The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1921-10-26
WALL STREET
DOWN ON
REPUBLICANS
Mouthpiece Of Big Fl
nancial Interests
D enc u n c e O d
Guard For Surren-
der
nv WALLACE BASSFORD
(Special News Correspondent

'
Pat Harrison of Mississippi was in a
particularly happy vein when he
discovered that Wall Streets great
organs. the Journal Of Commerce
and the Wall Street Journal had,
! like the parrot, talked 100 much.
He read to the senate ne opinions
of these papers OIL the recent
surrender of the Old Guard Re-
publicans to the so-cal.ed "Agri-
cultural bloc" With Eis, own COM
m1ents. Among other things, he
said:
DO senators know what the
New York Journal ot Commerce
said about that meeting at The
White House on the following
morning? Here is what they said.
and they knew; they were speaking
by the card:
"a new era in the relationship
of The United States government
and the nations financial and bus
mess leaders is believed to have
been inaugarated in the conference
to which President Harding sum-
moned several New York bankers
on Wednesday night. These bank
ers returning yesterday from the
meeting, which was participated IN
by representatives Of the cabinet,
observed the customary reticence
in discussing what had taken place.
! They did not. however, hesitate to
show their qualification at the de-
velopment.'
The next day this same Journal
Of Commerce said:
One thing which Wall Street
took extreme satisfaction in yes
tcrday was the evident willing
ness of President Harding to learn.
He admittedly is not an expert in
financial affairs, but he is ready
to accept advice and willing to be
set right where he is wrong.
Those were the views entertain
ed on Wall Street after that meet
ing: but yesterday new light
broke in that part Of the great
metropolis. How does the Wall
Street crowd now feel since the
old guard that promised them re-
lief has surrendered without Civ
ing battle? Here is what ehey
say. This is from the Wall Street
Journal Of yesterday. Oh, they
have changed their views now. Let
me read:
Compromise is justified when
desirable ends can be achieved in
no other way and no principle is
sacrificed. The house and senate
revenue bills were examples Of
compromise that accomplished at
least an installment Of tax amel-
ioration. The pusillanimous sur
render of Republican leaders is in
no sense a compromise
They were talking about you
then
1t is cowardly retreat
Listen to it, may I ask the SEN
ator from Indiana. l am afraid he
did not catch that last eNpression:
The pusillanimous surrender
of Republican leaders is in no sense
a compromise
This is from the Wall Street
Journal This is the organ con-
trolled by the same interests that
said, the day following the con-
ference at the White House be-
tween Morgan and Sabin and Pres
dent Harding, that 2 new day was
dawning in America. So l read
further. to the delight, I am sure,
Of my friend from Indiana, and l
am glad the senator from Utah
(Mr. Smoot) is listening:
1T is a cowardly retreat before
gang of denlagogues, euphemisti-
cally called an agricultural bloc
Il am sorry that the leader OF
the majority party in the chamber
is not now in his seat, because he
has gone over to the agricultural
bloc. He has taken the reinS from
the senator from Iowa (Mr. Ken
yon) who led in this movement.
Oh, how these proGressives Of old
have been supplanted by the pro-
gressives of today! LaFollette,
who sat on the finance committee
for weeks and fought by the side
of the Democratic members of that
committee in the interest Of the
people to reduce taXes-yes, he
was in favor Of retaining as a
maximum a large surtaX; but when
this progressive element meets up
at Senator Canpers house this
former leader Of progressiveism is
forgotten. This man who helped
to make fight il committee is ostra-
ciZed The senator from Idaho
(AIr Borah AID the senator from
far-away California (1r. Johnson).
who were once known in this coun-
try us real prcSressives, have been
Supplanted by the senator from
Minnesota (Mr. keliogg and the
senator from Colorado (Mr. Mich
olson) and the senator from Ne
vada (Mr. OddieJ and those others
who formerly belonged to the re-
dictionary group That is the way
the world runs; and my friend
the senator from Wisconsin (Mr.
LcnrooD is now called a dcma-
SoSue, and the senator from Kan
sas (Nr. Cappe), who opened his
doors and filled high the festive
! board 10 receive these distinguish
cd new progressives and asricul-
turiSts from Boston and Chicago,
is called in this article Il dema-
SoGue.