Middletown transcript., 1902-11-08
WASHINGTON LETTER.
WASHINGTON. Noy. Sd. 1e

] WASHINGTON, Nov. Sd, 1902.
It was altogether characteristic of Presi-
dent Roosevelt that, when it was re-
presented to him that his prompt protest
against the solicitation OF funds for cam
paign purposes from federal employees by
federal officials, had resulted in serious
i falling off in the receipts OF the sinews of
! war, he should have drawn his personal
check for a liberal amount to help in the
good work.
| ~
Another evidence OF his interest in the
campaign was furnished by the stateman
which he caused Secretary Cortelvou to
make public. On Saturday, by direction
of the President, Mr.. Cortelyou handed
to every newspaperman who came TO
! the temporary White House the follow
ing statement, "The President is watch
ing with keenest interest and most ear
! nest desire for Republican success the
various Congress canvasses and the State
canvasses in States like New York and
Pennsylvania where Governors are to be
elected" Compelled to abandon his
campaign tour by the orders of his ply
sicians, Mr.. Roosevelt kept the campaign
constantly before him and omitted no
proper effort that would serve his party.
His brilliant and successful efforts to
end the coal strike probably contributed
more than anything else to Republican
success. When the people suffer they
inevitably seek scape-goat on which to
blame the cause, and in this instance
! the Democratic politicians were ever
ready with misrepresentation and misin-
ference to place the blame on the Repub-
lican party. The settlement of the Tit
anic struggle between capital and labor
was undoubtedly the brightest conquest
of the party for many years and the
people appreciate it.
~
The President is deeply impressed
with the importance Of the work which
will fall to his party during the next
few years and he is continue uninterrup-
| ted. He has never taken any stock In
the theory that it would be just as well
to let the Democrats win this year and
so demonstrate to the country that they
| were utterly incapable of constructive
| legislation. He has felt genuine anxiety
| in regard to the outcome in New York
| and Pennsylvania and has been quoted
as referring to the possibility of Demo-
cratic victory in the latter instance as
''threatened national calamity" The
warm personal regard existing between
the President and Governor Odell is
we'll known and, in measure, the Gov
ernor of New York has sought to carry
out some of the policies which Mr.. Roose-
velt himself inaugurated when he was
Governor and he has succeeded ably in
so for as the reduction of personal taxes
in the state is concerned
~
Secretary Moody's statement, made at
Lawrence, Mass, that the duty on an
thracite coal must be repealed at the
first opportunity confirms the predictions
made in these letters some time ago, that
the President would advocate such re-
| moval. The President believes that it
will be possible to alter such individual
schedules of the tariff as may be impera-
tive without the general revision threa-
tened by the Democrats and which would
serve to unsettle business throughout the
country.
~
A great deal of nonsense has been pub
lished by the Democratic press in regard
to the recent purchase of bonds authori-
zed by Secretary Shaw, including state
ments which clearly demonstrated that
the editors or their correspondents did
not know what they were talking about.
When the Secretary of the Treasury de-
sires to purchase bonds he must do SO on
the market and at the market price. 1t
would be useless for him to offer par for
them or even any price materially less
than the market. They are held by pri-
vate individuals who would not part with
them at sacrifice and whom he has no
way of compelling TO sell. Secretary
Shaw paid 1879 for what bonds he pur-
chased and the market then and since
has ranged from 1879 bid to 1881 asked.
At the price which the Secretary paid
for the 1925, per cent bonds the Govern
ment saves 1852, more than it could
possibly earn ON bonds of earlier matur-
ity which could be purchased for lower
premium. Two other objects were SER
we'd, however, by the purchase of these
bonds. The larger premium paid en-
ablei the Secretary to release a larger
amount of money from the Treasury
than would have been the case had the
purchase consisted of bonds of earlier
maturity, and further, there are prac-
tically none of these bonds deposited as
security for bank Eotes and, therefore,
their purchase did not operate to curtail
the volume of circulation.
*x*
Secretary Hay has taken determined
stand against arbitrating the Alaska
boundry discussion with Great Britain
and rightly. He says that when the
United States purchased Alaska from
Russia it purchased tie specific rights
embodied in treaty effected between
Russia and Great Britain in 1925. That
treaty definitely placed the boundry now
involved in the controversy, at three |
leagues from the sea, which the United |
States interprets to mean 30 miles from |
tide water. The Canadian officials, how
ever, are active in bringing to light every
story of an old boundry, mission, etc. |
with a view to complicating the issue
and befogging the essential point. Un-
fortunately, the American officials occa-
sionally err in this direction, at least
they have in the past, as is witnessed by
the authorization of an expedition on
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