks 10 1 I wealth of that marvellous territory for the ! benefit of the American people.
 '"The Trades Commission law is 50 far as our country is concerned, l new venture in legislation, intended 70 regulate trade so that it will De ,air trade-fair to all, big and little Of course, being of recent date, we nave not had time to set the maChin- cry under it to working at it's best put much good is expected from it's operation.
 Rural Credits Bill.
 "The rural credits bi. will un- 1oubtedly prove a great blessing to he farmers. The most valuable features of it are the lon : term which he loans run, the plan for amOrtl- zation, and the low rat. of interest These will give a permanency never known before on this side of the At lantic to agricultural pursuits, and will it is hoped, induce more people to own their own homes, Q great de- The rural credits bill, | taken in connection with the reserve bank bill, ought to give great inn petuS to the oldest of human occupa- uons, that of tilling the soil In the rural credits scheme IS new, but in Europe it is old, having ] been started by Frederick the Great { at the close of the Seven Years War, a century and a half ag.. The rural