The Caucasian., 1913-08-24
NcAdoo and His Reforms.


eut. edited by Norman =. Mack,
there Is presented an interesting
and instructive review bN Frank =.
Lord Of The Treasury department
Policies and Reforms.
It may be recalled that when
President Wilson named William 8.
McAdoo a member Of his Cabinet as
Secretary of the Treasury, the crit
les charged that the President hau
Dlayed into the hands Of the Money
Trust and the Kings OF Finance.
How gratifying is the fact that
Secretary McAdoo has responded
loyalty and courageously TO the
trust placed in him by the President.
On assuming the functions and
responsibilities Of his office, ne dis
played the genius and executive
ability of which he is possessed and
inaugurated reforms through winch
the Money Trust and the Kings q
Finance have been baked n thelf
contemplated programme OF preclp-
itating panic for their own per
sonal gains.
One of the Secretary's first acts
was to promulgate an order requlr-
ing on June /, 1913, all government
depositaries both active and inactive
to pay interest at the rate Of two per
cent per annum on average monthly
balances to be crdelted seml-an-
nually, January and July OF each
year. Under the Republican regime
the national banks and deposltarles
were not required to pay interest
OF these vast sums, totaled as hlgh
as Si88, 100000. the government had
never received penny and has lost
in the past twenty-slX years more
than s36,OOO,000 It has been estl-
mated that from this reform the
government will receive a return Of
more than a million dollars annually
in interest.
The policies and reforms inaugu-
rated by Secretary McAdoO seem to
be marvellous as cOntrasted with the
record of the Republican admins
IratiOn, and to recite each OF these
progressive departures would re-
duire more space than IS at our dis
posal, but it may be said that the
most effective blow administered by
Secretary McAdoo to the money
power was contained il the an
nouncement that the government
stood ready, should the necessity
arise, to put into circulation emer-
gency currency to the amount Ct q
half billion dollars. This blow was
staggering to the Kings Of Finance,
who had plotted financial panic,
and reinstated confidence with the
assurance that the money sharks
would not be permitted to loot the
public.
And there may be added to the
credit Of Secretary McAdoo the act
providing the relief for the speedy
movement Of the crops ID the West
and the South, which had been
strained, as in the years past, when
money was purposely withheld and
controlled over the lifeblood OF
business
When calm and dispassionate
view Of the conditions prevailing
under Republican domination are
contrasted with the policies and re-
forms Of the Treasury Department
of the United States Of today, the
people, regardless Of politics, should
rejoice. Not only should they be
exceedingly glad, but they have been
shown by demonstration that finan-
fiaI panics will not be tolerated with
Secretary McAdoo's hands on the
moneybags Of the United States.
From this reform alone the money
hoarders are poWerless for evil, and
as confidence is being rehabilitated,
the money strain, enforced for pur-
poses Of speculative greed, is being
relaxed and in a little while money
will be obtainable at reasonable
rates for all legitimate purposes.