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President of the Carnegie Foundation for

the Advancement of Science

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N The Outlook of January 25 will appear the first of an impor

tant and fascinating series by Mr. H. Addington Bruce, bearing the general title “The Romance of Expansion.” This first

article deals with “Daniel Boone and the Opening up of the West,” and is illustrated with a group of unusual and most attractive illustrations. The idea underlying the series is to present the territorial growth of the United States, with the personal, dramatic, and picturesque aspects of the subject constantly to the front. Each step in the development had one great heroic character in leadership. These heroes of expansion will form respectively the subjects of the articles, and will include Daniel Boone, Andrew Jackson, Thomas Jefferson, Thomas Hart Benton, Sam Houston, John C. Fremont, William H. Seward, and William McKinley, whose achievements in the respective additions to our national territory are vividly brought out.

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Vol. 88
No. 2

Published by the Outlook Company, 287 Fourth Ave., New York, Chicago Office, Marquette Building.
Lawrence F. Abbott, President. William B. Howland, Treasurer. Karl V. S. Howland, Secretary.
Lyman Abbott, Editor-in-Chief. H. W. Mabie, Associate Editor. R. D. Townsend, Managing Editor.

$3 a year 10c. a copy

Those who expected that pervision in the management of some of Secretary Taft

Secretary Taft in his our largest insurance companies, railroad on the Panic

Boston addresses and companies, traction companies, and finanGovernor Hughes in his Message would cial corporations, shocked investors and make each a pronunciamento embodying made them withhold what little loanable his National political platform as a Presi- capital remained available." Secretary dential candidate are, we are glad to say, Taft believes that already the country is disappointed. Neither of them is seek- beginning to recover from the panic, ing the Presidency, though each of which will not be long continued, for the them is being urged by his friends as reasons that (1) we have the gold standa candidate. Each one is attending ard, (2) the railways are on a more solid strictly to the business of his office, and foundation than in 1893, (3) the balance in each case it is the office seeking the of trade is with us.

To which we may man, not the man seeking the office. add that the revelations of irregularity Secretary Taft made two addresses in and dishonesty have had a tendency to Boston. In the minor address before the strengthen ultimate confidence, both by ministers he reiterated his well-known showing the people how to discriminate views respecting the Philippines: that between the gamblers and the honest the object of our Government should be producers of wealth, and how at least to to prepare the Filipinos for self-govern- restrain and make more difficult the gamment, but that it would take a long time, bling operations and the more flagrant at least a generation, before they could robberies perpetrated by the comparabe left wholly to govern themselves. tively few dishonest capitalists. SecreHis chief address, at the banquet of the tary Taft made it clear that he approves Merchants' Association, was devoted to the prosecution by the Administration a consideration of the causes of the of the wealthy lawbreakers, and the recent panic, which he explained sub- supervision and regulation of the great stantially as follows: The world has carrying corporations by the Federal a certain amount of loanable capital Government in the future. "No panic, available for new enterprises. This however severe, can make wrong right. amount is, in the course of time, gradu- No man who sincerely believed the Adaily absorbed, and then new enterprises ministration to be right in its measures m ist wait, and even old ones may for a to punish violations of law can now be time be crippled. Besides this gradual turned from the earnest support of that absorption of loanable capital there has policy to-day.” No backward step should been recently great waste, both through be taken. The protection of the country extravagance and through war—the Span- from the danger of Socialism is governish, the Boer, and the Russo-Japanese mental regulation. “Any one who seeks war. These facts had, eight or nine a retrograde step from that policy of the months ago, produced a stringency Administration, on the theory that it would throughout the world ; to this stringency be a real step toward conservatism, is has been added a weakening of that pub- blind to every sign of the times.” Readlic confidence on which our credit system ers of this speech cannot doubt that is based. “The revelations of irregular- Secretary Taft desires to take his ful! ity, breaches of trust, stock-jobbing, share of responsibility for the general over-issues of stock, violations of law, course of the present Administration, both and lack of rigid atę or National su- in its prosecution of wealthy lawbreakers

on the

and in its endeavor to secure more effect- uniform control of banks and trust comive laws for the protection of popular panies. He justly says that trust comrights and the preservation of popular panies doing a banking business should interests; and readers of The Outlook in the transaction of that business be subwill not doubt that The Outlook heartilyject to the identical restrictions and conindorses this position as sound and con ditions that are imposed upon banks. servative.

The law should apply, not to the name of

the institution, but to the kind of business The subjects of it does. He advises the Legislature to Governor Hughes

