The commercial. (Union City, Tenn.) 190?-193?, 1903-08-28


martial in guiding his vessel owe
shoals and rocks in the sound, an
: that he felt Inundated at havin
to take this risk, not for for the h5eae
l fit of his country, nor the create
} efficiency of the navy, but tina
the President might have tn
qualification of initiating the Ger
man Emperor, at whose beck an
call are the vessels Of the German
navy.
AS it happened, two vessel
were more or less seriously dam
aged, and although the Secretary
of War and Admiral Dewey, lik'
accomplished courtiers, belittleo
the damage, the cost of repairs
will not be inconsiderable. The
cost of the trip, together with the
powder burned in firing Presiden-
tial salutes is conservatively esti-
mated at 100000, covering the ex-
pense for powder and coal alone.
To the officers on the Sylph was
confded the care of the Roosevelt
children and their nursemaid, and,
to their serious embarrassment,
they are likely to be known to
brother officers for all time as the
"dry nurses to the Roosevelt
youngsters" 1t is telegraphed
from Oyster Bay that "Mr. Roose
welt was happy and excited all
day long" but there may be some
people who will regard the Presi
dents happiness as somewhat
dearly bought at $500, 900, which
will have been expended by the
time the injured vessels are placed
in repair.
Reports from Providence and
Oyster Bay depict situation far
from gratifying to the Republican
leaders. The members of the Sen
ate Committee on Finance are de-
termined to adhere to their original
plan, a measure whereby the Sec
rotary of the Treasury will be au-
thorized to accept certain securi
ties other than government bonds
from the banks as collateral for
government deposits. This legis-
lation is earnestly desired by ]. P,
Morgan & Co., who are anxious to
secure what would virtually |
amount to the government i'm.
primatur on certain of the bonds
in which it is their business to
deal. The Western members of
Congress, including Speaker to be
Cannon, cannot be converted to
this form of legislation. The Presi-
dent has become so disguised with
the tenacitY with which Senator
Aldrich and his colleagues adhere
to this type of legislation, regard
less Of the views of the Western
that he threatens to
throw the entire matter overheard
and issue a call for a special ses
sion to convene on November 8.
without mentioning the subject of
financial legislation.
In view Of the fact that the Re
publicans have long boasted of
their ability to harmonic all inter
ests, the situation is most distress
ing to the Republican leaders.
Moreover, prominent Democrats,
ike Senator Daniels, of Virginia,
are taking occasion to elaborate
the fallacies of the Aldrich policy,
which is all for the bankers and
the Wall street interests and not
at all for the people, whose money
is being accumulated in the treas
urY by unnecessarily high taxes to
an extent that threatens to cripple
business. 1t is easy of demonstra-
ton that the proper course to be
pursued is not the invention of
some means whereby this money,
collected, may be trans
ferred to the banks so that thew :
may lend it to the people at high ,
rates of interest, but a reduction !
of the taxes so that there NAV he :
no further accumulation in the !
treasury, there already being a
large enough for all possi-