The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-25

the last decade Tho situation IN Paris
10 similar. but worse. For such condi-
tions supplies Of gold. the reserve basis
| Of credit. are about the most helpful
contribution toward relief that can be
made. II we are helping Europe at the
present juncture We are to that extent
| helping ourselves through the assistance
rendered In averting abroad a disastrous
unsettlement such as must reject seri-
| Jusly here.
| There seems 90 far to be more uneas,-
ness and apprehension In Europe than
| real disturbance, and n foreign finance
gets well into the summer without ortiz.
| cal trouble there should thereafter %
some movement toward recovery For
that matter while trade In Europe 10 eeao-
| tlonary business abroad seems even now
| to be better than II 10 here. ana TOR an
| explanation Of this II will probably be
| necessary to consult the essential diner
ences between European and American
politics.
Our business men are unauaiinediy dss-
tressed by tho apparent purpose OF gov
ernmentai activities and political pro-
erayornes to put all manner OF statutory
restraints on business ability ana bureau
cratic obstacles In the way OF business
enterprise This IL something which 10
certainly managed better abroad. In Eu-
rope II In made clear to men OF anairs
that tho Government will assist ability
In every way to make the most sxpaA-
siye use OF legitimate business opportu-
nifty, but will make II pay Handsomely
through heavy taxation for the pronts
which ability In privileged 70 satner.
Here the political aim seems TO Increase
the burden OF taxation on business abii-
ity while at the same time placing II IN
straitjackets Of regulation ana prevent
ing natural evolution OF the business
organisation in the direction or inteih-
gent combination.
should the New Haven inquiry have the
consequence Of acceierating plans At
Washington to hurry to enactment iot
Of hastily compounded laws for the gov
eminent OF business endeavor II would De
regrettable. AZ II stands the case OF the
New Haven Is tragedy. but II ID
tragedy which can be made worse oy
using II as an arsumen, IN oenan
tremendous governmental invasion or the
business field. People to-day arc TOO
near the New Haven tragedy itself 10
allow themselves to be carried away by
IL into hasty and therefore III ADVISED
action. Nor has sufficient time elapsed
to estimate properly the New Haven his
tory The Mellen testimony has been sadly
picturesque. but II should be noted that
this testimony has served rather to con-
vey an Impression than to add anything
essential to tho knowledge which existed
regarding the corporate mistakes OF
past that Is irrevocable. OF conditions that
can never be duplicated, 80 extensive
ia the change which public opinion has
wrought In tho conceptions or the duties
owing by corporations to the public ana 70
corporations by tho men who hold trustee
relations 4
There was altogether too much that
was singular and exceptional In. the man
agement OF tho New Haven railroad In
the last decade to mako II basis Tor
n
time must put through the Administra-
tons programme OF sweeping change In
the lines OF business legality and condi-
tons OF business effort The arguments
against hasty action are In no whit weak
ened by the case OF the New Haven and
public demand for business hampering
legislation 10 nothing like as strong as
the hubble protest against q further early
subsection OF trade and Industry TO the
novelties Of legislative experiment when
business has already 80 many readJust-
ments to make and Is already 10 much
depressed by tho necessity Of read1ust'
ment.
IL the evidence OF the Pennsylvania prf-
maries last week that a popular revuislon
ia under way against too much political
progress all at once Were II not Tor the
dangerous degree Of doctrinaire fanati-
cism which the Administration has exhio-
tied, q fanaticism peculiarly iliustrateo
by the aegressiveness OF Its sympathy
with the French revolutionary aspects
OF the Mexican upheaval. II might be
taken for granted that business anxietss
would prevail upon Washington ana cause
some modification OF the legislative pro-
gramme.
Yet II a full measure OF politics has to
be endured this year It will probably APP
pear that finance and business Will seek
to make the best OF the conditions vouch-
safed. So far as tho financial community
Is concerned II can hardly DO described
a. pressing forward TO the realization
OF the prosperity portrayed in the propa-
sandas Of a bodi,ess idealism. but finance
is not seeking to impose any drag on the
realization OF this prospect 1t Is not
hanging back and Il still sees possibili-
ties OF fundamental encouragement In the
Eastern rate case. the crop situation ana
the early provision Of new banking facili-
ties.