Governor Hughes's proceed with extreme caution, if at all, in

Message, which was modifying the laws regulating life insurQuestions of the Day read to the New ance, as there is “no business more closely York State Legislature on New Year's related to the welfare of the people, espeDay, may be considered under two cially to the thrifty and provident, and heads—those which peculiarly concern none which should be more carefully the State and those which are of National safeguarded.” He advises that the teleas well as of local or State interest. phone and telegraph companies should be Those of his recommendations which put under the control of the Public Service. refer to matters of State policy deal with Commissions, which now regulate the Canals, Highways, Rearrangement of railway, gas, and electrical corporations State Institutions, Agriculture, Harbor of the State. As to the borrowing Administration in New York City, the power of great cities, he recommends National Guard, Forestry, Pure Food, that bonds sold to build public works Salaries of Judges, and Race-Track that produce an actual net profit to the Gambling. Of these purely State matters city ought not to be considered in estithe subject of race-track gambling is mating a debt limit. This is in accordthe one upon which there will probably ance, it appears to us, with an ordinary be the greatest contest at the State Cap- wise business procedure. The Governor itol. The Governor points out the incon- recommends simplification of the ballot sistency of the present laws, which prac- and the printing of candidates' names tically permit betting and pool-selling thereon under the office for which they are at race-tracks, while punishing them as nominated and not under a party emblem. penal offenses when indulged in else. He also urges direct nominations and an where. He recommends that the laws official primary ballot. He commends on public gambling and bookmaking be the purpose of the Commission which is made uniform and more stringent. The now investigating the undeveloped water gambling interests will not let this com- powers of the State, and urges that “no mendable recommendation pass without grant should be made of water power vigorous opposition, and the Governor privileges without compensation and will need the support of an aroused and under restrictions which will properly well-organized public opinion. The protect the rights of the public from whom topics on which the whole country will the privileges are derived." The parabe interested to know the Governor's graph on water powers is one of the opinions (although in this Message he briefest in the Governor's Message, and applies them, of course, to State affairs yet it strikes us as one of the most sigonly) are the following: Banks and Trust nificant. In the next ten years there Companies, Insurance, Regulation of will be accomplished a very remarkable Public Service Corporations, the Debt development throughout

the entire Limit of Great Cities, Ballot and Elec- United States of water powers for protion Reform, and the Development of ducing light, heat, and manufactures Water Powers. These are subjects which through the medium of electricity. The come up for legislative discussion and rights of the public in this electrical action not only in the individual States development must be recognized, prebut some of them in the administration served, and protected. And the principle of the Federal Government. Governor here enunciated in the Governor's MesHughes believes in a stricter and more sage is equally applicable to street-car,

telephone, telegraph, electric lighting, Governor, President of the State Board and railway franchises. Both in his of Agriculture, State Treasurer, and executive action and in the clear state State Auditor, an assessment of one ment of sound political principles in his per cent of their daily average deposits messages, Governor Hughes has entirely for the year preceding the date on which justified the confidence of the people the law becomes effective. The object who chose him for Governor because of is to create a guarantee fund which shall his character rather than because of his amount to one per cent of the total deproved statesmanship, at a time when posits of the banks subject to the Act, they were apparently more interested in and means are provided in the Act for defeating his opponent than in singling increasing this guarantee fund whenever him out as their special choice.

it shall be depleted by payments to insured depositors, or whenever the

amount of the deposits throughout the The Outlook has State increases. All State banks for Government Insurance of Bank Deposits

received, from time which this insurance is provided are

to time, for many subject to rigorous and immediate examyears, written and printed communica- ination by the State Banking Board. tions from various correspondents advo- For instance, any officer of a bank cating State insurance of bank deposits. found by the Bank Commissioner to At first regarded with derision as the be dishonest, reckless, or incompetent visionary notion of extreme believers shall be removed from office by the in government paternalism, it finally Board of Directors of the bank of which began to be considered by bankers, and he is an officer, on the written order of we have in our possession, sent to us the Bank Commissioner.” On the suslast November, the draft of a bill pre- pension or failure of any State bank pared by C. F. Allis, Vice-President of controlled by this Act, depositors shall the Second National Bank of Erie, Penn- be paid immediately in full, and when sylvania, providing for a scheme of insur- the cash or quick assets are not sufficient ance of National bank deposits through for this purpose, the State Guaranty the Comptroller of the Currency. Mr.

Mr. Fund is to be drawn upon. Banks that Allis's plan arranges for an annual conform to this Act in all its particulars assessment of National banks of a fixed may publicly advertise that their depossum of money ranging from one hundred itors are insured by the State of Oklato four hundred dollars, according to homa ; and National banks within the the capital of the bank, until the sum of State, which are, of course, exempt from six million dollars is amassed as a guar State law, may enjoy the advantages of antee fund. Then the assessment shall this insurance, provided they conform to stop until payments to depositors shall the State Banking Act. The result is deplete the guarantee fund below five that the National banks, eager for the million dollars. Mr. Allis, however, ex commercial advantage which such insurpressly provides that National banks be ance would give them, are appealing to forbidden to announce or advertise that the Federal Government to know whether their deposits are insured by the United they may be permitted to conform to the States Government—thus defeating, it State law. It is also said that banks in appears to us, the chief moral effect of the neighboring States of Kansas and the plan. It has, however, remained Missouri see the pressure that will be for the young State of Oklahoma to brought on them by the proposed input the theory of State insurance of creased security of banking in Oklahoma, bank deposits into operation by an and are beginning to agitate for the Act passed on December 17 last, which insurance of deposits by their own State becomes effective on February 15 next. Governments. This is a radical experiAll banks organized under the State ment, but we are glad to see it tried in banking law of Oklahoma are required Oklahoma, which is doing a good deal to pay to the State Banking Board, of interesting experimentation in popular consisting of the Governor, Lieutenant- government.

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