The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1907-04-19
PRESIDENT
) AND THE PANIC
,Man special to the Advcrilserj


railroad and Industrial conditions. Tn,
dangers OF serious business dcpres
sion have not passed. The President
Is devotlng much OF his time TO watch
ing and to reading signs and to study.
Ing out what Is best for him to do
Many Of his visitors come TO talk OF
those topics.
The Wall street troubles have sub
sided. at least temporarily The Treas
ury Department went to great lengths
I 20 relieve the money market in New
[ York. 1t directed that customs re-
| ceipis in practically all cities, inolud-
I ing New York, be deposited I'm Ma
tional Banks instead Of In subtreas-
uries. This made more money avail
able for borrowing. Secretary Ccrtel-
you was loath to exercise this power,
conferred by Congress only few
days before Congress adjourned. Prob
ABBY it was fortunate that Congress
did that. No one knows yet how perm
anent the relief from this and other
expedients will be. Some of the cabi-
net. notably Secretary Root and Sec
rotary Cortelyou, believe that the mar
ket will gradually become steadier and
that the President will have no furth-
er reason for worry in that quarter at
present.
Others of the Presidents cabinet fear
there will be more trouble and that
nothing can be done to check a period
of contraction of credits. A visit from
delegation of the Illinois Manufac-
turers Association a few days ago en-
phasiZed that business men in that
state were having trouble with credits.
The banks were curtailing. There was
already considerable embarrassment
The same story is being told from
many states and cities. High rates of
interest are demanded and If money
can be had at all 1t is often at nearly
prohibitive rates. Many letters and
kilograms have been pouring in upon
the President describing such condi-
tions.
He is reluctant to voice any such
condition in a public speech, but has
been much urged to say something to
assure the business world. 1t Is claim
ed that the railroads are largely re-
sponsibe for the distrust They have
been unable to borrow money for new
improvements, because of high rates
of interest and the lack of confidence
in railroad securities. The railroad
officials say the President is to blame
as he has pushed his campaign for
railroad reform so drasticaliy that he
has frightened investors.
The days have been trying ones for
the President. He has almost sweat
blood. The'politicians have been drop
ping in to warn him, in the time of
his affection, that if the panic comes
he might as well take a sponge and
wipe off the slate. His popularity will
go, as the people feel the pinch of
hard times, just as the popularity of
President Cleveland was dissipated. He
would find it difficult to make Congress
perform the coming winter, because
the cry would be for just as little leg
islation as possible prior to a presi-
Dental election.
No wonder the President has been
torn with anxiety under such repre-
sensations. OF course the Republicans
have boosted of being the party of
prosperity, taking their chances
against period of depression sure to
come sooner or later. If it should come
before the next Presidential election
the Republican party would be blamed
and the Republican party would blame
Roosevelt. 1t should be said in pass
ing that the President already blames
the railroads. He thinks If they had
taken his advice and done as he want
ed them TO do there would be nothing
to find fault about now.
So the funny predcament of the |
President and his party affords amuse-
nent for all except those who are feel
ng the financial pinch. Perhaps 1t
will all blow over soon and thus be re-
for only a day. But the
clouds on the horizon are causing plen-
~ of worry and some of the pessi-
nists say worse days are coming.
1t looks as though the President
we're ready to curtal some of his leg
slative plans. There are indicat 'ons
hat he will drop his proposition for
general appraisement of railroads.
rhe President was very enthusiastic
bout tbs couple of months ago and
rave orders to the Interstate Com
nerce Commission to go ahead with
'lans for his guidance, He would then
ornulate scheme to be placed be-
ore Congress. This purpose undoubt,
dly caused wide apprehension, for
many of the railroads are greatly over
capitalized, and If this We're shown by
n official appraisement the effect
would greatly depress railroad stocks {
nd bonds and cause wide alarm s
mong the holders of those securities.
sut this will not be attempted, and If /
he President asks Congress to do '
1uch of anything in that direction 1t t
vi be to enact some provision to pre- {
ent overcapitalization in the future
But II has become a lively question &
'hether the President will try to do {
nything at all this winter in the mat, |
err of railroad reform legislation. The /
ailroads and business men have
TIRED him so profoundly that he is {
lore tinid than at any time since he l
ecame President. To be sure, the
President is still sticking to his old &
octrines He is not likely to admit I
hat he has been checked If the I
igns of coming depression pass and I
he sky clears the President will prob. I
bly, go on with his program as here, '
ofore, only he will be u little more {
areful. IL
He has been making an earnest eff c
ort to get at the bottom of the trou- Y
les. He is constantly calling men of t
'rge business experience here for con- t
ultation. Among his latest visitors Q