Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-04-01
THE BIGGEST TRusT VET

THEY are planning in Washington TO
create the biggest financial trust
ever conceived. It is so much bigger
and il is to be 90 much more powerful
than that famous group. Of half a dozen
men without whose approval the critics
of 'the money trust" used TO tell us no
great enterprise could be undertaken
that the alleged power Of the old group
seems TO be about like the might Of
Luxembourg as compared with the brute
force Of Germany.
The plan is no less than the concen-
tration in a bureau in Washington OF
the power to decide whether any public
or private corporation may float loan
while the war is in progress. An adj
v'sory committee on capital issues is al
ready at work, but it has not yet abso-
lutte power. The Mayor and Controller,
who wish to borrow money to pay for
work already done on the subway and
to provide funds for completing the
Ftankford elevated here, have already
found it prudent to go to Washington
G seek permission from the advisory
body to solicit bids for the bonds.
Every one will admit that the war
loans should have the right of way.
Every one admits, also, that the success
full prosecution Of the war is of so great
Importance that nothing must be allowed
to interfere with it. But the ramifica-
tions of war preparations a.. so great
that it will be exceedingly difficult, if
not il, possible, for any little group of
men to decide what is and what is not
necessary. Blunders have already been
made in the regulation of freight ham
ding. For example, an embargo was put
on the shipment of stone, on the assump-
tion that stone had nothing to do with
winnir the war. But some men went
to a Washington department and COM
planned that they could not deliver ma
terial needed at n plant engaged in war
work because the roads were impossible.
The head of the department told them
to have the roads repaired. But" said
they, Eve can't get any stone. The rail-
roads IRE not allowed to haul it." The
official was surprised. But he set to
work, and after he had unwound two
or three bales of red tape succeeded in
getting permission to have the stone
shipped. This is only one incident Of |
many.
Financial men and men engaged in |
large industrial enterprises have been |
watching with much uneasiness what is |
going on in Washington. They realize |
that the power which it is proposed to |
in a Government bureau or
will be sufficient to ruin any |
business man or to boom the industries
of one State at the expense of those of
another; in short. that the power of in
dustrial life and death is to be conferred
on somebody who may or may not have
either knowledge or judgment.
The most expert men with the purest
motives would inevitably make grave
in the exercise of any such
power. Yet the ends sought
mus. b accomplished in some way. If
no better means can be found than those
which commend themselves to the Ad-
we suppose they must be
The experience of the Mayor
and he Controller is merely an ex-
Inple of what will happen.
theoretically, an appeal to patriotism
ought to be enough to prevent the at
Tempt to raise large sums for work
which will interfere with the arming
and transportation of our soldiers. AS
| matter of fact it is enough in nine
,ase out OF ten.
But the executive branch of the Gov
,rnment does not seem to take this view.
We shall soon know whether Congress,
which is in closer touch with the people
Ind knows the extent of its willingness
o make sacrifices, agrees with the ex-