The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-08-15
EA1uE OF COWS RE4r1sM.

- -
VALUE OF CONSi RV4TISM.
We do not know what Secretary of
State Root said to the bankers whom
he met by appointment at the offices
of ]. P. Morgan & Co. Tuesday after
noon. We shall probably never
know, Such conferences are invari-
ably Of confidential character and
the participants in them serve their
interest best by keeping a silent tongue
in their heads. The conclusion is
however not unwarranted that the
administration is worried at the pan
icky condition of the stock market and
at the uneasiness which business men
the country over are manifesting.
1t is not surprising that the admlns-
tration is worried at the fight of con-
fldence and at the threatened curtail-
ment of industrial enterprises, espe-
cially if 1t feels that its possibly over
strenuous attitude towards predatory
vealth" has been a factor in the crea-
ton Of the disturbance. 1t is not sur
prising that anybody should feel dis
turbed at the sudden fall In prices
and the equally sudden elimination of
confidence in our phenomenal national
prosperity. 1t Is not so much because
Experience has shown that the law of
reaction is pretty we'll defined force
among the activities Of men and that
for some time wise men have been
looking for slump In our prosperity.
Men know how to discount such in
evitable occurrences. The prevailing
restlessness and apprehension however
evidently proceed from other causes
possibly not so logical in their pro-
cesses.
Plainly two terrible errors of judg-
ment have been made in this country
OF recent years. A phenomenal and
unprecedented prosperity has dulled
the sensitiveness of the traders In the
market. Things have been done
which should never have been done
and things have been left undone
which should have been the rule Of
conduct In the market. The States,
notably too the State of Connecticut,
have permitted promoters to coin
money out of water and they have re-
fused to put curb on the greed of
men. Speculation has been rife and
the fever for a fortune has consumed
many good man who at other times
would have been content with a more
modest progress. What the high
fnanciers have been up to the insur-
ance investigation told the world.
There was need for the strong arm
of government to display itself but 1t
IS bLlI1 AuGSllOIclblC IL ~ was WlSG W
give medicine to cure the disease
which produced a condition as bad
and possibly worse than the disease. If
the administration Is to any degree
responsible for this 1t has something
heavy on its conscience and it Is time
conferences were held between its
representatives and the men who, with
all of their faults and shortcomings,
remain the only industrial leaders we
have with none to take their places
except men with wide open mouths,
II the present situation teaches any
thing 1t is moderation In the handling
Of affairs of great Importance, whether
those affairs are matters Of COM
mercial concern or matters of legisla-
tive concern. If the captains of indus
| try have sinned in seeking an excess
\ sive return for their ability the cap
tains of legislation have sinned in
seeking an excessive return for their
political ability. Together they have
created need for wise counsel Vest
ed interests have been banged as
much as they will stand and we are
by no manner of means convinced
that they have been treated as mod
erately as they deserve. This coun-
try needs to revive the older business
practices; it needs to give its attention
to political leaders who know whittier
they are taking the country. The day
of the commercial experimentalist and
of the political experimentalist is
drawing to a close or else we are pre-
pairing for a reckoning that will rip
mems souls to pieces. Let the piper
be paid if we have danced too violently
but let the piper be discharged in or
der that we may escape the fascina-
ton of his music for while. Erect
walking is for the time more to the
nations liking.