The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1907-12-21
SCORES BOND ISSUE
OPINION OF A CONSERVATIVE
BUSINESS ORGAN.
New York Journal of Commerce and
Commercial Bulletin Flags the
President and His lncompe-
tent Treasury Head.

tent treasury nedu.
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 bust.
ness, the New York Journal of Com
MERGE 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-
ton of the incapacity of both the Sec
rotary of the treasury and the presi-
dent of the United States to compre-
bend the situation with which. they
are dealing, or to appreciate the con-
sequences of what they are doing. In
cidentally it illustrates the danger or
elevating 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 CT Com
merce has no better opinion of Presi-
dent Roosevelt's grasp of financial az
fairs, for it adds:
1.-The presidents letter of approval
is melancholy in it's exhibition Of lack
Of understanding and of grasp in mat
tiers 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 paternalism to
the extreme, as if the government
were omniscient and omnipotent and
the people we're it's grandchildren, de-
pendent upon it for their blessings and
needing only to obey it's voice in Or
der to be prosperous and happy" it
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 Astounding prosperity" and that
business conditions are fundamental
ly sound" and "all our people have to
do now is to go ahead with their nor
NAL business in a normal fashion and
the whole difficulty disappears is
Rooseveltian to a degree. The 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 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. 1t diScreditS the
presidents assurance that the lead
ers of congress are considering a
currency bill which will meet in per-
manent fashion the needs of the stu
alton" The leaders of congress, it de-
clares, have hitherto shown little ap-
probation of sound principles and
methods and that wen 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, indorses the opinion
of the Journal Of Commerce.
Neither President Roosevelt 10
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
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
it's 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. T..
L. riou of thu dicoloclrroc oonna~r-