The Washington times., 1902-08-24
Charles A. Schieren Ad-
vocates a Department
of Commerce,
WOULD PROVE OF Benefit
Industrial Panics and Even Depressions
Might Be Avoided by the Application
of Scientific Laws, as Has Been in
the Case of Banking.

Charles A. Schieren, president of the
Savings Banks Association OF New York
in an article on the proposed Department
of Commerce, in American Industries, y
argues that the unique position of the
country makes an accurate understand
ing Of its commercial possibilities and
responsibilities absolutely imperative
I'VE need new department and a
new secretary he says, Ito deal with
the problems of commerce and industry
with view to making it as nearly cer-
tain as possible that our people as a
nation, and our business men as indi-
viduals, may make the utmost possible
use of their unique position.
Banking Now Scientific.
Our banking and financial systems.
thanks to the improvement of our finan-
cial laws and of the wise direction of
our financial and banking affairs by sue
cessive Secretaries OF the Treasury and
Comptrollers of the Currency. have be-
come scientific in their knowledge of
conditions and valuable beyond all com
putation for the advice and regulation
which they have repeatedly given in or
der to prevent financial panics or de-
pressiols.
"Our commercial and industrial situa-
tion. however, is entirely new. Our
commercial and Industrial enterprises
have no such means of securing. with
the aid of the government. any such
valuable advice and regulation. But cur
situation in this regard may be made
the subject of investigation and knowl-
edge equally scientific. and the results
to our great American world of com
merce and industry could be made even
more valuable.
Immense private concerns know so
much today about crop prospects. scales
Of prices for manufactured products,
etc, the world over, that they have
been, even in their limited and personal
way, an important factor ic preventing
commercial and industrial irregulari-
ties.
Might Eliminate Depressions.
How much more good could gov
ernment department. under the direc-
tion Of one OF our ablest executives and
students OF business affairs. contribute
to the stability and regulation of cur
industrial situation. If a great con-
seryative, patriotic. central financial
power has been allie to prevent fnan- |
cial panics and depression, such a !
great commercial and industrial inhu- /
ence might in time help to do away
with all panics and possibly with all /
industrial depressions.
Two important facts, which business /
men have already thought much about.
at once afford the reason and the proof |
that this is so. Our export trade is |
wonderful beyond all precedent because
it is the natural application OF nat
lral Law that business people will seek
new markets. Our combinations of cap
tai, under what has been called III,
of interest idea, has also
been unparalleled because of another
natural business law. namely. that brsi-
less people will seek measures of ad-
more and more economical
Ind efficient. Our export trade steadies
he business OF the country just as the
Export part. no matter how small COM
Iared to the aggregate, steadies the gen.
'ral business Of single concern.
Time for Action.
"All this must expand still further he.
ause 1t cannot stand still. Similarly.
ur combinations Of capital now in
ONE instances worldwide in their
cope, also contribute great steadying
nfiuence upon general commerce aud
as well as finance. These TWO :
make it almost impera.
i've. as 1t seems 10 me. that our Cow j
having now in its various {