Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1914-06-11
Passing Impressions Of Finance
By Il. L. Bennett

If, in our quest of what has caused
busines to suffer from so many sink
ing spells recently, we dig no further
than the surface symptoms. we can
remain content with the explanation
advanced by President Wilson that
the trouble has been and is still mere
ly psychological. Unfortunately, the
average business man holds different
view. His lean purse and the increas-
ing difficulty he encounters in making
a decent profit, tells him in an I'M
pressive and more matter of fact way
that there is something wrong. No
amount of faith in an opposite view
can correct the condition. 1t is conf
dence that is missing. AS long as in
dustry and commerce are uncertain,
and to the extent that Mother Grundy
down in Washington threatens to
regulate them, they hesitate to forge
ahead.
AS long as the political diagnosti-
clans keep stirring the agitation pot
there is slight hope for an early re-
covery in business. Regulation is a
good thing; so is a good piece of
steak. Either. however. can be over
done. Regulation within reason is
helpful and constructive, but the very
moment we endeavor to regulate al
most every human action, 1t is almost
certain that we shall bind human
energy with so many things that 1t
viii be unable to move about. A starv-
ed individual will regard savory
steak as if it were Mamma from above,
but allow him to gorge himself with
out stopping to acquire another ap-
petite and a stomach pump will be
needed for his relief. The simile may
be a little drawn out, but it has all
the elements of truth.
The Seven Sisters" bills which put
New Jersey prominently on the pol
itical map and placed her most emf
nent son, Woodrow Wilson in the
White House, have worthy imitator
in the antitrust bills which the
President is sponsoring and which the
lower house has passed almost with
out opposition. 1t now remains to be
seen what action the Senate will take
on the bill to regulate big business.
The measure did not go through as
originally designed for at the last
moment the friends of labor secured
the ascendancy over the minds of the
members of the House of Representa-
tives and the section which made la
Dor and the farmers amenable to the
terms of the bill was eliminated. Not
in many years has Congress stood be-
hind such a piece of class legislation.
where one class of men must submit
to an enlargement of national polio
ing whilst another class is allowed to
go scot free. Such laws are not just;
they are inequitable.
Amid all our travail there is at
least a grain of comfort in the knowl-
edge that Congress must soon adjourn
and for few months there will be
peace and freedom from agitation.
After that comes the election which
may put a different political complex
ion on the next national assembly by
replacing many of the theorists and
dreamers with more able balanced men
who do not always think that the
whole business structure is fabrica-
ton of rotteness. The New Haven in
quiry is near an end and we shall not
have to listen to one big rich man
calling another big rich man: You're
"a l-etc." We are also getting nearer
to some decision on the rate increase
question which the Commerce Com
mission has taken almost a year to
decide. Beyond that looms up more
encouraging than any other favorable
sign the prospect for a generous har-
vest so that If the present portends
read Alright the last Lalf of the year
may develop into a real business
boom.
The warm fight now being waged
between the Toledo City officials and
the local traction company over the
question of a three cent all around
fare is beginning to attract national
attention. Especially for the owners
and operators of public service cor
porations is this contest of more than
passing interest as 1t involves prob
lens which some day or other they
may have to face and on its out
come they will have to guide their
policies when in a like situation.
Henry l.. Doherty, the president of the
Toledo Traction Company, is fighting
tooth and nail for what he contends
is but a square deal. He is the Sir
Launcelot of the public service inter-
ests of the country the man daring
enough and willing enough to go to
the front to battle for their rights