The Washington herald., 1917-08-17

ClearinCs amounting to a little over
( 81 ,00O go 600, it was necessary TO
pay Sl2LI8,GO. This proportionately
| large balance would, of itself tell a
story of unusual financing. 1t has
always been the hope of the clearing
house officers that they would be able,
some day to report that exchanges
4 substantially balanced. The late Will
| lam Camp when he was manager of
the clearing house association was re-
joiced to report that on one day when
| the exchanges totaled somewhat in
| excess of 5000. 000, 0oO there was only
very small cash balance of a few
| thousand dollars to pay. When trans
actions represented by checks that
! pass through the clearing house are
based upon actual barter or sale of
| commodities then the chances are
| that balances will be very small. II
is an ideal condition when the credit
side and the debit side practically are
equal. For that would show that
commodities had been exchanged
upon equal terms. But heavy financ-
ing. such for instance as the pay
ment of the ninety-siX million dollar
check drawn by J. P. Morgan G. Com
pany to the order of the Canadian au-
thorties is reflected in clearing house
transactions, because the balances
/ are likely to he much larger than at
any other time.
A few days ago Henry Bruere who
was at one time city chamberlain Of
New York returned from a consider
able sojourn in Mexico, where he went
| because asked by Carranza to visit
| Mexico for the purpose of studying
the financial and economic conditions
and then to give advice respecting the
reorganization Of Mexican currency
and taxation systems.
Mr.. Bruere soon after his return
to New York, confirmed in some meas
ure statements contained in the book
The Mexican Problem" by c. w.
Barron, of Boston, who visited Mex
leo last spring for the purpose of in
vestigating conditions there. Mr..
Barron's book was published only
few days before the return from Mex
leo of Mr.. Bruere. Both agree in the
view that in the stupendous resources
of mineral oil which Mexico possesses
in the Tampico district may be found
under wise development and admin
/ istratiOn the means by which Mexico
can at last regain her credit and Sc
cure sound economic and financial
conditions. In view of the fact that
the government at Washington is SER
| iously concerned over the crude oil
situation in the United States and
the danger that the supply Will with
! in a year be inadequate to the needs
of the government, it is suggested by
Mr.. Bruere that some means be taken
whereby there can be extensive de-
velopment of these prodigious oil re-
sources 1t will require the assistance
of a strong Mexican government as
we'll as American capital. The cap
| ital can be secured, provided the men
! of capital have faith in the ability of
Mexico to protect the territory and
| sufficiently to aid in its development.
Occasionally comment is heard in
| the financial district and sometimes 8
| by business men that President
Wilson seems utterly to have ignor-
ed the Vice President, who, were
anything to happen to the Presi-
! dent. would become his successor.
There has even been publication of
/ this curious isolation, for it is deem
| ed important that the Vice Presi-
! dent should know, in a general
way, the policies of the President,
| if he has any. The suggestion has
( been made that the President in
/ vite the Vice President to attend
/ some of the Cabinet meetings. But
/ the same objection to that plan is
sure to be made by the Senate as
/ was the case when President Zach
Gry Taylor sought to have Vice
| President Fillmore become eX-
/ officio a member of his Cabinet. In
the winter of 1892 Hannibal Ham
lin, at the time of his last visit to
! New York. from his home in Maine.
said to the present writer, that
many times President Lincoln sum-
moned him into confidential CONSUL
| tation at the White House outlining
| in those consultations some Of his
policies, with intent to have Vice
President Hamlin well informed in
| case anything happened to Lincoln
himself. In that way Vice Presi-
dent Hamlin without the knowledge
of anyone but himself and Presi-
dent Lincoln. gained an excellent
idea of Lincoln's plans and would
have been well fortified to assume
the Presidential office had Lincoln
| died before the expiration of the
first term.