The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-08

III AFAN ttAA'IAH iA''h WV -
busines experience could not approve
and much that ~ must condemn.
Never has there been an Administra-
ton which has projected Government or
politics go far and so widely Into the
domain OF business endeavor. In W
years Il has started n Wholesale politi-
cal experimentation with business. and
the President may well say that the
business community has now a time OF
calm and thoughtful adjustment before
II. disturbed only by the European war"
What Congress has done In the way
of marking out new lines OF Legality
for business might call for years OF
adjustment. so radically have the condi-
lions Of business been altered by statute
to the extent that statutory law can
alter them. On This account relief owe
the adjournment OF Congress is very
much qualified. Although there may
he no more now radical lawmaking az
fecting business during the lifetime OF
the Wilson Administration and although
the Sixty-third Congress IL deaf its
works do follow Il. The evil that II has
done is likely to live after Il. even
though the good nay not be inferred
with its bones.
Work Of Congress- SUI married.
tNlNl'ltNN tNAE laNb bFfn ~ 81
times. ready "a concede that the Wilson
Administration entered office with a
mandate to leglslate reforms IN the legal
conditions of business. but n review al
the Federal legislation OF the last two
years indicates that reform went too far
In almost every direction. This was be
cause Il was guided by ignorance OF
business facts. informed by class end
sectional prejudice against the modern
development OF business enterprise and
tainted through and through by con
tempt for business experience. Re.
vision OF The tariff was too drastic. The
Federal reserve act. the one great con.
structive 81 Of the Administration
could not have been passed hut for tn,
persuasion OF many Of the lawmakers
thai Il dealt q deadly blow al the so
called money trust" and misconcep'
tom about the nature OF financial en-
deavor have been embodied in the nov
banking and currency system.
The statutes experimenting the anti
trust law DO NOT clear up the busines,
field. They make II more obscure unit
tho new laws have been construed h,
the courts and meanwhile a third ON
nipotent business regulating body. IN,
Federal Trade Commission. has beei
added TO tho political impedimenta whicl
Interstate must carry. II 4
to tho credit OF the Administration tina
II has adopted an attitude toward N,
railroads which Inakee for the lessenini
OF regulating oppression. but much OF III
excellent Impression produced thereb,
was weakened when political cons'dera
tions obviously intruded In the establish
ment OF the Federal Trade Commission
A symptom OF the political mania 70
meddl.ng with business vas unmistak
ably exhibited in the cotton futures &C
and In the seamen's bill. which anon
other things aimed 20 impose Washing
TOMS political theories on foreign coun
tries.
A substantial portion of the legts'a
ton which the S.xty-third Congress pu
through Ia undoubtedly OF abiding valu,
but IL Is no more TO be doubted tha
In time 20 come II will AVE TO be mad
practicable and workable by process
OF amendment. The trouble Is that bus
ness IL the victim OF the unnecessar
experimentation which will denons.ra'
the necessity OF amendment Nor 1
summing up the political factor In bus
ness should the extravaganza OF Cor
sress he overlooked.
In the two years Of its existence
appropriated an aggregate OF about Nv
and a quarter billion dorars. an III
~precedented distribution OF revenues d.
rived from increased taxation. althoug
the party IN power was pledged
economy. Moreover Congress adIourns
: without taking STEPS 10 deal witt y
Treasury crisis which In almost SUI
; 10 occur before the end Of the year.
Ia true that the Government can ha'
recourse TO the sale OF Panama Can
!, bonds 20 replenlsh the Treasury. h,
, after all there II no occasion FOR col
| graduation in the capitalization OF y
canal. Had our national fiscal polio
, been buslnessTike In recent years u
: country could have had the envtable dil
} ~tinction OF charging OF h canals COS