Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1921-10-21
Wall Street Before And After"
The Surrender.

Senator Harrison drew two very inter-
estine pictures. which he might well have
called Before and After" Of the attitude
of Wall Street toward the reactionaries
last May and now. He told Of the con-
ference in Washington on May 25th at
tended by J. Pierpont Morgan. Of the
House Of Morgan :" Charles Sabin. Of the
Guaranty Trust Company C. E. Mitchell. Of
the National City Bank; William Kemp, of
the Guaranty Trust Company Paul War
burg. of Kuhn. Loeb & Company; II. C..
McEldowney. of the United States Trust
Company Of Pittsburgh: Benjamin Strong.
Of the New York Federal Reserve Bank.
and Secretary Mellon. the second largest
income taxpayer in America today.
They held their conference in the White
House with President Harding. said Sena-
tor Harrison. q who was nominated at Chi
caeo by the same reactionary bunch that
wrote this bill and brought it out in its
original and Objectionable form"
He then quoted from the New York
Journal Of Commerce on the May meeting
at the White House:
"A new era in the relationship of the
United States Government and the nations
financial business leaders is believed to
have been inaugurated in the conference
to which President Harding summoned
several New York bankers on Wednesday
night. These bankers returning yesterday
from the meeting. which was participated
in by representatives Of the Cabinet. OBJ
served the customary reticence in discuss
ing what had taken place They did not,
however. hesitate to show their eratihca-
ton at the developments.
One thing which Wall Street took ex-
treme satisfaction 10 yesterday was the
evident willingness of President Harding
to learn. He admittedly is not an expert
10 financial affairs. but he is ready to ac-
cept advice and willing TO be set right
where he is wrong"
Senator Harrison then drew the Wall
Street picture following the surrender Of
the Old Guard to the Progressive Republi-
cans in the adoption of the Democratic
amendments to the Tax Bill by quoting
Wall Street Journal of October 9th. as
follows:
COMPROMISE is justifiable 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 amelioration. Pusil-
Luminous surrender Of Republican leaders
Is In no sense compromise. Ii is cow
ardly retreat before gang Of demaeogues.
euphemistically called an agricultural bloc
The amendments forced by the
agricultural bloc contain not one germ Of
benefit to anyone. and destroy every bene-
fit conferred by the original bill .
The present surrender gives up everything
that was of any practical benefit in either
bill.
Better far would be the retention Of
the present law. with reputation of all
promises. than cowardly surrender of
every principle. with no resulting benefit
to anyone anywhere"
Senator Harrison emphasized the fact
that the surrender Of the Old Guard was in
truth Democratic victory by saying:
IF it had not been for the speech that
was made by the distinguished Senator from
North Carolina (Mr. Simmons). making
the suggestions that he did. backed up by
a united and militant Democratic minority
in this chamber. doubt II single voice
from the other side would have been lifted
in opposition to the bill and then the Old
Guard would have just slipped it through
and again the promise to the people. not
. to the special interests. would have been
broken.