The Farmington times., 1907-12-20
SCORES BOND ISSUE
OPINION OF A CONSERVATIVE
BUSINESS ORGAN.
New York journal OF Commerce and
Commercial Bulletin Flags the
Pres dent and His lncompe.
tent Treasury Head.

The general trend Of public opinion
on the Roosevelt bond and certificate
issue is decidedly unpropitious for the
presidents plan. That reliable and
conservative organ Of reputable busl.
ness, the New York Journal of Com.
merce and Commercial bulletin. which
has supported President Roosevelt's
railroad and antitrust policies, says:
THE most deplorable phase OF this
extraordinary proceeding Is the revela'
tion OF the inCapaCity Of both the sec
retary of the treasury and the prcSi'
dent OF the United States to comprc-
hend the situation with which they
are dealing. or to appreciate the con.
sequences of what they are doing. In
cidentally 1t illustrates the danger OF
eleyating to the position of the hcac
of the treasury department of the gov
ernment a mere amateur, a ncophyte
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 al!
precedent. and the Journal of Com.
merce has no better opinion Of Presi.
dent Roosevelt's grasp OF financial af.
feirs. for 1t adds;
THE presidents letter OF approval
is melancholy In It's exhibition OF lack
of understanding and OF grasp in mat.
ters of momentous consequence to the
people of this country
After quoting the presidents advice
to the people about boarding their
money, which the Journal OF Com.
merce calls carrying naternalism to
the extreme. as II the government
were omniscient and omnipotent and
the people were It's grandchildren, de-
pendent upon It for their blessings and
needing only to obey its voice in or
der to be prosperous and happy" II
further says:
This assumes that the private
boarding of money is the whole cause
of trouble. and that such boarding is
utterly without reason and has only to
be abandoned to set everything in.
stantly right"
The presidential assumption that
business conditions are sound and
we should put the money we have into
circulation in order to meet the needs
Of abounding prosperity" and that
business conditions are fundamental.
~ sound" and "all our people have to
DO now is to go ahead with their nor.
NAL business in normal fashion and
the whole difficulty disappears" IL
Rooseveltian to n degree. Tho Jour.
nal Of Commerce likens it 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 initiation
will only add to the trouble by refus
ing to contract the currency when the
process Of rcadiustmcnt will have re.
Iaxed the strain II discredits the
presidents assurance that the lead
ers Of congress are considering q
currency bill which will meet in per.
manent fashion the needs of the situ.
,tion." The leaders Of congress. It de.
claros. have hitherto shown little ap-
probation OF sound principles and
methods and that even II 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, indorses 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.
tiles 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.
tical" 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 boasted 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?