The Washington herald., 1918-12-11
CLASS FAVORED
BY FINANCIERS
New Secretary S Breadth Of
View Wins Approval,
Says Holland.

Not since the day when Washing
ton called Alexander Hamilton to his
Cabinet as Secretary of the Treasury
has anyone associated with Wall
rstreet qualified for that office. Two,
at least. perhaps one or two more
might have served as Secretary OF
the Treasury in recent years had
either or both Of them been willing to
accept an offer of that appointment
from the President. For 1t has been
the common understanding that after
Secretary Lyman J. Gage resigned
his office in the early years of Presi-
dent Roosevelts first administration
his successor would have been Henry
CLAY F'rick, had the Presidents de-
sire to appoint Mr.. Frick been grau-
field. President Roosevelt felt that
he could not call to his Cabinet a
man better qualified to administer the
Treasury Department than Mr.. Frick,
and in that opinion he was justified
according to the view Of men who
know well the unusual business and
financial capacity which distinguish
Mr.. FriCk.
Then again, it is the belief in the
financial district that had Bernard
Baruch been willing to accept the Of
fee Of Secretary Of the Treasury
President Wilson would have nOmi-
mated him. having high regard for
Mr.. Baruchs ability and also warm
personal relations with him since the
war began.
Very likely not until the new era OF
good feeling charaCterizes the whole
nation will a President feel justified
in selecting a Wall street man, so
called. for the post Of Secretary OF
the Treasury. Nevertheless. in the
choice of Representative Glass the
President. according to the Wall
street view. has done well.
Within few months after Gov.
Wilson. OF New Jersey. became Presi-
dent OF the United States he was
found to be a strong advocate of such
legislation as would revOlutionize the
American national banking SYSTEM
which had become antiquated, and in
place Of it establish a new and mod
ern system. It was also known by
the financial authorities in Wall
street that Mr.. Glass, who up to that
time was, so far as the public was
concerned, an almost unknown, GER
tainIy not conspicuous member of the
Lower House, was one of those who
persuaded the President earnestly to
advocate a change in our banking
system.
Accepted Advice.
Furthermore, after the Committee
of the House. of which Mr.. Glass was
chairman. began to draft a new bank
ing bill many defects in it as first
drafted were discovered by our ablest
men. of finance and bankers. They
therefore. approached Mr.. Glass and
pointed out these defects, going sc
SSr as to explain to him how they
Gould be corrected. Almost all OF
those who gave these suggestions were
Wall street bankers. They were IA
Tniiiar with the report and recon-
mendations which were made by the
sO-caIled commission OF which Sena-
tor AldriCh was chairman. Mr.. Glass
Immediately revealed his breadth OF
vision and his instant intuition by aC-
cepting the most important of the rec
concentrations that were made, sc
that at least the bill was so far per-
pected as to justify men of influence
and bankers in saying that it was at
least 50 per cent good
This ready acceptance of recon-
mendations and swift appreciation OF
made chiefly by Wall street men serv-
ed to convince these men that Mr
Glass possessed very high QualiffCa
tiOns for constructive finance and
banking. and that he had made a pro-
found study of the entire subject
Therefore. when it was announced
that Mr.. Glass had accepted the Pres
ident's offer of the Cabinet position
Of Secretary of the Treasury nothing
but words of praise and gratifica tion
were heard. For this reason Mr.. Glass
can be assured that he will take the
Office possessing the confidence OF
American financial leaders. although
these men know well that he has al
g1Ost as difficult A task as was the
'Sne which Secretary MCAdoo was
compelled to accept after we entered
into the war. Mr.. Glass. as well as
his predecessor. Mr.. McAdoo. has
knowledge OF the profound truth that
il is sometimes easier to make billions
than il is to spend the money wisely
after it has been received.
The Next Liberty Loan,
one Of the immediate difficulties
which the new Secretary of the Treas
ury must master il he is to succeed
early in his administration is spokeD
of here as the floating Of the next
Liberty Loan early in the spring. For
IL Is recognized that when the people
are asked to subscribe to at least
five billions Of Liberty Bonds in ADriI
the same strong impulse which in the
former loan campaigns was due to
the feeling that all the money the
government asked for would be needed
for carrying on the war will not then
exist.
There seems to be a feeling that
the loan will be successful. although
there may be involved rather hard
pulling to make it a success, for il
will be supported by the American
banks, who will be pledged, tacitIy al
least. to make up any deficiency be,
tween the amount subscribed by the
people and the amount asked for BY
-Secretary Glass. He will have the
valuable aid. however. of the counse
and the experience of Secretary Nc
Adoo.
what VIII MIR. Baruch Dor
The impression prevails that chic
among the reasons that led Mr.
Baruch to intimate to President VIII
son that it Is his unshakable desire
to return to private life, is his belieI
that he may be of better service wher
clothed with no other authority thar
that of his own influence and exper.
ience i'm the days of readjustmen
than would be the case if he held Sf,
fee In the hack Of bis baa5 NJ