The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-07
Too Much Tinkering,

Too Much Tinkering.
An eSpedient OF very doubtful wis
dom was resorted to when the cmer-
gency currency act was amended so as
to enable Southern cotton growers to
obtain cash for part of their crop
and at the same fine hold II for higher
prices than are likely to no afforded
for a long time TO come, as a result of
the European wars destruction of the
export market for cotton. The amend
ment opened the door to vast variety
Of crazy schemes for the conversion Of
property into forms of money by the
aid Of the Government.
As II was. the original plan OF the
amendment was enlarged 10 admit other
Southern staples. notably tobacco and
naval stores, as underlying security for
emergency currency issues. II might
have been foreseen that this particular
undertaking by the Government would
encourage the revival of all manner of
bedlamite decisions. specimen OF
which was illustrated in n speech de-
livered Mt Fort Worth. Texas. the other
day by the president Of the National
Farmers Union in the South, one c. :.
BARRETT,
The Government having gone so far,
he thought that 1t would not be din
cult to get it to go further and make
an actual direct valorlza ton OF cotton
by buying a fourth or fifth of the
total crop. In urging the cotton grow.
ment he delivered himself Of the FOL.
lowing touching sentiment:
"The South Is in the saddle at WASH
ington and the South can do whatever II
wants. The boys at Washington will do
whatever you tell them to do II you give
them to understand you mean business"
We should imagine that publicity for
this utterance would be enough TO frus-
trate any further designs which the
economic tlnkers of the land may have
toward Congress. At all events. 1t is
one Of n number Of indications recently
presented that the time is ripe for an
official declaration by the party in
power in Washington that henceforth
in tamperng with the economic ma
chnery of the land, however distress.
ing the emergency with which the Eu-
ropean war has confronted finance and
business.
The pellmel with which legislation
intended to establish an American mer-
chant marine was introduced has led
TO an astonishing conflict between ex-
listing laws and the new measure, but
has developed contradiction between
the transfer of registry act and the
Government ship purchase bill. The
project to have the Government buy
large amount Of silver for the bene-
fit of mine owners has no more to
commend II than the Barrett plan To
have the Government buy cotton. The
whole danger which the country Is
running at Washington Is eXemplifled
by the speed with which further amend
ments to the banking and currency laws
have been rushed into Congress.
1t Is understood that the Federal
Reserve Board passed on at least some
Of the changes in the Federal reserve
act which Senator OWEN has just pro
posed. To that extent they may he
considered as warranted, but it Is worth
asking If the extraordinary discretion
AIRY powers which the Federal Reserve
Board will have over the country'S
financial organization will not suffice
without putting hurried patches on the
new banking law. The opening up OF
the process Of amendment Is an incen-
tive to the promoters OF financial un-
soundness to work in amendments OF
their own.
For our part. we are very much In
clined to think that there should be
now rather complete suspension of
emergency legislation at Washington
until the Federal reserve banking sys-
TEN has been set up and the governing
hoard has had chance 10 exercise the
large authority with which 1t Is vested.