Pine Bluff daily graphic., 1913-09-07
Wall Street Laughed" At Crop Aid Idea But Me-
 Adoo Made Good.
TO REDUCE BURDENS
President Wilson's Action In RemOv. ing Duty From Wheat Is Move
 In That Direction.
BY SIDNEY ESPEY

 Washington, Sept. 6.-Secretary i McAdoo's efforts to check the opera tions of Wall Street and the money sharks that infest large financial centers, is the leading topic of con- versation among bankers who have been visiting Washington during the past three or four weeks. From the South and the West and the Pacific Coast states, have come expressions of approval of the policies announced by the Treasury Department.
 Chief among these was the notice several weeks ago to the banking in- terests of New York, Chicago Kan sas City and other centers, that the Treasury was prepared to extend to banking interests in the South, middle West, and Pacific Coast points loan of $50,O00,000 to aid in moving tie crops. Wall Street at first laughed up it's sleeve" as it was thought that the move the Tr asury Department would make Would result only in cen- tering + Kew York a greater volume of noney and money sharks therefore "sre jubilant. Two percent interest on government deposits, upon which the money lender stood to make at least six percent and sometimes as high as eight, depending upon the sec tions of the country to which it was sent. looked pretty good to them. But their little dream soon was dispelled when Secretary McAdoo sent into the vast agricultural section and asked the bankers to make personal visit to Washington for the purpose of con- fering with the Secretary of the Treasury and his assistant, John Skel- ton Williams, concerning the proposed loan. Still the money power felt that the Secretary's endeavors would not greatly affect their little tea party, which they anticipated during the months of September and October.
 However, when the announcement was made that this sum would be lent to the small bankers direct and that guaranteed commercial paper would be accepted as security for govern ment deposits, New York and Chicago awoke to the little joke that Mir. Me Adoo had sprung.
 And this is not all. MT. McAdoo has intimated that if $50.000,000 is not enough there is $5OO,OO0.000 in the treasury vaults that can be sent out to relieve any conditions of tight money market.
 This is the first step that the Will son administration has taken to pre- vent concerted action by large bus mess" to bring about panic which will jeopardize the interests of the Democratic party. Through the mon- ey power, or money trust, it has been charged, efforts have been made to discredit the Democratic party.
 Secretary McAdoo's action is an other of the administrations efforts to reduce the burdens of the people The tariff bill now in Congress is de- signed to lower the cost of living by bringing into active competition with American made goods, the articles o1 commerce manufactured abroad by low priced labor Luxuries naturally bear the highest rate of revenue with corresponding decrease of custom tax in necessities.
 The President also has decided tc try to appease the farming element which to a great extent was made hos tile ohim through the removal o1 duty on wheat. He is advocating a system of rural credits such as is ir existence in European countries anC which is designed to enable the farm CT to obtain money for crop moving purposes or planting at easy rates ol interest.
 The President the other day in special message stated that the ad' ministration would endeavOr during the coming session of Congress be- ginning in December, to obtain au- thority from Congress to adopt such a scheme which will be prepared by Secretary Houston of the Depart ment of Agriculture. A special re- port will be made by a commission which went abroad to study the sys- tenn that is in vogue in the various European countries.
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