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cratlc party can congratulate itsolf that another
plank of its platform has been forced upoii the
party in power.
If a license is required of corporations de
siring to control as much as twenty-five per cent
of the total product and if the holder of the
license is then prohibited from controlling more
than fifty per cent, private monopolies will bo
made impossible. The license should not in
terfere with the right of the state to control cor
porations doing business in the state but should
add this remedy to state remedies.
The national charter, like national incor
poration, is not only unnecessary but objection
able, because it would lessen the power of the
state to protect its own people.
The president suggests several specific rem
edies, among others that "the real owners of a
corporation should be compelled to do business
in their own names." It would be well to apply
this to newspapers so that the readers would
know whether predatory interests controlled the
paper.
"It is from every standpoint," says the
president, "iar preferable to punish the prime
offender by imprisonment rather than to fine
the corporation, with attendant damage to stock
holders." This is another democratic doctrine
appropriated.
The recommendation on currency is not
very explicit, but his language -would indicate
opposition to what is known
The as an asset currency. He says:
Currency "Such emergency issue must
be based on ADEQUATE SE
CURITY, SECURITIES approved by tho govern
ment, and must be issued under a heavy tax."
This would indicate that he desires bonds of
some kind to be deposited whereas the friends
of an asset currency want the banks to issue
on their general assets. While it is some relief
to find that he has resisted the entreaties of the
New York bankers to the extent of refusing to
endorse the asset currency it is to be regretted
that he did not declare himself in favor of the
issue of treasury notes as an emergency such
notes to be issued to state Us well as national
banks on such bonds as may be considered safe.
The president's discussion of the tariff is
disappointing. While he says that "there 'is an
evident and constantly growing feeling among
our people that the time is rapidly approaching
when our system of revenue legislation must
be revised," he qualifies his recommendation and
postpones revision until after the election. In
fact, he really leaves it in doubt whether he
wants revision after the NEXT election or simply
after A presidential election. After endorsing
the protective principle strongly he weakly sug
gests that it is "probably" well that "every
dozen years OR SO the tariff laws should be
carefully scrutinized," etc.
,No woridor the standpatters are entirely
ati&fiod with this part of the message it means
ganindeflnite postponement of tariff revision so
m, ,0i'uuun parry is concerned.
- riie income tax and inheritance are en
dorsed, but they are to be considered not now
but when our tax laws are revised." Instead
of attempting to prepare a new law which will
avoid the objections .raised to the last one by
the supremo-court it would be bettor to nress an
amendment to the constitution which will spe
cifically authorize an income tax.
The president very properly urges the ex-'
tension of the principle of employers' liability
n, , . and asks for the enforcement
WX??M 0f th.e eight hour day.
Inability; He comes a little nearer
Injunction to the subject of government-
v , , by Junction than he hn,
On the subject of campaign contrihnHrta
the president says: "Under our fo Tm of goV!
ernment voting is not" merolv
Campaign a right but a duty, and mlfl
Contributions over a fundamental and neclt
good citizen. It is welUorovlde "tL0 be a
tions shall not contribute 7iSd?ntla oHa"
tional campaigns, and furthermore to provide for
ueresUWIThe0re VT contribuons d Ie&l
obeyed by the uiBcrHpulou;i?oh8toMwt"VS
fenttltuSon hone8t mon- Moreover, no SUch
aw would hamper an unscrupulous man of un
limited means from buying his own way i to
offlco. There is a very radical measure wfi
The Commoner-
would, I believe, work a substantial improve
ment in our system of conducting a campaign,
although I am well aware that it will take some
time for people so to familiarize themselves with
such a proposal as to be willing to consider its
adoption. The need for collecting large cam
paign funds would vanish if congress provided
an appropriation for the proper and legitimate
expenses of each of the great national parties,
an appropriation ample enough to meet the ne
cessity for thorough organization and machine'ry,
which requires a large expenditure of money.
Then the stipulation should be made that no
party receiving campaign funds from the treas
ury should accept more than a fixed amount from
any individual subscriber or donor; and the
necessary publicity for receipts and expenditures
could without diiriculty be provided."
The recommendation is given ' in full be
cause it is a new idea and an important one.
The Commoner is glad to bring it to the atten
tion of its readers and to endorse it. Nothing
would do more to stop corruption in politics and
put the parties on an even footing in campaigns.
The appropriation, however, should not be con
fined to the great parties. Having fixed the
amount per voter the appropriation should be
divided among all the parties in proportion to
voting strength.
The president renews his recommendation
of arbitration, or compulsory Investigation in
cases of disputes between cap
Arbitration ital and labor. As this idea
was in the democratic plat
forms of 1896, 1900 and 1904 the democrats
ought to urge the establishment of such a board
at once; He recommends that wood pulp be
put upon the free list, but, probably to avoid
the general tariff question, he justifies it on the
ground that it will protect our forests.
