The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-06
FINANCIAL REVIEW
OF THE PAST WEEK
A White House Conference
Which May Be of Much
Significance.
BUSINESS TO BE HEARD?
Need Of Organization to Give
Information on Political
Economies.
BUSINESS TO BE HEARD?

the Chief Executive of the nation and
so conspicuous representative of the
world of corporate enterprise, for the
meeting was inferentially matter of
public concern. That inquiry directed Ia
II did not seek the qualification OF Idle
curiosity was clearly evinced by the wide
spread conjecture that the Presidents ad-
mission of Mr.. Morgan TO an audience
might betokcn n most encouraging change
b. Administration attitudes toward finan.
cial and business interests. Indeed some
warrant for such conjecture was afforded
by the intimatons that Mr.. Moryan's
Visit was at least. in point OF time, the
forerunner OF reception by the President
OF other men OF affairs from various
parts OF the country.
IL cannot make much difference 70 the
President 10 represented rs anxious M
this juncture TO establish contacts which
will enable him to impress upon IN,
leaders OF the trade. Industrial and bank
ing community the salutary Durpose Of
Administration policies and the whole
some desirability OF business acauiescenre
IN the declared constructiveness OF tho
Administration programme Aruiiescenr.
III.
what Is OF more consequence is ma, N
the White House doors arc al last In
SWING open TO other than "A few favored
citizens who approach the Presidential
presence In courtlerlilIe spirit the Presi-
dent himself must gain by tho new
contacts.
To his callers de may impart -he
larger view of affairs deIivable from the
vantage potnt of his lofty Office. but from
them he can gather those practical and
intimate Views of the economic strugrl,
winch ne can never obtain from visitor,
more solicitous of Executive favor or de-
pendent on Executive patronage. For the
accomplishment of much that the presi-
dent wanted TO achieve 1t may have
seemed an excellent policy to put the
Administration IN position OF splendid
isolation from the business community.
but II the President has begun to realize
at last that isolation has its drawbacks
me appreciation shows a hopeful sensi-
biltty to the logic OF pitiless events which
have combined in such a loss of confidence
as American business has not known in
twenty years.
Nothing could be OF better omen for the
future of values than a token of political
recognition that business opinion must be
considered I'm governmental action one
of the contributing causes of impairment
Industry has been the deliberate rejection
during the last fifteen months OF extraor-
binary governmental activity in our own
country OF the advice and evidence which
business men and bankers could alone
supply TO lawmakers and administrators.
The Administration approached its task
with prepossession and prejudice ex-
pressed in n preconceived programme that
has allowed for little elsa than political
flNaNt erhf H.,
Legislation and governmental action
against business experience is a folly
which invites disaster. but follys course
Is followed when politics does not even
consult the experience OF business. The
least businesslike section OF the country
Is dominant in the councils of the party
in power at Washington and the mandates
which 1t believes to have been entrusted
to II have been drawn from minority
vote. IL it has finally dawned on the
Government that 1t has been making a
dangerous omission IN ignoring the busi-
ness ability OF the land, a lesson has
been learned which was worth while even
II II has been costly one for all OF us.
1t is now more than little late to
consult business views, but II is still not
too late to prevent much needless harm
being done. There Is legislation pending
in Congress against the wholesale enact
ment OF which there has come a steadily
swelling protest from all branches OF
manufacturing. commercial and financial
endeavor IL the voice OF protest is heard
in time there is little doubt that the ad-
vice OF practical business will be- Let
Congress pass a Federal trades commits
sion bill containing n set OF very general
instructions as to the scope OF the com
missions work and drop all other bust
ness legislation for the present.
To a principle OF regulated business the
country seems TO be committed. The In
terstate Commerce Commission has be-
come supreme over all forms of transporta-
ton industries. The Federal Reserve
Board at the head OF the new banking
system will come In time TO be para
mount in the financial field A. Federal
trades commission. supervising manufac-
turing and distribuuVe trade, will come
pretty close to completing governmental
ascendancy over American business. -
not this In all conscience experiment
enough for the American people to UNDER
take when our democracy Is so little in
formed about the economic reactions
which may be induced by exciting ad-
ventures in the domain OF political the
DRY?
Whatever happens IN the next few
| months IL is obvious to-day that business
Is confronted by large issues which it
must meet with determination. Politics
is everlastingly on the aggressive and
political aggressiOns in democracy VIII
| invariably assume the form OF destructive
| demagogy unless there is an understands
| ing public opinion. \ The great political
need in the United States IL enllghten-
ment both OF business and OF politics ms
| TO the principles which should control the
relations OF Government to mercantile
and financial affairs. Politics Is desper'
ately ignorant and business as Who'll,
has only an empirical knowledge
There In nowhere discernibe an intclll
gent perception OF the nature OF tho rect
| procity which must obtain between Gov
| eminent and business to conduce to pros
perity. There IL only an experimental
struggle toward the establishment of new
relations and out OF experiment principles
may evolve, but AZ this immediate mo
ment II Is doubtful II anybody could tak'
"A sheet OF paper and draft the funda'
mental rules on which right governments
action In the business field must be based
The time clearly calls for just such ar
organization OF business men as thai
which has recently been advocated will
much force by Frank A. VANDERBILT
| and the response to his utterancos shows
| that the country Is ready for an associa
ton the first adm Of which should he &c
, discover and formulate those essential re-
| ignorance OF which we cannot expect tC
have anything else than what Col. Roose
| volt has aptly called Government by con
| vulsion" Once the true principles whicr
should underlie governmental action witt