The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-27
committee rhn efrect Of tho hIn IL |. a,

committee. The effect Of tho bill, II Il as
passed I'm anything like it's present form.
will be TO tie up all economic develop
mont dependent on railroad financing to
the Interstate Commerce Commissions
pace OF progress, and the commission has
shown itself in the supervision of rates
to have a ponderously sluggish momentum
more likely TO be productive of business
disaster than benefit.
Here then is tho outline Of q financial
and business environment OF influences
apparently calculated to perpetuate II
not TO Increase depression, and yet there
is another side to the situation Econom-
ically conditions are sound In the United
States. far better than In most countries.
Values OF all sorts are sufficiently
grounded on the bottom TO establish a
basis for recovery II incentives and en-
couragemelts are vouchsafed.
In few weeks more Congress will be
through with It's extraordinary session
and the worst about its record will be
known with no probability that any more
stupcndous governmental experiments
will be projected IN the field OF business
cndeavor for long time to como. On
the contrary, the reasonable likelihood is
that as the representatives OF the people
break UP their exclusive and detrimental
contact with each other and come into
contact with the people themselves they
will find that public opinion is set in the
direction OF a modification of the expert
merits already undertaken. Tho great
Eastern rate case will be out of the way,
and II the finding OF tho Interstate Com
mcrce Commission has not been regarded
as too unfavorable to the interests of
capital its Influence will not be opposed
to the prospect for business and financial
bctterment
II agricultural conditions do not undergo
serious deterioration. so that by the
end OF August or in. early September
there is a fairly assured promise OF satis-
factory crops. and n at the same time the
political signs point to such n landslide
against tho Democratic party in tho
November vote as Is now unquestionably
betoSrncd. this combination OF fnctors
should suffice 10 start slow processes Of
economic recovery. More than anything
else. evidence that tho voters are wearied
OF the protracted antl-business crusade of
politics and disposed TO compel some
retreat from the political invasion OF the
domain Of business enterprise VIII pro-
vide impulses to that recovery OF con-
hdence which In the chief business and
financial need OF the day.
Nevertheless so hopeful q vdew must
be qualified very decidedly by tho pro
vtso that we arc not involved in com
phcattons on account of European
troubles resulting from tho grave ton
eions abroad. There IN no need at this
moment for making a detailed review
of European affairs. II suffices to say
that because OF various economic break
downs in distant countries the prolonged
financial strain centr1ng at Paris has had
omnous contingencies II thsre should be
any further serious breach OF Europc's
peace, although even in this respect there
are certain guarantees against the ex-
tremely disastrous consequences of an
outbreak Of war in the European South
east Liquidation has forced values 20
discount occurrences even In tho cate
CORY OF accident, and furthermore the
worlds economic situation Is such that
the law OF -preservation Is compelling
capital instinct!vely to prevent or checl;
declining trends which unimpeded could
precipitate all around collapse.