The Birmingham age-herald., 1917-05-17
A GRIEVANCE

New York, May 6.-(Special)-Of the lean of $2,0O0 o0O,0O0 offered by the Secre- tary of the Treasury, Mir. McAdoo, the s25, ,000,000. This is probably so far the largest single corporation subscription to the loan and it does not include such subscriptions as the corporation may make so as to facilitate the placing of the loan in small parcels with employees. This subscription supplements one of $5 O00,0O0 which the corporation made for the short time loan. It is possible, of course, that Judge Gary and his asso- ciates may utilize these short time notes in part payment of the subscription of s25 ,o00,0oO to the long time bonds.
 In addition to these offerings, the Steel corporation has without any request on the part of it's employees increased wages, the action representing the belief of the managers that the employees should stead fly share in any increasing prosperity of the corporation. Furthermore the cor poration subscribed s5o.ooO to the s3,oOo,'
 fund (which the Young Mems Christian association Is raising for war work in the camps which are about to be established. It may be that in perfecting the Red Cross organization upon & scale of magni- tude unparalleled which Henry P Da- vison of J. P. Morgan & Go. has under taken at the request of President Wood row Wilson, there will be cooperation with the Young Mems Christian associa- ton in war work in the camps. The attitude of the Steel corporation toward the war and its ready response to appeals comes at a time when the supreme court has before it the appeal made by the government from the de- cision of the lower courts with intent to secure from the supreme court, if pos sihle, decision which will dissolve this organization.
 But at Washington the very principle upon which the Steel corporation is or ganized is now adopted by those who have in hand the work of preparation, which Is much further advanced than the public suspects. There could not be rapid mobilizing of resources were 1t not for combination of capital, brains and labor. Some have thought that the experience which the country is now gaining and, will continue to gain, will teach the whole people the economic soundness of the principle upon which the great corpora tions have been built, as well as the wis.,
 dom of publicity and of thorough govern ment regulation of them.
 The Steel corporation was the pioneer the principle of publicity, and the expe- rience of the managers already justifies full publicity between the public and the management, perfect fairness in dealing between labor and capital, and open books to one and all.
 When Lord Cunliffe, who is the gover-
 nor of the Bank of England, was in the city in the latter part of last week, he was frank enough to say that Great Britain expected to continue shipments of gold to the United States, and he might have pointed in proof of that state- ment to the fact that upon the day he spoke large consignment of British gold came by way of Canada to New York
 The question Is frequently asked why l Great Britain sends gold into the United 1 States, although she is receiving and is again to receive large amounts of money ] borrowed here.
 | Lord Cunliffs statement that this was
 due to the desire of England to aid the American bankers in maintaining low
 rates in the money market, was also sup plemented by somewhat unexpected ad-
 mission of the attitude of the British peo-
 pie toward paper money of small de- nominations. For Lord Cutliffe said that l the Bank of England is now issuing notes Of the denominations of about $7 Amer ican money, whereas heretofore it's small est denomination has been approximately
 $25 American money. It was gratiri- cation to the British government to ob- serve that the people took kindly to pa- per money of small denomination. It
 has always been the impression that they could not be persuaded to use paper
 money instead of gold. Their experience
 however, with these small denomination HOltSs Wnlcil dTo Icucciudbio III 6oius Ads taught them the convenience of money ot that kind. and 1t is unlikely that after
 the war is ended. the Bank of England
 will abandon the issuing of notes of small
 denominations
 4 This is exactly what Lyman J. Gage
 when he was secretary of the treasury 1T
 President McKinley's administration. dis
 covered to be the disposition of the Amer.
 dcan people. For sometime Secretary Gage thought it the wiser part to force
 gold into daily circulation as far a!
 possible. thereby refraihing from the is suing of gold certificates. He made ar
 earnest attempt to do that. but speedily ] learned that the American people pre-
 ferred gold certificates. very often de