Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-01-10

William G. McAdoo, his work for
the government practically completed,
is on his way from Washington to
California. where he will take II we'll
earned rest.
Mr.. McAdoo was by far the ablest
man ever named ny President Wilson
to n cabinet position, AS secretary of
the treasury on him was responsibility
for financing the war. He put through
such bond issues as were never before
imagined possible lie marshalled for
defense purposes the savings of the
people. and, more important than
anything accomplished excepting win
ming the war, he induced in millions
a desire to save and provided for
them welI.nish perfect plan for do
ing So
Early in Mr.. McAdoo's career as
secretary of the treasury he had to
organize the Federal Reserve banking
system, a complete revolution in the
banking methods of tie country He
did it successfully, though few more
delicate tasks were ever undertaken
in the financial history of any country.
Soon after this huge task was ac-
complished, to him fell the duty of
organizing and giving n working plan
to the farm loan bank, new thing in
America. The farm loan bank has
been of great value to the country,
and it has not reduced the profits of
national and private banks.
In the midst of his duties of financ-
ing the war and trying to keep Con-
gresham Kitchin in bounds. Mr.. Nc
Adoo was CALLED upon to take over the
transportation lines of the country
and as war measure, save them
from the consequences of hampering
laws and numerous federal and state
regulations.
In the railroad field Mr.. McAdoo
dared much and accomplished much.
He has what westerners, in a compli-
mentary way, call nerve" He is as
much of glutton for responsibility
as Colonel Roosevelt ever was, though
in other respect there is little SINH
larity.
Mr.. McAdOO, carrying these Atlas
like burdens on a salary OF less than
half the amount he was authorizing
to many suhordinates, decided that
he had earned a rest and opportunity
to make money But no one can
doubt that he quit the public service
at a most opportune time. The war
had been won. but the period of re-
construction was Just ahetl,
Mr.. McAdoo may or may not have
ambition for the presidency. If he is
receptive, he could not have played
sign from all of his federal positions
when victory had been achieved, He
thus avoids dealing with the un-
scrambling of the railroads and the
probable reduction of wages. To the
railroad men he will be remembered
as the man who raised wages. The
consumer will remember him as hay
ing administered the railroads as a
war measure.
Mr.. McAdoo also is perfectly safe
in recommending that the govern
ment retain control of the railroads
for five years He knows that the
roads have not paid operating eX-
penses, despite the vast increase IN
freight and passenger rates. lie says
reductions might be made and the
roads might pay, if the government
were given a longer test.
on the question of government
ownership, he is entirely non-com-
initial This also is shrewd politics, il
Mr.. McAdoo has ambitions. Known
opposition to government ownership
would lose for him support of thou
sands of railroad employees; known
support of such measure would alien
ate the friendship of powerful iBflu
ences in his own party, especially il
the southern states and would make
his nomination improbable.
Beyond doubt William G Meade;
is the best bet of the democratic
,.a NJ, fp, 1QDO