New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-17
Longworth Calls Finance
Corporation Bill
Revolutionary
Fears Autocracy
After the War
Declares Wilson's Isolation
From People Like That
of Mikado
Staff Correspondence1

WASHINGTON, March 16.-"If the
President, in his magnificent isolation
from the common people-an isolation
among rulers comparable only to that
of the Mkados Of ancient Japan-is to
be immune from any criticism of his
acts, or those of his subordinates,
then this war must be fought as no
war in history was ever fought" Rep
rcsentative Nicholas Longworth de-
clared to-day in attacking the grasp
ing for power" by the Administration
in the original war finance corporation
bill
Mr.. Longworth defended the Repub-
lican members of Congress for their
support of the war measures, but urged
that something should be done to make
sure that the autocratic powers being
given so generously to the President
for the prosecution of the war should
be revoked at the coming of peace, lest
a danger only second to that of defeat
should menace the country in Presi
Dental autocracy.
"Ihe fashion has been growing of
late" said Mr.. Longworth, '"particul.r-
~ when bills Of major Importance are
being considered in this House, that
their sponsors rest their main ground
of defence of the provisions of these
bills upon the proposition that they
were drafted in some executive depart
ment Members of committees report
ing these bills recommend them, not
because they reflect their views, but
because they reflect the views of some
one else.
Says 1t Is Time to Think
Things have come to pretty pass
in this country if legislation is to be
simply a matter Of executive order, if
committees of this house are to be
mere registering machines for the will
of the executive. For ore, believe
that the time has come to definitely
impress upon the executive and upon
the country that we propose to do some
thinking for ourselves, that we pro-
pose to scrutinize rigidly the legisla-
tive proposals sent Us rom the other
end of the Avenue, and to enact them
with such additions, subtractions or
alterations as seem best to US, acting
in the capacity imposed upon US by the
constitution; in short, that we propose
to conduct ourselves as the legislative
representatives Of the American peo-
pie, and not simply as the amanuenses
Of those holding executive Office.
"The Committee on Ways and Means,
in recommending this bill to your
favorable consideration, do SO not upon
the plea that some one else has made it
for US, but because, acting as your
agents, we have made it for you. 1t is
true, of course, that we present this
bill in response to a request from the
Treasury Department for the creation
of the financial machinery thought nee
essary, and, as we have concluded after
full hearing, absolutely essential to the
efficient financing of our war; but we
have built the Legislative framework of
the machinery ourselves. We have
hung a respectable sized monkey
wrench on the safety valve, and we
have changed engineers.
Asserts Bill Was Revolutionary
"Probably few of you realize the rev.
dictionary character of this bill as it
was originally presented to US. 1t gave
to William G. McAdoo, Secretary of the
Treasury, Director Of the Railways of
the United States, chairman of the Fed
eral Reserve system and holder Of sew
eral other highly important offices, in
addition to the vast powers he already
possesses, the power to advance to or
withhold from banking institutions and
industrial enterprises in this country
credits to the extent of $4,000 900 900.
Furthermore, the bill gave to him
power probably even more vast and far
reaching, that of licensing or refusing
to license the issue of securities in any
amount over 100000 by any individual
firm or corporation in the United
States. And even that was not all AS
II the powers specifically granted were
not enough to make him the undisputed
M n Ct of a
finance, tucked away rather inconspicu-
ously in the body of the bill there APP
peared this provision, absolutely unex-
ampled in legislative history: Pro
vlded, that the powers specifically emu
merated herein shall be deemed in adj
dition to and not in limitation of any
implied powers granted by this act
I'm addition to this, it was proposed
to confer upon him the power to grant
or withhold from any persons, fms
or corporations the right to borrow
money to the extent of more than
100000. Let us pause for a moment
and reflect upon what that would mean
Those two powers, that of controll-
ing credit and that of controlling the
issue OF securities, would have made
OF Mr.. McAdoo the arbiter of the bust
ress and finance of America. No war
lord in history, no kaiser or czar, ever
had such power. He would have been
In a position to make or break men or
corporations at will. He could build
up or destroy communities. His smile
could bring prosperity to state; his
frown make it an industrial Wilderness
The mere transmittal to Congress of
such bill is illustrative of a danger
every day growing in menace to the in
sttutions bcqucathed to us by our
fathers. | mean the continuous reach
ing out of the executive branch of this
government for more and more power.
1t is a danger not to be lightly passed
over. 1t demands the prayerful con-
sideration of thoughtful legislators.
ION about the same day that this
bill made its appearance in the House
a Dill known as the Ovcrman bill was
introduced in the Senate, also prepared
at the other end of the avenue, de-
signed to turn over to the President
the power to remodel our system OF
government in any way he saw fit.
do not think it is an exaggeration 20
say that if these two bills had passed
IN their original form, in the form in
which it was hoped and intended they
should pass, Congress might just as
we'll have abdicated.
Congress owes 1t to itself, we owe
it to the people who send us here, to
see to 1T that our grants to the Execu-
tive OF money and power, while gen
erous even to the point of bringing
Executive domination during the war,
must not be permitted to lead to Elk
ecutive domination after the war"