The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-05

INV VI 1910! Wnat elSe OiCtate0 1ne
provisions for collection Of the income
tax at the source Of incme7 Was not
the basic conception Of last years
currency legislation the notion that
credit was commodity which had
been privately monopolized and per-
rerted to vicious ends, wherefore II
was necessary to erect the Government
money trust Illustrated by the Federal
Reserve Board2 What but the carry
Ing out Of this conception Is denoted
by many Of the expressed prohibitions
OF Pujo!stic sort which were inserted
into the Federal reserve act?
Does the new programme OF trust
legislation signify anything save the
political belief that corporate manage
nents have been crooked and that
corporate enterprise can be redeemed
from crooke,lness only by abolishing
common sense relations called inter
locking dlrectorates. by granting a
blackmail!ng franchise to financial ad.
venturers to pursue corporations with
litigation, AMI by other means Of grace
such as the creation Of Federal
trades commission to 60 smelling
around for rats" in corporate quar-
tersT The new atmosphere suggested
by President WILSON'S forcible derrip.
tion Of the functions Of the proposed
trades commission is not one which
business men can breathe without a
severe struggle. but business men
doubtless have their reasons for main
taining silence respecting the forth
coming legislation after all the evil
dence supplied TO them that politics
views them with suspicion which
might discredit their testimony.
Perhaps a substantial proportion Of
the reasons for business reticence IL
furnished by the proof already given
Of the weight which the evidence OF
business experience has on contempt
rary law making. 1t Is pretty we'll
known to-day how little Congress was
Influenced by the testimony of bust
ness men when the tariff was under.
going revision. They were called
lobbyists for their pains. aud II IL not
OF record that they were allowed 10
utter themselves TO any appreciable
extent when the income tax meas sure
WAS being deliberated. As for cur.
rency legislation. IL seemed 10 he only
necessary for the ablest members OF
the banking community of the country
to venture suggestion TO have It
promptly condemned rs the unmistak-
able dictum Of oppressive greed.
Rather curiously. perhaps economic
ability generally. as demonstrated by
recent American economic history. has
almost persuaded itself that Washing.
ton OF all places has no use for II and
Congress does not propose to be guided
positively by the thought OF able bust
ness men and bankers. Instead !,
seems to have been borne in on the
business mind that Congress is very
apt to guide itself negatively by any
attempt Of corporate interests to as
sert opinions about new legislation.
Especially has this appeared to be true
~ the business community In New
York city. which has become pretty
well convinced that Congress would en-.
terrain New York ideas only for the
purpose Of acting exactly counter to
them.
Anything Won say may he used
against you" Is the warning which
business generally and business in New
York In particular seems to hear from
congress. accompanying the bland in
'imation that business men might like
to take the witness chair Mt the hear
ings on the trust bills. The conclusion
from this could very easily he that
II business says nothing and avoids
Congress will he deprived
Of an excuse for making the new leg
islniion worse than II Is in the present
prospect.
On May 81. 1919. Governor woopRow
WILSON Of New Jersey delivered an
address at the Economic Club I'm this
city. Among other Interesting things
he said; Just So soon as the business
NJ this country has general, free. well
com" access to the councils Of Congress
all the friction between business and
politics will disappear" President
WOODROW WILSON has announced the
Of this friction. but the
result seems 10 owe nothing to the
between business and Congress
which IN 1912 was regarded 40 the