Rensselaer Semi-Weekly Republican, Volume 35, Number 118, Rensselaer, Jasper County, 18 September 1903 — MODERATION URGED [ARTICLE]

MODERATION URGED

John Temple Graves, the professional leotarer, suggests that a separate sttte he set apart for the negroes and that they be compelled to emigrate to it. Mr. Graves is from Georgia, and Georgia has a law imposing a practically prohibitive license on emigration agents who seek to colonize Georgia negroes at points , outside of the state. Tbe legislature of Georgia seems to know, if Colonel Graves does not; that if tbe negroes are to move en masse ont of that state, it would be nothing but a pine forest in fifteen years. Somebody mast do the work, as well as the voting, in Georgia.

Congressman C. B. Landis, of the Ninth. Ind., distriit was in Indianapolis one day last week and was interviewed by the Journal of that city in regard to the session of congress He exprees'Ki it as his opinion that the people of the Ninth district are not worrying over any proposed currenoy bill and thinks they are so busy making money they do not even read the soientifio editorials in the daily papers on the money question. “What question of general interest will come up during the season?” was asked. “The Panama canal question s one to come up in some form. No one can tll in what shape it will first present itself but it wili be there and early in the session, too. The canal bill that passed at the last session authorized the construction of an isthmian Panaui i and provided thnt if satisfactory arrange ment oould aot be made with the Colombian government then the president should take up the matter with reference to the Ifioaranguan route. The preference was for the Panama route when the b'll was passed and since then the conviotion that the canal should be out at Panama and no where else has strengthened with the Amerioan people until they sre praotioalty a unit on the question. The action of the Colombian government was a great surprise to all of ns and is by no means final. It ia my opinion that President Roosevelt and Secretary Hay will find a way of demonstrating to that government that it will be best for the people of Colombia, the United States and the world that this great improvement be made, that it be done soon and at Panama.

Senator Beveridge Gives Timely Counsel to Indiana State Bank* ers’ Association. t ' 1 ri , FOR OUR COMMON PROSPERITY Conservatism the Keystone sf Bust ness Stability—Steady Legislation No Sweeping Changes—Bankeri Not the People’s Enemies; People'* Prosperity the Bankers' WelfareCitizenship the Only Class. fn bis address to tha Indiana State Bankers' Association that has fust come to a close at South Bend. Senator Albert J. Beveridge urged moderation as the word of wisdom In all legislation The meeting was notable In interest and attendance. Among the speakers besides Senator Beveridge were Congressman Fowler and Captain W. H. Hart, exauditor of state Particular interest attached itself-to Senator Beveridge’s otherwise magnificent address by rea ton of his prominence and Interest Id financial legislation. He said: Tbe coming session of congress will not enact any radical or sweeping financial legislation. Except in great emergencies moderation Is the word of wisdom in all legislation. Of no class ot legislation Is this more true than at tbe present moment. Tbe stability of financial legislation, even though imperfect. Is more desirable than sudden and comprehensive changes, even though these changes are toward greater perfection of our financial system. It is Important In dealing with the delicate subject of finance that all changes, even though they are advances In the right direction, should be made with caution. The financial Bystems country are growths and not creations In reviewing the history of ail legislation in this and other countries it has not been found •that comprehensive schemes Stftlek off from the brain of e'ven the ablest men, which on paper and In theory seem perfect, were entirely successful in practice. On the whole a financial system gradually evolved out of the natural requirements of business works- better than the most perfect system devised in the office of the statesman or in the study of tbe philosopher.

“Moderation, Caution, Safety.” Some moderate financial legislation which will relieve the periodically re- ! curring money stringency 1 n the maney centers is probably desirable and may be enacted. But such legislation If enacted will he simple In its nature and will not disturb or alarm the business interests of the country; hecause its consequences will not be farreaching and. to all thoughtful minds, will be plainly beneficial. No legisia* lion lg possible at the coming session of congress which will radically affect our entire currency system and cause 4be-business world to pause in our present prosperity until It is seen how auch legislation is going to work. Moderation, caution and safety are the words which will control the action of congress. Moderation, caution and safety are the words which are uppermost in the minds of the business men of the nation and of the whole people. This is neither the time nor the place for extended argument for or against any proposed reform In our financial affairs. But a few simple and fundamental facts will help to a common-sense understanding of the problem of finance as related to business more than any amount of argument. For example; The total volume of money of every kind and description In the United States Is a little more than two and one-half billion dollars. And yet the Internal commerce of our country each year amounts to twenty billions of dollars. That Is to say, our own transactions among ourselves and which we do not extend beyond our boundaries exceed twenty billions of dollars every year—e volume of business within our own borders eight times greater than the total volume of our money.

