The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-11-21
Thursday, November 81, 1907.
eorERsMENr F1NASclER1Ne.

The adverse comments mdue upon
the plan of Secretary of the Treasury
Cortelyou and President Roosevelt to
ease the money situation are Of such
an impressive character that they can
not be ignored What was at first
hope born of fear that possibly way
out Of the difficulty for the time being
had been found and with regard to
which the less said the better has be-
come a protest of significant proper
tons Not only is the judgment of the
act questioned but the legality Of it as
well. Not since the earlier days of the
distress have responsible and enlight-
ened men spoken with such grave in
dignation Of the impetuosity Of Presi-
dent Roosevelt and the financial ig-
norance Of Secretary Cortelyou.
We print elsewhere in to-day's issue
Of The journal and Courier notable
editorial taken from the columns Of
the New York Journal of Commerce, a
publication devoted to the considera-
ton Of business matters from dispas-
sionate poinh of view. It's impressive
argument cannot but make the admin
istration doubt the wisdom of its pro-
posed course, though it is too much to
expect that 1t will reverse its position.
Having adopted its course it may be
expected to follow it regardless of
consequences as 1t has done in other
instances where the business welfare of
the country was concerned. The Jour-
nal of Commerce finds in the action of
Secretary Cortelyou a complete inca
pacity for the grasping of funda-
mental ideas or compromising the
situation with which he is dealing
Incidentally" 1t says. ''it illustrates
the danger of elevating to the position
Of the head Of the treasury department
Of the government a mere amateur a
neophyte in finance, who has neither
the natural capacity, the training nor
the experience to qualify him for its
duties. This is violent language. Com
ing from the columns of publication
printed for partisan purposes 1t would
be properly ignored but coming from
the columns Of a publication whose
intelligence cannot be questioned it
ident himself the Journal of Com
inerce says: 1.-THE Presidents letter of
approval Is melancholy in its exhibit
ton Of lack of understanding and of
grasp W matters Of momentous conse-
quence 70 the people Of this country"
Thus far there has not been pro-
fessional student Of political economy
to espouse the cause OF the admins
tration, while such financial expert as
Horace White Of New York condemns
it on the ground that 1t violates the
teachings of experience, deprives the
country Of the lesson it needed in or
der to avoid similar mistakes In the
future and rests finally upon doubtful
legal authority. Mr.. White continues tc
this effect: Now if the banks had
originated this system Of government
flnanciering they might justly b.
classed among the hateful trusts, fol
not even the Standard OIL gouges thu
public deeper, but they are not cen
slrable in this way since the govern
fnent itself originated it and even nov
PUSHES forward with new millions ant
hundreds of millions and presses 1t up
on the bankers; and like little Jacl
Horner, who sat in a corner, exclaims
what good boy am L. " The Spring
field Republican, which has from tn
first been an uncompromising opponen
Of the scheme, returns to its attack up
on the administration in these words
'The strain was relaxing before tn
government announced its extra
ordinary plans of flooding an al
ready congested market wit
more securities, and it wi
continue to relaN just rs 1t did in tn
panic Of 1923. when nothing Of tn
kind was done by the government +
relieve the stress. These issues Of Unit
ed States bonds and certificates nf in
debtedness are calculated to compli
cate matters, and financial circles ar
at loss to know just how the ne'
situation created will work itself out.
The statement Is made in the newsps
pers with manifest authority that tn
clearing house committee of Ne
York, which did such heroic work
the critical moment of the panic, we
not consulted with regard to the plar
of the government and knew nothin
OF them until they were announced.
was the general and natural under
standing to the effect that the exper
Of the country were in the confident