The Congress has already recognized that interstate insurance may be a proper subject for Federal legislation, for in creating the Bureau of Corporations it authorized it to publish and supply useful information concerning interstate corporations, “including corporations engaged in insurance.”  It is obvious that if the compilation of statistics be the limit of the Federal power it is wholly ineffective to regulate this form of commercial intercourse between the States, and as the insurance business has outgrown in magnitude the possibility of adequate State supervision, the Congress should carefully consider whether further legislation can be bad.  What is said above applies with equal force to fraternal and benevolent organizations which contract for life insurance.

There is more need of stability than of the attempt to attain an ideal perfection in the methods of raising revenue; and the shock and strain to the business world certain to attend any serious change in these methods render such change inadvisable unless for grave reason.  It is not possible to lay down any general rule by which to determine the moment when the reasons for will outweigh the reasons against such a change.  Much must depend, not merely on the needs, but on the desires, of the people as a whole; for needs and desires are not necessarily identical.  Of course, no change can be made on lines beneficial to, or desired by, one section or one State only.  There must be something like a general agreement among the citizens of the several States, as represented in the Congress, that the change is needed and desired in the interest of the people, as a whole; and there should then be a sincere, intelligent, and disinterested effort to make it in such shape as will combine, so far as possible, the maximum of good to the people at large with the minimum of necessary disregard for the special interests of localities or classes.  But in time of peace the revenue must on the average, taking a series of years together, equal the expenditures or else the revenues must be increased.  Last year there was a deficit.  Unless our expenditures can be kept within the revenues then our revenue laws must be readjusted.  It is as yet too early to attempt to outline what shape such a readjustment should take, for it is as yet too early to say whether there will be need for it.  It should be considered whether it is not desirable that the tariff laws should provide for applying as against or in favor of any other nation maximum and minimum tariff rates established by the Congress, so as to secure a certain reciprocity of treatment between other nations and ourselves.  Having in view even larger considerations of policy than those of a purely economic nature, it would, in my judgment, be well to endeavor to bring about closer commercial connections with the other peoples of this continent.  I am happy to be able to announce to you that Russia now treats us on the most-favored-nation basis.