Show JACOB JAGO II H. ON REfORM New rew York Financier Expresses Views on Money and Circulation INCOME TAX IS JS FAVORED Under Present Crude Methods huts Utts- IlIc s must t Adapt Itself to Chicago Dec Dee 11 TIme The The of or the tho a present currency system andus and Ills his us Ideas or of the best beat remedies ren for ex ex- sting conditions were outlined by Jacob Ja- Ja cob ob H. H in an address ss on Cur ency and Other Reform u before the Il Illinois Illinois Il- Il Manufacturers Manufacturers' as association to- to tight To Io other reform Mr 11 reference reference refer refer- ence nice w was ts brief but In Iii a 11 few ew lars ars surprising to hl his hearers hearer O Of th the tho Income tax he spoke In friendly term terms terms' rc referring to it as IS as a a. safety valve by which thc Uie rich even ex-en ex more than the time poor fOOr m night Irh t Nevertheless Mr II expressed as far from flom friendly to pater- pater whether any anyone one nan man however great can remedy all the 3 which forces md rid new conditions have brought orth forth There I Is nothing nothing- Intricate in lii the cur- cur rene ency problem he lie said You are arc Im M. To finish your our product ou need additional capital You go o to our YO ban banker Ho lie Is II willing to accommodate you but he has Imas many man dealers to o 0 whom he must len lend He ought to be beable beible able ible to sa say to you ou I 1 can not give you actual money but I can give you my wn vIi notes acceptable everywhere as monc honey noney You accept After you ou have marketed your goods you 1 0 repay your 11 0 to the banker who In turn would woul obtain his huts notes and cancel them n to We Ye have In the thc last four decades drifted far Iron from the tho tie straight path and resorted lc to f. er every kind o or of makeshift which we call can money Lacier the law the government revenues rove reve titles lell have either cither to 0 be covered Into Inlo th the treasury or deposited l In lii p part purt with the tho national banks at tho the secretary's In iii- iii stance stanc This power has haM boon been exercised In-I In b by successive e secretaries with varying v prudence lId and ability 1 and I should adil n no no o tJ secretary ii h ia morp common and n th tho thu present t ont OI ti S S Hut U t It tL can not be be expected C that ini the tho j judgment ment 0 of a single man can 1 bo be 0 In In- In fallible fall O i 1 to h he hc o 0 o dr d' a aI is 15 I I i r It g l rn r r i an or n I h I t cn ri tip tn I E nod find UI io O i Ml nc to tue mono mono- til hY y tho ho H s u r yi The sule but buL remedy f fur r lila Is IC the tue enactment of legislation prolIn pro- pro revenues bo be the tho lIn that deposited epo I with v the tho national bunks banks In proportion to their capital capita losses log anti ant Who ho can Cami compound the time I setbacks we havo have suffered r d because of and deficient financial sur L methods methods' You know not today what I tomorrow will bring Instead of possessing pos pea a a. circulating medium which adapts ft itself to 0 business business has hasto hasto to adapt Itself to a a. clumsy currency I n ii Prime Quality Elasticity must be the prime quality I of or any credit currency more so even evenn hi n its constructive c than In Its expansive expansive sive possibilities Our Pres- Pres This Is the age ago of reform dent I if ho ha had his wa way would not only I eliminate all combinations and trusts I of or in- in accumulations but prevent It large I ill wealth I I 1 am ant free Creo to aver that reasonable a safety safet valve Alve legislation ma may prove should ors of or wealth which the posses possessors progressive laconic Income tax A welcome wt amendment amendment amend amend- constitutional needs If It a oven even 11 ment A tariff i- i Industries that I need protection a suitable sutta Immigration I law are arc some of oC the measures which tion should hould claim he sum suj port of or the substantial Interests Interests' |