Evening star., 1903-10-03
WALL ST. POLITICS
Money Center for It's Own
Selfish Interest.
DIVIDED ON ROOSEVELT
"UNDER COVER"
Any Other Course Would Be Unpopular
Has Plenty Of Patriot
DIVIDED ON ROOSEVELT

Copyright. 1902, by Joseph B. Bowles)
Written fer The Evening Star by Serene s. Pratt.
associate editor Wall Street Journal.
Politics. strictly speaking has no place in
the mechanism Of Wall street. The banks
and the exchanges are business machines.
They concern themselves very little with
eother politics religion in the conduct OF
either politics or religion In the conduct OF
er a man Is Jew Gentle, a Catholic
or a Protestant, republican a demo-
crat.
But there is, nevertheless, political side
Of Wall street, and at times it is very i'm
portant side. For politics often touches its
most vital interests. The most important
function Of government is that Of taxation
and taxation. either direct, internal reve-
nue." as it Is called, or indirect through
duties upon imported merchandise Is a levy
made upon the business of the country.
Every dollar of indirect taxation, through
duties on imports. may be a dollar taken
from the profits of business, or many dollars
added to those profits through the protec-
ton afforded certain home industries. Tax
alton Is. therefore, constant concern OF
both politics and business, and Wall street
is vitality interested in it. The financial ad-
ministration of the government, its rela-
tions to the banks, its issue of money and
bonds, Its use of the treasury funds and the
like. all this has direct bearing upon the
value of securities and the rate of interest.
Then the government exercises certain
powers Of supervision and regulation over
the railroads. and has recently established
bureau of publicity for the industrial cor
porations. The various states enact laws
relating to railroad rates, the incorpora-
ton of companies and the granting OF
franchises and the like. In a score of ways
therefore, politics deeply concerns the bust
ness of the country. The international re-
lations Of the principal nations of the world
are always subject of vital interest. The
mere chance of war, as for instance in the
Venezuela complication Of 1888, may be
sufficient to precipitate a panic in Wall
street.
Prosperity Gift of God.
Government policy and political agitation
cannot make or unmake prosperity alto
sether. The basis of all wealth is, after all,
what comes out of the earth in the products
of the mines and the fields Prosperity in
the final analysis is a gift of God. 1t is not
the handiwork of man. But certainly poll
tics has often q very important influence
upon business activity. The national ad-
mlnistration cannot make the crops boun-
tiful or the mines fruitful, but 1t may be
held responsible for many acts which tend
to minimize the advantage of large har-
vests and rich mines. An administra ton
may be defeated in a year of prosperity
but it invariably has hard time in a year
OF financial depression. For instance the
republicans We're defeated in 1884 and the
democrats in 1896, both years of business
reaction. .f
Local Selfishness.
1t is quite natural, therefore that Wall
street should watch the course of politics
closely as one of the great Influences affect
ing the market, and that sometimes 1t
should take an active part in politics That
1t often enters politics for it's own selfish in
terests is not to be wondered at Wall
street is not peculiar in that respect. Every
section or the country is guilty of sectional
ism in politics. that is, the seeking to in
fuence political action for it's own advan-
tage regardless of other parts of the United
States. When Gen. Hancock, in the cam
pa1gn OF 1880 said that the tariff was "a
local ISSUE he was laughed at. but the
saying was true one, and each locality
votes on the tariff issue, not from the
standpoint of the national interests, but
from that of its own local profit.
Wall Street Graft"
But while this is not high type of poll
tics, there Is another kind much lower
There is politics of graft" which is an at
tempt to influence governmental policy by
corrupt means. There is reason to believe
that Wall street has its full share of this
kind Of politics. Perhaps 1t is not altogether
to blame for this. for the financial district
ers, and capital has some excuse for paying
for relief rather than submit to exactions
which would restrict its freedom and OBJ
struct its operations That many corpora
tons, In one form or another, make contri-
buttons to the campaign funds of both par
ties is matter of common belief though
no doubt difficult of proof. Jay Gould's ia
nous admission to legislative committee,
at the time he was president of the Erie
railway. I'm republican counties am a re-
publican; in democratic counties a demo- |
crat, and at all times and everywhere an |
Erie man., is still rule of conduct con-
trolling many heads of corpora tions That |
some of them resort to direct bribery in one |
or another of its many forms there can be |
little doubt. prominent capitalist said a
few days ago: Il am a stockholder in such |
ana such corporations (naming certain |
street railways and other franchise compa- |
nles), but l would not for my life be d-
rector of one of them. l would not care to |
be responsible for some of these things |
which the directors no doubt feel that they
are obliged to do" He referred of course |
to the politics of graft. But in this re-
spect Wall street is probably no worse than
some other parts of the country.
Antagonism to Roosevelt.
Ordinarily the financial district is divided
politically, the same as other places 1t
contains partisans of every party, and sew
eral of its leaders have attained distinction
in political life. Levi P. Morton. one of its
Oldest bankers. became Vice President in a |
administration. R. p Flower
once democratic governor of the state was |
a notable leader in the stock market In |
the Blaine and Harrison campaigns the |
street was about equally divided, and de- |
veloped much partisan enthusiasm, organ |
1zlng campaign clubs and getting up pa
rades. Political meetings were held on the |
subtreasury steps, a practice which has |
since been condemned as not a proper use |
OF government property. But in the last |
two presidential campaigns, the money |
question being the issue Wall street was
practically a unit on the side of McKinley |
and the gold standard. o. How it will stand |
in the campaign of next year is matter of
some doubt. and therefore of large interest, !
The uncertainty is due to the fact that |
there has developed considerable antag-
onism to President Roosevelt on account OF |
his action in the coal strike and of his ad- |
Vocacy of publicity to be applied to the |
trusts. But Wall street is not by any
means in agreement on these matters |
Some leading financiers support the Presi- |
dent. and the Wall Street Journal has |
openly defended his action on both uues- |
tons.
Works "Under Cover"
1t Is no more easy to unite Wall street in |
regard to any issue of politics than it is |
any other part Of the country. 1t is mis-
take, however, to suppose that 1t Is devoid |