The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1916-09-27
Which Confronted Pres
ident Of Country.
QUICK ACTION WAS DEMANDED
In Each Instance-The Railroad
Strike Is Compared With
Panic Of 1907.
THE ONLY THING To BE DONE

MOSl OI inc CTltlCtSHl VI TIE fTtSi'
dent and Congress for preventing q
railroad strike by the only means
available is either so maliciously
partisan or so fsolishly short-sighted
that it hardly merits serious consd.
Grafton.
This is not the first time that ex-
traordinary conditions have necessi-
tated resort to extraordinary
measures, and that it has been nee
essary for the Government to serve
private interest in order to protect
the public interest.
In the year 1907 the United States
experienced one of the most disas-
trous panics of its history. Years
were required to liquidate it.
In the midst of this panic Presi-
dent Roosevelt placed the resources
of the United States Treasury at the
disposition of J. Pierpont Morgan
and a coterie of New York bankers.
Some of these men We're imme-
diately responsible for the panic, in
the sense that it began in their de-
termination to crush Morse. They
did not intend to have a panic, but
they loosed forces that they We're
unable to control.
When the panic became fact,
however, there was no time to waste
in fixing responsibility. The thing
to do was stop it. The quickest way
to stop it was to turn the Treasury
over to Mr.. Morgan and his asso-
ciates and let them re-establish the
market. This was done.
In theory there could be no act of
government more reprehensible NOR
ally. legally and politically than to
put group of Wall Street bankers
into physical possession of the Unit
ed States Treasury. No sane man
would think of defending it as an
established policy of government.
Nevertheless. there was no other
method Immediately available of
meeting the crisis. The United States
had an Anticipated Banking and
Currency Law which encouraged
panics, and the situation had to be
met without an hours delay.
The panic was stopped. Mr.. Nor
gan and his associates are said to
have made fortunes out OF their op-
erations. and probably they did. 1t
could not have been otherwise. but
their gains We're small in compari-
son with the losses the country
would have sustained if the panic
had continued even a week.
Out of this situation, however,
came the public sentiment that final
ly enabled President Wilson to OBJ
tain the enactment of the Banking
and Currency Law which has made
the United States panic-proof.
The country confronted a similar
situation of disaster in the threaten
ed railroad strike. The President
and Congress took the swift and
sure way to avert it. In itself this
legislation is not defensible. but as
an emergency measure 1t was the
only common-sense course to take.
Out of it must come a code of la
Dor legislation analogous to the
Banking and Currency Act. That
code will not be adopted in week
or in month, but it will be adopt
ed. The machinery has finally been
set in motion.
The main difference between Mr.
Wilson and Mr.. Roosevelt in these
two crises is that Mr. Wilson took
decisive measures before the dam
age had been done. and Mr.. Roose-
welt waited Until after the damage
had been done.
The President and Congress saved
the country from civil war and
gave IL time for calm, dispassionate
action to prevent a similar crisis in
the future. What would be the
state of affairs in the United States
to-day if less prompt and effective
measures had been adopted by the
Government? That is the complete
reply TO all this irresponsible criti-
clsm.-[N New York World.