The Washington herald., 1907-11-20
NEW GOVERNMENT LOANS.
Diverse Press Comment on the FL
nancIaI Relief Measures.

Diverse Press Comment on the FL
nRncIaI Relief Measures.
From the New York Journal - Commerce.
The most deploTHble phase 0f this ex
traordinarY proceeding is the revelation
of the incapacity ~ both the Secretary
OF the Treasury and tho President Of the
United States 20 comprehend the situa-
tion with which they are dealing or to
appreciate the consequences 81 what they
are doing. The Presidents letter of ap-
proval Is melancholy IN its exhibition Of
lack OF understanding and Of grasp IN
matters Of momcutous consequence 10 the
people Of this country. lie says the gov
ernment Will see that the people do not
suffer II only tile people themselves VIII
act in a normal manner" This is carry
ing patcTnalism 70 the extreme, a. if the
government were omnlsciont ana nmnip-
oteut and the people were - grand
children. dependent upon 10 for al their
blessings and needing only 20 obey It's
voice and be- good in order % De pros
porous and happy.
Prom the New YORK Evoning Post
With full realization Of the gravity OF
the financial situation which has inspired
the action Of the Treasury. we are Of
opinion that the course adopted over sun
day is a serious mistake. That il Will
help the markets for the moment, and
hasten through indirect means the TestOr-
alton OF bank reserves is highly pfobable.
The short term note cXpedient We re-
garG as distinctly vicious. Considered as
a precedent. II is deeply fraught with
evil The extent 10 which IL commits the
Treasury for the future 20 the paternal-
ism which reached such excesses under
Secretary Shaw is perhaps the least Of
the unhappy consequences foreshadOwed-
From the New York Times
The policy is an extraordinary one. Il
viii be justified. or the reverse. by the
event. SO far ar the trouble has been in
the boarding and hiding Of currency. It
may be said 10 be in great part psyche
logical, and the action OF the government
may prove the impulse needed 20 dIspeI
an UnTeasOning distrust. IL is to Zee noted
with satisfaction that this action IS taken
with avowed confidence on the part OF
the President that "A currency bin which
viii meet in permanent fashion the needs
Of the situation viii be passed AZ
an early date after Congress convenes
two weeks hence"
From The New York World
For three weeks and more legitimate
business has been bled white in order
that ready cash could be provided 10
keep the Wall Street gambling game IN
operation. Yesterday, after the United
States Treasury had again taken decisive
steps 20 increase the volume Of currency.
one Of the earliest proofs OF the new
restoration OF confidence came in the
announcement that Stock Exchange
brokers took of restrictions as 10 mar
gin trading
From the Philadelphia Ledger
Anomalous We have called both these
Treasury expedieEts for the restoration
Of confidence and for the relief OF the
currency strngency. and so they are.
no matter how successful they may be-
in accomplishing the desired ends. They
will IL is 20 be- hoped. serve az an OBJ
lect lesson 10 the Congress Of the danger
Of the further postp0nement 0f such leg
isiauon as shall place the currency Of the
country on a permanently sound basis.
From The Nev York Tribune.
Undoubtedly the eXpedieut Of borrow
ing money when the government does
not need 20 borrow was resorted 20 with
reluctance as the only methed Of en-
abHng the banks 70 take out the needed
ddiuOual circulation. and the loan was
made FOR as brief a term as possible.
This borrowing when the Treasury al
ready has large surplus points again
/ IN an unaswerable way 10 the defects
of our currency system
/ From the Springfield Republican
7 President Grant not only refused 10
.eissue $40 10000 Of retired greenbacks
as quack remedy for the panic Of 1913
but when Congress next year passed the
famous imitation blu'' requiring such an
/ issue. he vetoed IL. and that act has been
applaUded pretty much ever since. Now
We have an administration at Washing
/ ton which seems TO think that more fnfa-
I ton can be made a cure for the c0nse-
quences Of imitation.
From The Wa Street Jou-ual.
\ time honored expedient for relieving
a monetary stringency IS for the govern
ment 10 buy its own bonds. thus antici-
pat.ng their maturity and disbursing large
/ Sums Of money out Of the Treasury. Now
Z IL IS proposed 10 relieve the worst striu-
gency in r generation by exactly revers-
I Ing that process. This is only another
Illustration that what may be poison az
/ one time IS me- at another.
4 Triumph Of RighteOuSneSS.
/ From The Houston Post
If nominated. Mr Bryan VIII prove a
/ candidate of whom the party may well De
proud. His lofty character and luminous
/ genius viii inspire the masses with con-
( fdence and hope, and they viii rally to
/ his standard as they never have before
/ The sO-called conservatives who declined
/ fnlIn-- hin, 1906 and ION Lr,n--- r,..-.-