The Washington herald., 1914-04-19
ruin FOR nation
in Pending BILL
"Anti-Business" Issue Spells
Certain Doom, Declares
B. c. Forbes.
DEPRESSION In EUROPE
New York Writer Says that Railroads
and Other Industries Can Stand
No Further Burdens.
DEPRESSION IN EUROPE
u. c. FORBES,
In the New York American

New York, April 1s.-J. P. Morgan once
said: The man who is a bear on the
United States will go broke"
Unfortunately that gospel has been
sadly dIsproved during the last year or
more. The people who have been pun
ished most are those who had faith IN
= their country, faith in its soundness'
fsith in the stability Of its industries,
faith in its institutions, and faith In the
Democratic administration.
Tbose who have Jared best are the men
Of affairs who stuck TO the dictum: The
Democrats always spoil business.
The country today is not prospering.
L. c. c. ..Preparing Bomb"
Not onIv has a chaotic, hydra-headed
anti-business bill been presented to the
House with the ADMINISTRATORS approval
ana with the taciturn declaration that
Congress must make up its mind to pass
the measure but understand the Inter
state Commerce Commission. with an un-
timeliness that is appalling, Is preparing
70 explode more bombs to wreck the
standing and reputation OF certain very
large railroad systems.
Now nobody would dream of defend
ing the past behavior Of many railroads,
and, doubtless, the Interstate Commerce
Commissions detectives have swept some
material into their muckrakes.
But is this time to explode bombs?
Is this time to precipitate disaster?
Is this a time to frighten millions
of investors into sacrlnclng their saw
ings of years?
Is this a time to do aught to throw
more men out of work and more fam
flies into distress?
Do we need more tearing down OIL
do we need a little building up?
Time for Adjournment.
Does washington exist to wreck en-
ployment or to upbuild it?
Things are bad enough already, both
here and abroad, without willfully be-
deyiling them by senseless attacks by
government bodies, by threats of i'm
pending onslaughts upon railroad. In
dustrial and mercantile corporations.
Have we not had sufficiency of ex-
detrimental business legislation for the
present? Has Congress not earned an
early rest?
Could it not finish up the matters
already on hand and adjourn, leaving
the country to adjust itself as best it
may to the new tariff conditions, the
new banking system, and the foreign
trade problems which worldwide slacken-
ing of trade, with consequent increased
competition, will bring?
Were Congress to pass the anti-business
bili as published last week, an upheaval
of incalculable gravity could not we'll
be avoided. Some OF the provisions are
absolutely unthinkable, and the whole
thing is so crude. so unbaked. so impos-
sibIe that it were a waste of energy to
dissect it limb by limb and expose its
grotesque defects.
Conditions call imperatively for the
postponement of all anti-business legiS-
lation.
Railroads in Bad Way.
BY fall. let US hope, the country will
be robust enough to Withstand another
bcmbardment from the Federal political
guns.
At present nervousness and pessimism
prevail.
Railroad profits continue to shrink and
probably 100000 employees are now idle.
Lower tariff rates have led to the flood
ing of the country in March with more
foreign merchandise than ever before re-
ceived in the third month of the year
s6.OO0,OOO daily-whie exports showed de-
crease.
The unreasonable Easter weather spelled
retail trade.
So light is the demand for money for
business purposes that the national banks
hold $50. 900 more casl. than year a6o.
and outside of New York loans have not
increased-a striking fact.
Bank clearings are far below last year.
AnO-WOTSI OF dll-lne VI bIe
unemployed and those working only part
time are growing more acute.
Abroad prospects are not inspiring The
chairman of the Cunard Steamship Com
pany on Friday told the stockholders, in
explaining why a larger dividend had not
been declared, that the freight boom had
come to an end and that he believed
emigration to Canada and probably to
the United States would be greatly diInin-
ished."
France and Germany are in the throes
of depression, and minor European coun-
tries are also suffering. Brazil is in the
grip of a crisis, and Argentina is badly
of. Canada is paying the penalty for
overpaid expansion. And the Mexican
volcano is keeping every one on tenter-
hooks.
I'VE look to you of the United States
TO check the reaction and start re-
vival in trade" said D. A. Thomas. the
English coal king, to me last week.
Well, it is for President Wilson and his
advisers and the Interstate Commerce
Commission 10. determine in which direc-
tion this country is to move-forward or
backward.
At the moment It is going backward.
Bp+ should Washington choose to fol-
how the path Of wisdom, there could
easily be an eye-opening rebound.
Why not let Washington know which
course you would prefer it to follow?