The Denison review. [volume] (Denison, Iowa) 1867-current, 1905-12-21
EDITORIAL


ment has been somewhat neglected. 1t
is hard to collect ones thoughts when
the collection has to be taken in a
room filled with the noise of machine
ry and the confusion of building and
plumbing and the like. We would like
that our editorial columns should be
more than a collection of cheap witt
cisms on the events of the day, more
than a rehash of the dailies and more
than running, endless, useless and
purposeless controversy with other pa
pers.
To avoid these ruts is difficult. To
discuss the tariff is to become involv-
ed in bootless argument under pres
ent conditions and yet there is a good
deal of hypocrisy about the tariff ques-
tion. There are several facts that are
conceded on all hands, first, that the
protective policy is the one best adapt
ed to America, and second, that the
present schedules are faulty in many
places. Granting these two premises,
there should be no difficulty in revis-
ing the tariff.
But there is.
Why?
Because we do not trust each other
or ourselves.
Because recent revelations have
made us distrustful of those in high
position. Because the east distrusts
the west, capital distrusts labor and
the farmer distrusts both.
If we felt sure that the Congress
was composed entirely of honest and
unselfish men it would cause hardly a
ripple in the business world were the
tariff revision undertaken. 1t is be-
cause the Especial interests have
overreached themselves until they
have aroused an antagonism which
they we'll may fear, because they have
themselves forced the alignment of
those favoring corporate interests and
those against them. L
Were the question of tariff revision
left to the Supreme court there would
be no fear, but every one breads the
uncertainties and the representations
of congressional action.
In other words the most violent
stand patters would welcome tariff
revision in many instances, could it b.
done over night, while the revision
lists are forced to admit that the chic
danger in carrying out their polio,
is the delay and uncertainty of con
gressional processes.
Thus it would seem that the tariff
question like the railroad rate ques
ton, the insurance question and ever
o.her question leads us back to the alb
solute necessity of wiping out tn
special interest" control from GU
government. Tariff revision is thu
subordinate to the greater issue Q
electing honest as we'll as capable me
to office.
The First National Bank of Chicag
has failed, carrying down with it
number of subordinate institutions
The Chicago clearing house, after a
all night session, decided to stand bac
of the institutions and secure the de
positors. 1t was not philanthrop
which prompted this action, but probs
bly, the knowledge that they were a
in the same boat and that if this ban
was unprotected general panic woul
follow.
Comptroller Ridgely, who had tt
affairs of the fallen bank in charge
quoted as saying, that John R. Walsh
the president, was doubtless guilty {
fraudulent banking, but that as no or
would lose anything he would probal
ly not be punished. We regret that
government official should be guilty
such statement. Mr.. Walsh III
doubtedly used the funds of his depo
itors to back his private speculation
He made them take the risk while
stood to win if any profits aros
Banker Bigelow is in the penitential
for the same offense. His investmen
turned out badly and the deposito
lost. Mr.. Walsh's investments pro,
ed too much for him to carry, but IL
depositors may come out even. A.
cording to Mr.. Ridgely, the degree
guilt depends wholly upon the degrt
of success.
Had Mr.. Walsh made millions
the use of depositors' funds he wou
have been a great man, as he play
even he is an unfortunate man, had /
lost heavily he would have been fe
on. 1t is this tendency of public opir
ion which has fostered the spirit {
wild speculation which has been ran
pant for the past few years and whic
if continued will bring panic and des
titution to this country in spite of an
industrial or agricultural prosperity