The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-09
More About the Warburg Episode.

More About the Warburg Episode.
Every banker in the country should
he prouder of his profession for the
dignity with which Mr.. PAUL NJ WAR
BURo has maintained It's best traditions
against the effrontery Of political ny
pocrisy. 1t il all very well to say that
in a democracy one who has been deslg-
rated for public office should not be too
thin skinned, but 1t was time for re-
buke such as Mr.. WARBuRG has admin
istered to the political conceit which
has seemed to regard every mans af-
fairs as public property.
Too many able citizens, anxious not
to offend popular opinion, have sub
mitted to the lmpudent assaults and II.
tolprable pryings Of shallow Drained
Jacks in office. Mr.. WARBrRG. who was
rot in the ordinary sense n candidate
for membership on the Federal Reserve
Board. rcsents an effort by a committee
Of the United States Senate TO enable
certain Senators ut his expense TO pose
In their constituencies as foes OF Wall
street. and 1t IS swiftly revealed thar
public opinion heartily commends him
for the stand he takes There must he
some mighty uncomfortable Senators
in Washington as they hear the pro
tests arising all over the country against
the Senatorial course of folly which
has probably cost the nation the ser
vices of man who could render in
valuable aid In the establishment and
early operation Of the new Federal re
serve banking system.
THE Sun has no doubt that Mr.. WAR
BURG will be more than contented to
remain in the useful station in private
life where he has won the esteem OF
all men who know anything about him.
The trying circumstances which have
combined to keep him out OF public life
bavo also brought to him the compen-
sation Of the nations expressed dlssat-
isfaction with the treatment which he
has received in the Senate.
There seem to he no defenders OF the
notion. entertained by some suspicious
Senatorial sniffers of the Wall Street
atmosphere in which Mr. WARBuRG has
moved. that he was n fit subject for the
practice OF the stupid discrimination
which singled him out for an unusual
Investigation, not TO determine his ac-
knOwlcdged qualifications for n super
visor OF the new banking organization,
but to make him the excuse for an in
sulting attack on his business associ-
ates. On the contrary. the witlcss work
OF the Senate IL receiving widespread
condemnation. which Is consolatory
tribute to Mr.. WARBURG's character. but
there Is no comfort for the country in
the loss which indulgence in the politi-
cal pleasure OF another crusade against
Wall Street has cost the nation.
In these days, when Government is
asserting more and more control over
trade, industry and finance it is peril
Gus thing IL there IL to be a dead level
OF democracy above which men of char
acter anu capacity will not be permitted
10 rise TO place and power. The hope.
fuI feature OF the Warburg episode Is
the Indication from the expression of
public opinion that American citizen
ship is still too intelligent to counte.
nance a declaration that there is no
room In Uncle Sans employment for
men HS honorable and able as they
hnV" been successful, II may no, ne.
cordlngly, that the sacrifice Of NJ
WAEnUBG will make II easier in the
future for the country to avail itself
Of The resources Of brains aud expert.
"nce which private life can contribute
10 The lnb'Ic service.
So far IS concerns the Federal Re
serve Board anl ihn fuN"lionln- Of the
now banking system We would not
care 10 say that Mr. W,PnuR0's ap.
poinlncnt was indispensable Ia tho sat
isfact0ry outcome Of the great oyneri
ment What is needed TO Insure this,
however, is n controlling body whose
average of courage ana knowledge
would be materially raised by even one
man OF Mr., WARRl'RG's callbrc Both
! courage aud ability Of n very high or.
der are going tn he required of the
Federal Reserve Board to guard the
new banking system against the dan.
gers Of disaster which threaten in the
very nature Of It's tremendous depart.
ure from the lines OF legality that
have made the American banking struc.