The Washington times., 1913-12-25
N 'ADOO MAY Be NEW
PREMIER OF CABINET
Currency Reform Expected to
Give Him More Power Than
Bryan.

The fact that the new banking and
rurrency bill may put an end to that
;radition OF Washington and the coun-
try that the Secretary of State is the
premier of the Cabinet is of particular
interest in this relation. Always. ii
has been the Secretary of State who
mas been considered the premier The
question row is whether, with the
added power given TO him under the
new banking and currency law the Sec
retary of the Treasury will not be-
come the premier of the Cabinet.
Secretary Bryan does not believe in
the trained diplomat. He has ousted
most Of the experienced ones. 1t would
be a strange thing II it followed that
the country proceeded to exalt above
the Cabinet member who deals with
international relations the Cabinet men,
her who has most to do with finances
But II IS not impossible. The new law
gives the head OF the ireasury Depart
mapt powers which few as vet under
stand
One OF the foremost and ablest Demo-
Gratis in the House today said:
In my opinion. the. day is at hand
when the Secretary of the Treasury will
be the premier of the Cabinet. j have
always believed it should be so. / have
thought that the ranking member OF
The Cabinet should be the man who was
responsible for management of the
Country's finances. 1t seems to me this
should be SO, more than ever with the
essening importance of diplomatic IN
exchanges and the enhanced authority
given the head of the Trasury Depart
Tnnt''
Which means that William Gibbs Nc
Adoo has something on his hands bigger
even than the Hudson tunnel. Not the
east hopeful thing about II is that he
seems to realize II.
Success Depends On McAdoo.
Secretary McAdoo is the man who is
going to make the new currency and
banking measure an operative concern,
who is going to put life into the sta
tute. If the new law is the success that
people hope il will be, the probabilities
are that history will give Mr.. McAdoo
large share of the credit of it
That Secretary MoAdoo had a big
part in the shaping of the legislation is
we'll known. Now comes the problem
If organizing the banking and currency
system under il. It Is a task OF Hercu-
can proportions. The proba bilities are
hat the magnitude of this task are but
1aintly understood in most quarters
But it doesn't need much argument to
"onvince anybody. that to overhaul and
construct the banking and currency
system of a nation of 10000, o0g people,
\ system that. has stood in many re-
spects unchanged for half century,
no child's play.
The cold fact is. that the power that
organizes the new system probably can
make IL Or break it The new law is
not a perfect one, but is generally ad-
mitted, even by severe critics, TO rep
resent an advance over the existing
ssgaciously, with absolute disregard of
politics. and decisions are made on the
same high plane they would be made
by the Supreme Court, there is no gea-
SON why II should not operate to the
advantage OF tire banks, especially
when II has had d chance TO get well
under way
McAdoo a Power. /
In theory, Secretary McAdoo is not
soing TO organize the system and he is
not going to dictate the policy Of, the
Federal reserve board. But as an as,--
lual fact. 10 question is entertained
mere that he will be the dominating
force OF the organization committee ana
that the Federal reserve board will be
largely dominated by him. He will have
the backing of the new Comptroller of
The Currency and there is not much
question that majority of the men
"hom the President appoints to the
Federal reserve board will align with
secretary McAdoo.
AS far as the organization committe.
is concerned. though Secretary Hous-
Ton is a member of il. and though he
S credited with being a keen student OF
finance and political economy. he is not
III 2 position to override the head OF
the Treasury Department
Not since the civil war, has a Secre-
tary OF the Treasury had such oppor-
unity and such responsibility placed in
his hands. II the new system should
prove great success. il is needless to
sSy Secretary McAdoo would go down
as one of the foremost men to fill the
Treasury portfolio.
The chief danger ahead of Secretary
McAdoo. as far as the present outlook
indicates. is the politicians. They are
setting out to shape the Federal reserve
districts and locate the regional banks.
and they will. IL they can. name the
members of the Federal reserve board.
secretary McAdoo has disclosed il as
Ills view that the questions before him
must be settled with reference only TO
he interest of the country as a whole.
II he is able TO live Up to this ioes, il
will go far TO insure the success of the
.Iew system. 1t was repeatedl.- point ed
out in the Senate debate that the
shadow Of politics must not be allowed
10 fall over the new system.