The president endorses the postal savings
panic as recommended by the postmaster- gen-
eral This is good as far as
Postal it goes, but it would be better
Savings to supplement it with a system
Banko of guaranteed -banks so that
all deposits might be made
secure. Z
-Thej president will be5mmended for urging
self government for Alaska and full citizenship
for Porto Rico. His reconi
Tho mendation of an appropriation
..Territories for the Alaska-Yukon-Pacific
exposition will also be ap
proved as will his suggestion that the coast-wise
sh-ipping laws should be amended in the interest
of Hawaiij
. Democrats especially, and the public in gen
eral, willappreciate the compliment he pays
Jackson in recommending an
The appropriation for keeping up
Hermitage and caring for the Hermitage,
the home of Old Hickory.
The president presents another defense of
the army and the space devpted to it indicates
mat ne recognizes that some
explanation should be given of
the fact that the minimum of
the army has can mnro Yiat,
". doubled within ten years He
also makes a plea for a larger navy, supporting
it with the empty arguments he so often ad
vanced to prove that a big navy is in the In
terests of peace.
-The president reports the progress made by
The Hague tribunal. An argreement has been
secured looking toward the
The elimination of navies as debt
-Hague collecting agencies at least
, , . .- until after award. But the
5S5 denMt?0e?r,,0t g far enouSh- "While sup
potting Une-Hague court or commission our
nation ought to proceed on its own initiative
to promote peace by agreements with 'other na
tions stipulating that all questions In dispute
shall be submitted to an impartial" international
tribunal for investigation before any declara
tion of war or commencement of hostilities
Such agreements would do more to prevent war
than any of the treaties yet made.
The president urges the encouragement of
Chinese students to come to our colleges in
this he is wise. We ought to encourig? ItEtanto
to come from all countries. We could afford
to set apart a sum for the education of such
students here, for friends thus secured would
give us more protection than an equal amount
spent on our army. "mount
While there is nothing startling in the mes
sage it is probably his strongest sWe naner
when measured by the number of sub?ects?cSt
ered and tho study .required. HUOJes cov-
The- Army
and
Navy
, '" VOLUME 7, NUMBER 48
PURCHASABLE LEGISLATION
grounhyItistthuartbsa tltTT '?
legislative favors? they are irits,' but UP
They may advise' o2b to rEfth? Plitics'
as non-political, but they n V0 ' do ,rstlon
for the party that favors E , T ley a
willing to purchase leSSifSS?' and they ar
of the tariff; and he IS ft geD0Pal reductio
error when he decfares fhnfTfs,ur,1Iy in
production of wealth mtt&uZJSffS
tt. SSotataSS T" Cmp,el toe"dvoc
tuts appointment of a commission. Whpn tiiov
to "vise thfl Si?2 5e?,ple at larse set ready
-thev J ii lfITrand they eeem "bout ready
sA?tbds commIssion
oooo
EVEN SILVER
inMaIianT5d,i,t(Jf,al entitled "Confidence Tab
loids" the Wall Street Journal says: "There is
SfaoSSne 1U T1ere 1S D Wreckage of l!
Whiln 7h ere 1S D0 war nor tnreat of r.
Httli JSSot V? r??M?n o panic hoardings too
hSrt 567, 5 Is mn true that the cash now
held in New York City alone would be heavy
tanniUae tt a" Silver' to slnk lZl
it o-nY?;nd if the New Yoiers would only let
nf ?hWmen,and chIldr"en in all sections
Sivmtn? ?tr?i?rou.ld accept lt eerfully in the
SaS?0if "sations, in the opening of enter-
?t afl in snverG''mVemeUt f crojps even "WGre
OOOO
GUARANTEED DEPOSITS
t TIloe p!a?, of tbe guaranteed bank is simply
tnis. statistics show the average loss to de
positors to be very small, taking all the banks
togetner. But the depositors are afraid because
tliey do not know much about the affairs of any
particular bank. The postmaster general, in
recommending the postal savings banks, called
attention to the fact that a large sum of money
is sent back to the government banks of Europe
by people who are afraid to trust the private
banks here and Mr. Wanamaker has been quoted
asJsaZ1Hg that a larSe sum kept in hoarding
and hiding places in this country.
If this sum can be drawn into the banks
and thus be put into channels of trade it will
relieve the stringency more effectively than any
thing else. The postal bank will do this to a
limited extent, but not completely, for in the
plan proposed the depositors will be limited as
to each person, and there will be no checking
account allowed.
The system of the guaranteed banks con
template the absolute guarantee by the govern
ment of such banks as may voluntarily enter
into the system. In entering the system they
agree to reimburse the government in propor
tion to their deposits for any losses incurred by
the government in payment of depositors in
failed banks. Duringr the last forty years the
average loss among national banks has been less
than one-tenth of one per cent of deposits, and,
as we have passed through two panics in that
time, it is not 'likely that the average loss will
bo greater during the next forty years.
Tho government by its guarantee makes
the bank deposits equivalent to government
bonds, and yet it assumes no real risk because
it has the capital, the stock, the surplus and
the additional liability of the stockholders of
the guaranteed banks as its security. The objec
tion that is most frequently urged to this plan
is that the state banks would suffer by compe
tition. This is a confession,, first, that the deposi
tor wants absolute securjy, and, second, that
tho state hanks do "not give absolute security.
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