The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1907-12-20
SCORES BOND ISSUE
OPINION OF A CONSERVATIVE
BUSINESS ORGAN.
New York journal OF Commerce and
Commercial Bulletin Flags the
President and His lneompe-
tent Treasury Head.

| The general trend OF public opinion
\ on the Roosevelt bond and certificate
issue is decidedly unpropit GUS for the
presidents plan. That reliable and
conservative organ OF reputable bust
ness. the New York Journal OF Com
merce and Commercial Buliatin. which
has supported President Roosevelt's
railroad and antitrust policies. says:
The most deplorahle phase of this
extraordinary proceeding is the revela-
ton OF the incapacity of both the sec
rotary OF the treasury and the presi-
dent of the Unted States 10 compre-
bend the situation with which they
are dealing. or to appreciate the con
sequences of what they are doing. In
cidentally ii illustrates the danger OF
eleyating TO the position of the head
of the treasury department of the gov
eminent a mere amateur. a neophyte
In finance, who has neither the natural
capacity the training nor the expert
ence TO qualify him for its duties
This estimate of the Republican
secretary OF the treasury is beyond all
precedent, and the Journal of Com
merce has no better opinion of Presi-
dent Roosevelt's grasp of financial af
fairs. for il adds.
The presidents letter of approval
is melancholy in its exhibition of lack
of understanding and OF grasp in mat
ters of momentous consequence 10 the
people of this country
After quoting the presidents advice
10 the people about boarding their
money. which the Journal of Com
merce calls carrying patsrnalism to
the extreme. as If the government
were omnisc;ent and omnipotent and
the people were its grandchildren. de-
pendent upon it for their blessings and
needing only TO obey its voice in or
Ter 10 he prosperous and happy" it
further says:
This assumes that the private
boarding Of money is the whole cause
IF trouble and that such boarding is
utterly without reason and has only 10
be abandoned to set everything in
stantly right"
The presidential assumption that
we should put the money we have into
circulation in order 10 meet the needs
Of Astounding prosperity" and that
business conditions are fundamental
ly sound" and all our people have TO
10 now is 10 go ahead with their nor
NAL business in a normal fashion anC
the whole difficulty disappears" is
Rnnuarafffan fn he.
nal Of Commerce likens IL to apply
ing the Christian Science doctrine to
the finance and business of the coun-
try which has been for two or three
years working into a disordered con-
dition and needs careful and judicious
treatment"
The Journal OF Commerce does not
believe the issue OF certificates will
do much to restore normal conditions.
and that the Panama bond imitation
will only add to the trouble by refus-
ing TO contract the currency when the
process of readjustment will have re-
Taxed the strain. II discredits the
presidents assurance that the lead
ers OF congress are considering
currency bill which will meet in per-
manent fashion the needs of the situ-
alton" The leaders of congress, IL de-
clares, have hitherto shown little APP
probation of sound principles and
methods and that even if such action
is taken it will be too late TO meet
in permanent fashion the needs OF
the situation" Congressman Fowler.
chairman OF the committee on bank
ing and currency. Endorses the opinion
Of the Journal Of Commerce.
Neither President Roosevelt nor
his secretary OF the treasury have had
any experience in high finance. in fact
both have exhibited more expert
knowledge Of financing practical pol
itics by procuring campaign funds
from the trust funds Of life insurance
companies that should have been
sacred to the widows and orphans of
policy holders than TO the greater field
Of national finance. Forcing loans
from corporations with such "prac-
teal" men as Hartman at their head
is the high finance that the present
administration understands. When the
political and financial wind was fair
the administration boosted Of its sue
cess. and claimed that prosperity was
its own production. What excuse will
the Republican party be able to in
vent now prosperity has turned into
panic and business depression?
Good Bankers and Bad Bankers.
In &ew az the Disclosures concar,