The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-08
Are Intelligence and Character at
Discount i'm the senate?

There is humiliation enough for
everybody. for President WILSON. for
Congress and for the people OF the
United States, in the circumstances
which have compelled Mr.. PAUL NJ.
WARBuRG to withdraw acceptance of
the appointment to the Federal Re
serve Board rendered to him by the
President. One of the few supremacy
ut men In the country TO undertake the
task of inaugurating the great expert
ment in banking to which the country
is committed Is obliged by an exhibition
Of political stupidity to remove him
self from the field of consideration by
Senatorial intclects. and Government
in the United State il Knocked anew in
the eyes of the world.
Mr.. WARBuRG's refusal to allow his
name to he trailed in the dust of
political shuttle does not surprise THE
Sun. We indicated last Saturday our
dismal apprehension that this would be
the consequence Of the holdup OF his
confirmation by the Senate Banking
and Currency Committee in order to
prcjudiccs which might be capitalized
to political advantage.
1t was. rs we said then. unthinkab bile
that Mr.. WARBURG, possessing deli
cate sense Of personal honor and no
less concern for the fame Of the bank
ing house in which he is "A partner.
should consent to any prolonged dis
cussion of his eligibility for the office
which the President desired him to
take Agreement to accept the appoint
mcnt could have represented on his
part only self sacrificing devotion to
u high sense of patriotic duty
In the universal regard of those com
petent to judge no better choice for
membership on the Federal Reserve
Board could have been made than that
Of Mr. WARBURG. and it was out Of def
erence to the prevailing belief respect
ing the services he could render that he
acceded to the Presidents wishes. AS
soon as it became evident last week
that the Senate committee was dis
posed to discriminate against him,
there could be only one result lie
certainly would not subject himself and
his Arm to the possibilities Of an in
sulting inquiry under the pretence OF
discovering his qualifications to asso-
cate with JOHN SHELTON WILLIAMS
and WILLIAM g. McADoo in the admin
istrative supervision Of the new bank.
ing system.
II Il man of Mr. WARBURG's character
and attachments cannot win the in
slant approval of the Senate while va
rious mediocrities pass muster for pub
lc Office, the conditions which politics
mas been creating in recent years ar,
Of Infinite menace to the republic. The
Presidents designation of Mr.. WAR
BURG for Federal Reserve Board mem
bershp did more than anything els,
10 inspire confidence IN the salutary
workings of the Federal reserve act
At time when the restoration o.
business and financial confidence on al
accounts is vastly to he desired ii can
not he else than discouraging to mel
of affairs to witness such vicious IF
fectS of politics as have eliminated il
The sorry mess that we are now con
Sidcring.
Mr.. WARRURG has not been Il candi
date seeking office There has rarel.
been "A more conspicuous case of Ofiic
seeking n man. Yet the Senate ha
dealt with him as though his appoint
ment were an ordinary piece Of the pc
litcHl johbing TO which the Senatorial
mind j. accustomed
If all This mcanN that the estat
li''hmcnt and conduct of the country
new banking organization are to he In
trusted wholly to the tender merces o
Comptroller WILLIAMS and Secrctar
MCApoo and such obscure cclebrtie
rs readily win the Senate's indorst
mcnI, hopeful expectations of the 81
GRAFTON of the new financial organize
,Iou Will be materially contracted q
mono. \ still worse impression wi
undoubtedly he made abroad.
h Europe, which has been contcmpa
ing American affairs nSkance for son
time, will hardly he inclined to Il
crease its economic interest IN Il
American future on the strength Of tn
Augmentation of political imbecllt
urltoi