Business Based an Credit. This twenty MBsa dollars of Internal commerce to a very low-estimate. It is based upon tbe yearly value or our products and exchanges In larger transactions. It does not Include.our countless small transactions. U does not Include tbe flood of commercial paper not available for statistics which cannot generally be traced. Were all of these Included, it le likely that a fair estimate of our business transactions with one another would not be tar from forty billlone of dollars a year, or sixteen times tbe amount of all tbe money there Is In the United States This excludes tbe Incalculable volume of commercial paper In renewals and exchenge for other commercial paper, which might be properly Included and which If Includ- j ed would awell tbe total of our Internal bualnees transactions Into bun- 1 dreds of billions, or hundreds of times 1 the total fcmount of our own money. I * As everybody knows, business is • conducted upon various forms of cred- J It Impair credit and business Is lm- ' paired, no matter how" much money 1 you have. Sustain credit .and bust- ! ness thrives In spite of the compaYdlively small amount of actual cash la the .nation. * t • So we sen that the maintenance of credit to the one great financial question and always must be. And credit 1

hi only toother name for confidence. Bo the real question ta: Wliat will continue the confidence that prevalla throughout eur business world, and wbat will Impair that confidence! Steady Legislation—No Sweeping Change. „ Confidence la preserved by reasonably permanent adjustment sf business to any given lines of financial and commercial policy more than by all other things put together. I do not mean that there should not be gradual changee ta all ut our fawr as those taws here and there become out ot late; but t do mean that It Is better tor business to steadily adhere to eoms settled line of policy than to suddenly and radically change it. Because If some sweeping change were enacted into law. no matter how perfect a system that chaage would bring about, the hankers and business men of the country would sit tight tor s year or two years to see how it was going to work. That would mean that the whole machinery of our business, which Is running on credit, would slow down almost to the stopping point during this period of waiting. It would mean the temporary destruction of confidence and therefore the temporary abandonment of our prosperity. Ttfe Common-American Brotherhood. Confidence Is also maintained by the belief that everybody In the country Is working for the common good The most fortunate development In American history Is the spread of this conviction of commoD American brotherhood and the corresponding decrease of prejudice among ourselves. Of this the relations of the people to the bankers are the most conspicuous Illustrations. It has not been many years since Belflsb politicians attempted with some success vo make the people believe that the bankers were their natural enemies, it was said and be lleved byjnany that the bankers’ business was to despotl the people. It was said and believed by many that it was the bankers’ Interest to rob the people of their prosperity. It was said and believed by many that prosperity of the bankers meant the poverty of the people Prosperity of People and Banker inseparable- • ’ ■ _I

But this period of folly has passed. No one but the crude demagogue now makes assertions so absurd. Everybody understands today that the prosperity of the people and of the hanker -is Inseparable. Everybody knows today that the banks cannot make any money except when the people are making money. Everybody knows today that the banker has no source of Income except interest on loans and charges for exchange. And when times are hard the hanks make fewer loans and have fewer exchanges and Therefore ~ smaller Incomes. When times loans are numerous and exchange rapid and abundant an<t. therefore, the hank’s Income Is enlarged. It Is now well understood that the farmer, the laborer, the storekeeper, the manufacturer and tho banker are a great partnership whose interests are not only similar but whose Interests are one and the same. The prosperity of the banker, storekeeper, workingman, farmer, manufacturer and all men of legitimate occupations stand or fall together.

Citizenship the Only Class. So that any man who wishes to continue his prosperity must set his face against any agitator who attempts to Influence the people against the banker, the l&boringraan against the employer, the consumer against the manufacturer, or the reverse of any of these. I do not think our country has any serious dangers In Its future; but if It has one, that one Is the possibility of the creation of separate classes In the republic and the warfare of one class against another class. A republic cannot survive class hatreds. The word “republic” and the word "classes" are In deadly antagonism. In a republic there can only be one Class, and the name of that class Is citizenship. There can only be one watchword and that watchword Is brotherhood. There can only be one policy and that policy Is loyalty of every . citizen, not to himself or to some class to which he belongs, but the common good of all the people of the republic. Preach and Practice Prudence.

We all become Intoxicated In periods of good times with a desire for too rapid Increase of our Individual wealth. This of course to a subject which no legislation can -reach. All that any man can do to to preach prudence and to practice It And so again. In tbe conduct of tbe business of every bank In tbe country that word should be dominant which also should bn dominant with us who are sent by tbs people to enact the nation’s tows, and that word to the word with which I opened this address—the all-wisp word "moderation."

There never was a period when the tide of proeperity has risen so high as sow; and Its highest point to not yet reached. But upon the shoulders of the bankers of tbe country more than upon any one set of business men depends tbe continuance of this fortunate condition. But If confidence In the buiiness world to Impaired, tbe Influence which welds all these elements Into effective and practical prosperity will fall* And yet if tbe bankers without reason indulge In vague apprehensions -they will themselves bring about tbe very which they unreasonably fear. If the bankers begin to exercise cowardice instead of prudence; if without any reason except timidity tlfty begip to contract tbslr loans sad reduce their credits, that confidence upon which all business rests atfh of which the bankers them■elves are the beneficiaries will be impaired. ‘ *