The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-06
GLASS NAMED;
WILL CONTINUE
MADOO POLICY
New Treasury Head Faces
Huge Problems in Loans
and Tax Collections.
TO PLAN PEACE REVENUE
Retiring Secretary and His
Successor in Full Accord on
Finance for Six Years.
TO PLAN PEACE REVENUE
Sp,cio, Ds,patch to The Sun.

WAHH1NG1ON, Det. O'--iNeP'Neehto-
I'VE Carter Glass (Va.) was named as
successor to William Gibbs McAdoo
,s Secretary Of the Treasury to-day.
The nomination was signed by Presi-
dent Wilson just before he started for
Europe, but clerical delays kept the
nomination from reaching the Senate
until to-day. -
The Senate did not act on the ncmi-
nation. AS Is customary with nomi-
nations of this kind the formality of
referring the nomination to the Bank
ing and Currency Committee for a re-
port was gone through. This COM
mlttee probably will act tomorrow and
The Senate then will confirm the
domination. There is scarcely any
chance that opposition to the selection
D, Mr.. Glass will appear.
When he learned that the nomina-
ton had been made public Mr.. Glass
had only this to say:
~ expected II would be. Ii would
be presumptuous of me to make any
statement before the Senate has acted"
Not 20 Take once for n Week.
The newly elected Cabinet officer
does not expect to assume the active
direction OF the Treasury Department
for a week or ten days. He wishes
10 hold several conferences with the
retiring Secretary and to visit his
home at Lynchburg, Va, before taxi
ing up his new duties.
The selection OF Mr.. Glass had been
forecast repeatedly IN TUE Sun, and
as a matter OF fact only one other
nan was considered for the position
the otter man understood to have re-
ceived consideration at the hands Of
he Administration for the post was
Bernard NJ. Baruch. chairman OF the
War Industries B0ard. Mr.. Baruch
ct the President know definitely that
&c Is extremely anxious to retucl TO
private life.
1t is known that Mr. Glass did not
desire the position. He received his
tirst intimation regarding It when he
reached New York from Europe four
or five days ago. At that time he was
very averse 20 accepting the post IL il
was rendered to him. Since then. how
ever. he has conferred with the Score
tary of the Treasury and with the
President twice. At these conferences
Vr Glass, II Is understood, was won
over 10 acceptance OF the post.
Some Difficult Tasks Ahead.
II 10 the fear OF the Virginia Repre-
sentative, however, that he is taking
ne position at time when it will he
hardest to administer it. The fiotation
y another loan in the spring without
he war spirit to help sell it 20 the peo-
De Of the country is one OF the ire
nenious tasks he will have to handle.
The task of floating another huge
loan Is not the only heavy one no
aces. The revenue situation so
'Ir rs tho Treasury is concerned is
n alarming one. Whether the new
* I'll! passes or not the Treasury IS
iced with many perp'exlng problems.
tie Row law passes now or not re-
urns and reports must be prepared
new regulations and instructions pre-
ARE and new interpretations made.
The time for this is becoming more
nd more limited. The law fixes March
as the final date for the filing OF re-
'urns. II is nearing the deadiine OF
nnysical possibility for getting out the
'ecessary forms. and information to
1ermit individuals and business or
-'nizations to get their reports in on
me Every extension of the limit
1oNds the time in which the Treasury
an check the returns and render bills
time for tax payments before the
nd Of the fiscal year.
Congestion in Tax Collection.
II the present law stands, and there
s possibility that it will, decision
VII be so delayed as to crowd the
routine Of printing and distributing
ormS, getting in the returns and rem
derirg bills.
The new Secretary likewise will
ave 10 frame the permanent peace
1NinE programme to carry the large
"lhlic Indebtedness resulting from the
var and make necessary plans for the
"mortization of this indebtedness to
'.ure The burden as rapidly as posi-
10 without making the tax burden too
.'a'y upon the people and upon the
.Siness of the country.
Though Mr.. Glass Is recognized as a
nan Of much initiative he has been so
lose TO Secretary McAdoo and the two
ave cooperated so fully on all con-
'Tuct!Ee measures there Is little doubt
nat he Will continue the McAdoo poll
Hes with respect to future loans. short
'erm as well as long, and with respect
taxes. There are nine other clear
W McAdoo policies in which there is
'Apected TO be little change.
First is co Jinuance OF the Federal
.+serve sysGem on It's present basis.
,"oWing the banks a comparatively
IRE" hand in the conduct of ordinary
'Isihess and shaping only the larger
'olcl"s from the department The
resent Reserve Board was named by
Wy McAdoo and Is in sympathy with
All his policies The new Secretary,
Ynile he will be chairman ex-officio,
VIII have only one vote.
Extending Farm Loan system.
The second involves the Farm Loan
1oard, Of which the Secretary Of the
treasury Is chairman. Mr.. NcAdoo
mas worked consistently for extension
I tho system to make it available 10 a
maximum number of farmers. Farm
'an bonds were sold during the war
ma an increase and extension of such
'ond sales now is Likely.
Third the continuance temporarily
IL cast of the Capital Issues Commit
~.'H. that II may use It's powers and in
'4'nce 70 protect investors in Gov
eminent securities from wildcat storlr