The Washington herald., 1917-11-09
NATIONS MAY
Retain LAWS
MAIDEN WAR
Holland Quotes Wicker
sham on Autocratic
Government.


General In the administration of
President Taft, delivered q speech a
few days ago at a private occasion In
New York which was deemed Of such
Importance that IL was thought
worthy of publication. substantially in
full. That publication was made yes
terday in the bulletin issued by the
Merchants Association Of New York
: City.
Mr.. wIckersham in a most impress
sive manner and with great earnest
ness called attention to the fact that
the people OF the United States are
now living under the most autocrauc
form Of government that exists any
where in the world.
Tn people. he said. have surrendered
their liberties, have concentrated into
the hands of the government IN
Washington powers which heretofore
they held exclusively as individuals
and are perhaps in the future to be
still more vigorously governed by the
autocratic method which the exigen-
cies OF war have made II necessary to
adopt.
Entire Country submits.
There is. however, Mr.. wickersham
said, a great difference between the
today respecting their personal hber-
ties and that OF the people who live
under acknowledged autocratic gov
- ernment The American people have
willingly, without protest, surrendered
their Individual liberties and from
one end OF the country to the other
no complaint that Is worth needing
appears to have been made by any
enc.
Furthermore, after the emergencies
which made It necessary for the gov
ernment in Washington to obtain from
Congress autocratic power unsurpass-
sd by that OF any other government
have passed, there Is not the slightest
doubt that the liberties which the in
dividual heretofore has enjoyed with
respect to trade, commerce, consump-
ton Of food and manner Of living Will
be swiftly returned to him.
- Many of those who heard the ad-
dress wondered whether the state
ment made by Mr.. Wickersham will
not upon an analysis explain some OF
the rather depressing features asso-
ciated with the securities market at
the present time.
First OF all, there has been a ma
tion-wide and almost complete change
in American industry and American
finance and this has occasioned con-
ditions which the people are facing
without complaint. but to which they
will be compelled to adjust them
selves. The wonder is whether part
Of that adjustment is not reflected in
he depreciation in the market values
r Of securities of various kinds
Enormous Expenditures.
In addition to this the people are
beginning to realize that the govern
ment is now spending approximately
80, 900. 900 a day on account OF eX-
oanses entailed by our entrance into
The war. This expenditure greatly af-
sects industry for 1t is in great
measure payment made to American
Industries for various material, equip
ment as we'll as transportation, all.
however. to be utilized for war pur-
poses.
In addition, the government is now
:aking over the control Of food and
will presumably extend that control
until food is absolutely in the posses
zion as far as purchase and distri-
sution are concerned, Of a small group
Washington.
The people have not complained OF
his and the most gratifying way in
which they responded to the house
% house canvas for pledge to con-
Ierve food is proof that they are
.heerfully aiding in this way the gov
.rnment control OF food. Neverthe-
ess, action OF this kind must tend
temporarily at least to affect the
prices OF securities.
Railroads and Government.
The railroads OF the United States
faA ftr7fF
= permitted. The coordination Of
he many railroad systems has been
% perfected that the control OF them
in the hands OF five men at Wash
ngton who are not directly under the
equation or supervision of the gov
Tnment, but who nevertheless are
upplementing the other governmental
Undertakings OF an autocratic nature.
he government is also attempting TO
olive the very difficult problem OF
Irice fixing. Whether it Will be 3hlc
o do that satisfactorily or not re-
: Mains to be seen. But one O,
inects OF this effort is undoubtedly
affected in the course of prices in
he securities market
The government mas taken over
Upreme control of shipping and the
ntire industry OF ship building of tho
United States Is now under the direct
Iuthority of the government.
Taxes have been enormously in
ressed and some of the levies are
o complicated that the tax payers
10 not know what they are expected
pay. This undoubtedly has effect
ipon securities prices.
Latitude for Banks.
The banks Of the United States are
ow Permitted to act in such man.
yer as. in days gone by, would surely
ave caused the accusation to be
nade that they were constituting
aenacing money trust This has been
one. however, not only with the per-
aissfon, but under the direction, of
he government Enormous changes
re under way in the industrial and
nancial situation In the United States
md these changes are the direct