The Birmingham age-herald., 1918-12-11

house, was one of those who persuaded
 the President earnestly to advocate change in our banking system.
 Furthermore after the committee of the
 House of which Mir. Glass was chairman began to draft a new banking bill many defects in it as first drafted were dis covered by our ablest men of finance and bankers. They therefore approached MT. Glass and pointed out these defects go- ing so far as to explain to him how they could be corrected Almost all of those
 who gave these suggestions were Wall street bankers. They were familiar with
 the report and recommendations which
 were made by the so-called commission of which Senator Aldrich was chairman.
 MT. Glass immediately revealed his breadth of vision and his instant intui- tion by accepting the most important of
 the recommendations that were made so that at last the bill was so far per- fected as to justify men of influence and
 bankers in saying that it was at least so per cent good.
 This ready acceptance of recommenda- tions and swift appreciation of the value of them when they were made chiefly by Wall street men served to convince these men that MT. Glass possessed very high qualified tions for constructive finance
 and banking and that he had made a profound study of the entire subject. Therefore, when it was announced that MT. Glass had accepted the Presidents offer of the cabinet position of Secretary of the Treasury nothing but words of praise and qualification were heard. For this reason Mir. Glass can be assured that
 he will take office possessing the con- fidence of American financial leaders, al- though these men know we'll that he has almost as difficult task as was the one which Secretary McAdoo was com pelled to accept after we entered into the war. Mfr. Glass as we'll as his pred
 ecessor, Mir McAdoo, has knowledge of the profound truth that it is some- times easier to make billions than it is
 to spend the money wisely after it has been received.
 THE NEXT LOAN
 One of the immediate difficulties which the new Secretary of the Treasury must master if he is to succeed early in his admnistra tion is spoken of here as the floating of the next Liberty Loan early in the spring. For it is recognized that when the people are asked to subscribe to at least $5,000, ,O00, 900 of Liberty Bonds in April, the same strong impulse which in the former loan campaigns was due to the feeling that all the money the gov ernment asked for would be needed for carrying on the war, will not then exist. There seems to be feeling that the loan will be successful, although there may De lnNOfNeu TdtneT nara pulling 10 make 1t a success, for it will be sup ported by the American banks who will be pledged, tacitly at least, to make up | any deficiency between the amount sub I scribed by the people and the amount ! asked for by Secretary Glass. He will have the valuable aid, however. of the
 counsel and the experience of Secretary McAdoo
 WHAT WILL MIR. BARUCH DO? 1 The impression prevails that chief
 among the reasons that led MT. Baruch
 to intimate to President Wilson that it | is his desire, not to be shaken, to re-
 turn to private life is his belief that he
 may be of better service when clothed
 with no other authority than that of his
 own influence and experience in the days
 of readjustment than would be the case l if he held office. In the back of his l head MT. Baruch undoubtedly has plans
 which do not involve the making of an
 additional and very great fortune If
 anyone can forecast the trend of the
 securities market when the peace trea-
 ties are signed MT. Baruch can do that
 His personal fortune achievements have
 intuition and judgment based upon a
 careful, thorough understanding secured
 by himself of all industrial and finan-
 cial conditions. Undoubtedly he can go
 into the market after he retires to pri-
 tion in which he was so successful as
 a speculator. gain many millions in a
 short time. But from some things he
 has said and from other inferences it is believed that it is his preference not