The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1918-11-23
IN NEED OF CASH
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assistant secretary of the treasury. and
Paul Warburg, former member of the
reserve board and New York banker.
were mentioned.
Has a Big Task.
Tasks of considerable magnitude
will face Mr.. McAdoo's successor as
secretary of the treasury. Probably
two more liberty loans will have to be
raised. the nation financed thru the
reconstruction period, and the revision
of revenues arranged and increased
taxes collected. The new secretary
also will be called on to recommend to
the president for appointment new
member of the federal reserve board
to succeed Frederick A. DelanO, who
recently resigned.
Previous to announcing his resigna
ton Friday. Mr.. McAdoo stated specif-
ically that he had no thought of going
to Europe, which was taken as mean
ing he would not be one of the Ameri-
can DELEGATES to the peace conference.
Mr.. McAdoO said he had no idea
who his successors might be. and add
ed that he would make no recommen-.
dations to the president.
Regardless of the appointment to
the treasury post it is considered i'm
probable that there will be Shy great
change in future fiscal policies of the
government War bonds of short ma
TURTLES to the sum of about eight bill
lions. probably will be floated in 1919
as planned by Mr.. McAdoo and his
treasury advisers. Before he leaves the
treasury Mr.. MeAdoo will prepare
recommendations to congress for leg
islation to change the war finance
corporation into a peace finance cor
poration. as he has suggested, there
by permitting 1T to finance industries
during the readjustment period. The
future of the capital issues commit
tee is uncertain and the attitude of
Mr.. McAdoo's successor may have
| much to do with its course.
His Policy Still.
As for the railroads. the new di-
rector-seneral doubtless will have
much to do with the formulation of
policies for future management. Mr..
McAdoo recently indicate that he had
planned to continue consultations,
forms looking to efficient operation,
| regardless of the fact that the war
emergency is over. Opposition to this
course now appears to be developing
and the issue of whether railroads are
to remain permanently under govern
ment direction and even government
own ership, or be returned shortly to
their private owners Is taking form
This issue is a principal legacy which
Mr.. McAdoo will leave to his success
sor.
Mr.. McAdoo is known to have under
consideration the formulation of a
| statement of his individual attitude on
what should be the nations policy to-
ward permanent government manage
ment or ownership. His friends say he
leans toward the view that the govern
ment should own the railroads but
this has not been confirmed by his
own public statements
Mr.. McAdoo plans to Leave tonight
for an inspection trip of southern rail-
roads arranged more than a week ago.
He will be in Atlanta tomorrow and
later will go thru Florida and to New
Orleans. returning to Washington be-
fore President Wilson sails for Eu-
rope.
He Is Sorry.
New York. Nov. 23.-In expressing
regret over the resignation of Score
tary of the Treasury McAdoo, Benja-
min Strong, governor of the New
York federal reserve bank, today de-
clared that cit is a sad exhibition of
the stupidity with which some of our
affairs are managed in this country,
that our government. the richest in
the world, does not recognize that its
important officials should be ade-
quately compensated" Mr.. Strong
denied reports published here today
that he planned to resign soon and
that Secretary McAdo6 would succeed
him as head of the secoffd federal re-
serve district.