The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-11-20

THE SITUATION.

con, 'ervative forces of the country will
be found a spirit of skepticism as to
the efficacy of the action taken by the
Secretary of the Treasury with the en-
phatic approval Of the President, it is
received by the majority with a sense
of relief. Naturally enough some
criticism has followed the publication
of President Roosevelt's letter to Mr..
Cortelyou on the subject in view Of the
act being the constitutional privilege
Of that department officer, but at the
same time the fact cannot be over
looked, nor should it be, that it was
the Presidents opportunity to contrib
ute his powerful influence to the right
ing Of things already badly mixed up.
1t is conceivable that under other cir
cumstances he would have said moth
ing, leaving the settlement of the sit
uation by government aid to the off,
cial designated by law TO arrange it.
Very much the same logic applies
to the criticism Of the governments
action in coming to the relief of the
frightened money market So sober a
newspaper as the New York Times
calls it an extraordinary policy for the
administration to introduce and adds
that its intelligence depends upon how
1t works in actual enforcement The
New York Evening Post and the
Springfield Republican, both newspa-
pers Of mature judgment, see in it a
serious lapse from sound reasoning
and while they do not actually deny
that 1t will effect relief from the
present strain, and to that extent aid
In the work of putting out the fire,
they intimate in more or less exact
terms the fear that if successful it is
for the time being only. The Boston
Transcript views the transaction as
Involving an attempt and possibly a
successful one to purchase public con-
fidence. Other newspapers and indi-
viduals advance similar skepticism,
but 1t may be very impressively uues-
toned whether after all they are right
in attempting diagnosis of the dis
ease from a normal point of view. It
cannot be denied that the distress is
very real and that the consequences of
misguided enterprise and mistaken
Judgment are extending themselves to
the industrial world, but after all has
been said and done that can be said
and done it must be admitted that the
background is so honeycombed with
abnormal influences as to possibly
warrant extraordinary measures of re-
lief which at other times would be dis.
orderly.
The New York Times strikes a clear
note when 1t reminds its readers that
in spite of the fear of people who have
hidden their money thereby limiting
the amount OF it in circulation, there
was bound to be a reaction from ex-
cessive activity and to bring with it
acute depression. There has been great
deal going on to loosen confidence in
the kind of prosperity the country was
having. The work of undermining it
began, as everybody now knows, in
business turpitude, the revelations of
which left the little fish at first as
founded at the rapacity Of the big fish
and then apprehepsive. They not only
did not know what was coming next,
but they were taught by flippant in
terpreters Of the truth that the pos
session of wealth, no matter how little
In excess of the necessities of life. was
a guarantee of personal Irresponsible
ty. If these and other adverse influ-
ences led individuals to hoard their
money they also drove the banks TO
tighten their hold upon the money In
their possession. The motive was some
what different perhaps in the two in
stances, but the result was the same,
Someone has said and said wisely that
the resultant situation was "physchol-
ogioal." Another might have called II
"auto-suggestion," SO, quickly and pas
sionately did money take, unto itself
wings to bear it to secret places. I'm
Questionably this could all have ironed
itself out as like conditions have done
before, had the government taken NO
such notice of the distress as it has
now undertaken. It is a matter of
Judgment entirely whether it would
have been better to let the folly OF
boarding overtake those who INDUCED
in It when through another set Of
consequences they would have beer
compelled to let go to save themselves
and thereby relieve the country. It is
the judgment of the federal admins
tration that it is the duty of the gov.
eminent to afford at least temporary