New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-04
Head of the Equitable Trust
Company Calls 1t
GLORIOUS"
Confidence Expressed
Wall Street Differs on Meth
DDS of Getting Funds
for the War

"Glouoa.,' 80 "maCnlccnt,' Exactly
right" were some OF the words used
yesterday by bankers Of precise habit.
O. speech to Gc- scribe Presiden, Wa
sons adIsc,-.
The utmost confidence was expressed
.u ,:c financial ability Of the nation to
withstand the extraordinary demands
a. wal. There was difference o. opin-
ION as 20 the best method Of getting
FUNDS. but q general conviction that
immediate steps should be taken by
competent body TO mobilize resources
and decide upon financial methods.
Wall Streets comment follows:
Alvin W. Krcch. president OF the
Equitable Trust Company was a
glorious message and has gone straight
to the hearts Of the American people.
President Wilson very properly calls
10 the attention of Congress the ncces-
sity Of granting adequate credits 10 the
government if it formally accepts the
status Of a belligercnt-such credits to
be sustained SC far as may be equ.ta-
bic by taxation upon the present gem
GRAFTON. am rot altogether sure that
this is sound.
Implies No Burden
Government borrowing in the form
Of long term Obligations sold to its reo-
pie does no. necessarily imply placing
burden upon futile generations. for
whatever ;hat burden nav be it must
be obviously less oppressive than its
immediate absorption oy system Of
excessive taxation.
The capital resource of any country
is too vital a factor in its growth and
development TO be ru.hlesSly or unIn-
diligently dealt with. With us il ls.a
necessary clement in sustaining and
backing the commercial and industrial
competition which this country will be
confronted with inevitably after the
close OF the war Fortunately, the
United States is in a position to finance
on liberal terms the pressing needs
Of the government. There is a plethora
Of money in the country and an UNI
bounded patriotism which viii prompt
~ respond 10 any financial mobiliza-
tiou.
I'VE are doubtless 20 have a time Of
unusual INDUSTRIAL activity and in some
lines inordinate PROTESTANT division
Of such profits with the government in
the form Of increased taxation is logi-
cal and equitable. but. nevertheless, the
question of determining the best and
soundest policy for distributing the
burden Of war cost is one which must
be approached with wisdom and. patri-
Otism."
"Favorably Impressed
Frank A. Nanderlip. president OF the
National City Bank.-"I was fsyorably
impressed with the Presidents message
and cannot find words sufficiently
strong in commentator Of the docu-
ment. II is masterpiece, and | be
lieve il will go down in history as one
of the greatest utteranceS of any
statesman. II was clear. concise and
Jar seeing. and believe will meet with
hearty cooperation all over the country.
"War with Germany will cost an i'm
mense amount of money. as well as
lives. if we become actively engaged in
the struggle, but ! believe the nation
will be a unit in supporting the cause.
The financial machinery Of the country
should be Immediately modified to be
ready to cooperate with the government
and a liked policy Of action prepare