The Montgomery advertiser., 1907-01-12
CAME or POLITICS.
IsAuesces Delaying corteiyou's Cen-

mEmMlH03s
 Washington Special to New York Post. !
 The causes operating in the Senate to hold up' the nomination of George B. Cortelyou as Secretary of the Treas ury. are, as nearly as can be ascertain ed, Presidential politics. Republican o New poisi Hoak and si Interests. who are opposed to MT. Cor telyoc.s appointment to the Treasury .portfolio. Though consideration of the noninatier in the Finance Committee request of the Denocrats, Senators Scott and Aidrich are believed to be at the bottom of the delay. These two Senators have no hope of preventing by delay they can er,barrass him and the President, and this they are doing because of the comment it makes in the newspapers and elsewhere Mir. corteiyou will be confirmed. but not him have made a pretense of blocking his appointment.
 Senator Scott desires greatly to bs chairman of the Republican Natio1al aid and comfort to the Presidential as-. pfrations of Vice. President Fairbanks. He was greatly disappointed when Harry New was made acting chairman test for the iS& nomEation is well under way, and Mfr. Cortelyou has sought to rrevent any of the avowed candidates from obtaining control of thar Mir New and the Pnstmaster-Gen- erAf Lad an explicit understanding on this point before the Indianapolis man wAs rLt at the head of the committed
 Mr New will not call meeting ,g the committee unless he Is forced to dU so, ard will oppose any movement to call meeting. Senator Hepburn is cir of tho committee in Washington. ask ing tha. meeting be called next month tn elect e chairman.
 senator Aldrich Is supposed to be the moss mo friendly 1 and powerful m asSSciats of ton. H. hae not betrayed any eager nese or desire to further the progress through his committed or the Senate of the Cortelyou confirmation, MT Ascrtch IS net ir sympathy with the Presidents. scheHesa to ,curtail the power Of great. corporations. MT. Cor teIyou is. It Is feared that the new of TTsSsuEy a syrss will not n De haps, thought good plan to show him that the interests oposing him have fay reaching infiuencs. .-.s s4s N
 Comn,erciaI Crises and the Tariff. Philadelphia Record.
 The last number of the Revue Des Deux iMondeS contains a treatise of M. Jacques Siegfried on the "A1terna- tion of Commercial Crises and Periods Of prosperitx sls M siegfri;sd who Is mist on both sides of the ocean, traces with a master hand the causes of the commercial panics in the United States, Great Britain and France. during the last half century, all having more or less intimate relations with each other. To Analyze a crises, he says. "is to study the human heart. to teach psy- cho1ogy." He thus develops the his- tory of a commercial crash:
 Tn normal times they (business af- fairs) go on well without excess. Ev- cry one is gaining largely and is happy in allowing himself some supplement tary luxury according to his tastes. All the world augments its expenses and increases the consumption of manufac- tured products of all sorts. Stocks of goods diminish;. the manufacturers to supply the demand develop their ma new factories are created, and, to use the customary expression, busi- ness calling to business. the activity Is general This is the period of prosper crisis. Soon speculation. dear to human nature, and always ready, enters into play. Prices of merchandise not only, but of corporation shares rise, and diyi- moral maia6y seises humanity: there reigns financial epidemic; gambling and intoxication of the game penetrate all classes of society, exaggerating prices in an abnormal degree"
 This. is the period of evolution. Then comes the reaction:
 But dearness causes recoiI in the demand so much the more that con- sumption has well-nigh satisfied It's de- goods) accumulate, and their holders, still intoxicated, not wishing to sub- init to concessions, have recourse to credit already swollen by the exagge- the most petty event, as mere drop of water causes an overflow of vase, the acute crisis. more exactly the crash" according to the modern ex- pression. Then everything tumbles. The imprudent succumb, drawing with them in their ruin sturdy people who have not sufficiently guarded them selves It is necessary to sell, no mat real value of things. It is the period of liuuidation, which lasts for longer or shorter term in accordance with the exaggeration of the contrary move ment'. E
 Such is a description of the crises that have from time to time overtaken the leading commercial nations; and those who have passed through them highly coIored. The cheerful conclu- sion of the distinguished writer Is that as the causes of these vicissitudes are
 better understood their intensity will go on ulmintSniuB unttI tuSy CofupiStcs ivy disappear, to give place to more moderate movements in the alterations of periods of business prosperity and depression But 1t is to be observed that in this history there is not the slightest mention of the tariff as hay, ing a near or remote connection with these general commercial reactions. It is seen that the tariff had nothing to
 do with the crises of 1857, of 1884. of
 1873, of 1892 or of 1900. which were more or less violent on both sides of of any reputation has made such pre-
 tense. or even alluded to it for the
 purpose of exposing It's fallacy. But it
 has well served the purpose of our
 Protectionist demagogues of highest
 and lowest degree to set up the scare
 crow of a commercial crisis whenever
 1t is proposed to relieve the American
 people from the extortions and spolia- lions of the tariff -engendered Trusts.