The daily morning journal and courier., 1907-10-31
THE WEEKLY JOURNAL. Issued Thursday. One Dollar Year
"UNDIGESTED LAWS. ,,

ual interest should be taken in the dis cussion this evening before the New Haven Economic Club upon the sub ject of President Roosevelt's attitude towards capital. The officers of the club as we understand it selected the topic before the panic overlook the money market, though 1t is unques- tionably true that the nearness of that unpleasant experience adds perti- hence to the discussion, Men are feel Ing deeply, whether wisely or not, that much depends from now on upon the attitude of the President towards his policies.
 It Is we'll that the Economic Club has undertaken to have this question considered in the open even though the angles of the different speakers may encourage them to take original methods of analyzation. It Is the hab- 1t of some men to look at all questions of financial concern through the eyes of the almighty dollar, while others approach them from the directly op- posite point of view If these two classes are represented at the discuss sion this evening it is to be hoped that the third class will be represented, too, which is able to see through the self ishness of an exclusive viewpoint In the meantime the attention of the bus- mess men of the country is held more or less in suspension until it is known what President Roosevelt will say in his annual message to congress. Tn the absence of any intention on his part to say word until then and in the presence of his Tennessee speech, in which he declared it 10 be his intention to go on with the work which he has pursued with such vigor during the past few months. 1t you'd be surpris- ing indeed if public confidence should be restovea unul his attitude has been made finally clear There are many who believe that he will desist from his extreme tactics and that the next words he speaks will be words of mod eration and comfort, but until that be- comes known fact men will withhold their support from the money market, the continued weakness of which tells Its own story of the interest taken in the next presidential step. Even those who deny that he, has done more than turn on the light agree that nasty and ill-considered words spoken to con- gress in behalf of new legislation of a corrective character will surely pro- long the trouble and possibly excite the fever anew
 It is in this connection that the Springfield Republican makes an ex- cellent suggestion: "Paraphrasing J. P, Morgan's remark about 'undigested securities it is to be observed again that we have at present a vast amount of 'undigested laws For the moment it would seem the part of wisdom tc add as Title as possible to those with a direct bearing on the financial situa- tion." It has been the attitude of The Journal and Courier all along that the serious side of the Presidents course ] consisted in his insistence upon expert mental legislation which has not re. 2 ceived the encouragement of men O experience in corporate management It is not a question of their possible usefulness. Time may demonstrate their necessity even. It is a question O more legislation being added to tn, statute books before those laws are di gested which he has been the mean of having enacted. It is the fear of thi that disturbs the owners of securitie just as 1t was the fear of the Presi dents general attitude which led MT Morgan to dispose of his stocks anC bonds before he left for Europe 4 master of the nerves of the stock ant bond market, he became convinced tha it would break under the contemplat ed assaults of the chief executive. I was probably never a question witt him of shielding the dishonest inves tor or corrupt corporate manager l must always have been a question o handling an exceedingly delicate fab ric which was woven and interwoveI with all sorts of contrary motives an Impulses. There is no reason to believ that he finds fault with Presiden Roosevelt's detestation of evil-doing he is himself an honest man in whor the financial world has supreme conf dence. He thinks and acts, however more as a skilful surgeon acts who Ina constantly in mind the life of the pa tient as well as the removal of tn cause of disease. The views, moreover which MT. Morgan holds are the view which are held to a greater extent tha ever among the financiers and indus trial leaders of the country. Togethe they want the assurance that what ever the amputation is that must b