West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1907-04-04
OUR washington LETTER
No Hostility on Part Of Government
Toward Railroads.
CORTELYOU CONES TO THE RESCUE
New Secretary Of Treasury Promptly
Aids Wall Street.-The Color
Question Again
CORTELYOU CONES TO THE RESCUE
Olr ResnIar colrespondenl.

able despite the seriousness of the
situation to see how Secretary Cor
telyou flew to the aid Of Wall street
almost as soon as he was settled in
the treasury department. The first
thing he said on taking office was
that he was tired Of seeing the gov-
eminent called on at every turn to
bolster up the stock market, and
the one thing he intended to do was
to divorce the treasury from Wall
street. This was a fine resolve and
lasted almost a week. Then come
the squeeze in money, and the new
secretary come to the rescue with
additional deposits in national
banks. Then came the panic, and
the things that Secretary Cortelyou
has done to help the situation were
more %farreaching than those attempt
ed by any of his predecessors. 1t
was all perfectly proper, too. The
financial system of the country is
such that the treasury has to help out
Wall street when the big gamblers
get down toward their white chips,
else there is a disturbance in the real
industries of the country. But it was
rather amusing to see how promptly
Mr.. Cortelyou spread the landing
net as soon as he found he had to.
There is one thing at least IN The
course the treasury has pursued.
1t shows that there is no real hos
tility toward the railroads and the
big financial interests on the part of
the administration. The secretary
of the treasury has increased de
posts with national bank; he has
anticipated the interests on govern
ment bonds, and done all the other
things necessary in the premises.
He has gone further than any other
secretary also in that he has accepted
certain high class railroad bonds as
security for circulation. The bonds
admitted to this distinction are those
accepted by the legislatures OF New
York and Massachusetts as savings
bank investments. The measure is
a practical one of relief, but its most
important aspect is that it gives the
moral Endorsement of the govern
ment to railroad securities as it has
never been given before. In this
way it ought to do a good deal to
restore confidence and show that
there is no hostility on the part of
The government toward the railroads.
Washington is preparing to suffer
this summer one of the penalties of
the pure food law in common prob.
ably with all the other cities Of the
country. 1t is a raise in the price
of ice cream soda. This at first
glance many not seem a subject of
national importance. 1 use it for
illustration only. It is significant.
Before the pure food law was passed,
one Of the chief arguments used
against it IN congress by all the man
ufacturers was that they did not
need such a law, as all Of their food
products were pure anyhow and the
law would make no difference TO
them Now that the law is working.
every manufactures without excel O.
ton has declared that they have TO
raise the price Of their products
because the pure food law has com
PEELED them TO use so much more
expensive material. Sodaice cream
is only one Of a thousand things
that has received a boost in price.
Practically everything else in the
preserved food line has gone up
and the country is footing the bill
several times over. Yet many Of
the labels chat have been passed on
and approved by The department Of
agriculture under the new law are
about as misleading as they could
well be. 'nCsoled roast beef, IS
labelled JUS. as it was before the
law was passed, and ills no more
roast beef than a w6itcwashcd fence
is q D1re painting stearine IS
allowed o. lard and the department
sanctions a pure lard" label all
over The package. There are a
core Of other eyssions that are lust
as Gagraa,
Since Che d]enatlrc1 alcohol bill
was amended, presumably 20 make
the measure of some benefit To- the
farmer, there mas been no greater
rush 70 take advantage Of the law
than there was before when the
disdling Of dens,l-cf a'coho, vas
left entirely in Che hands OF the big
disuilers, namely the whisky trust,
namely The Standard oil Company