Evening star., 1925-04-22
Politics at Large
BY N. o. MESSENGER.

President Coolidge is being warned
by his political advisers to be chary
about allowing himself to be involved
in any way ir prospective contests In
the next elections for the United
States senatorships which may in
volve factional fights among the Re
publicans in the States where and
when they are to be held. Politicians
say they discern a disposition on the
part of prospective Republican candi-
dates for Office, high and low, who face
possible factional contests to hitch their
chariots to the Coolidge star, now uni
versally admitted TO be in the ascend
ency. The President is being caution.
ed against the wiles and intrigues or
candidates seeking to avail them
selves of the Presidents personal pop
ularity for their own benefit. In some
of the States factional fights threaten
to be intense and bitter. 1t is said
that the President is listening with
attentive ear to the admonitions his
friends are giving him.
X X X
Vice President Dawes, in the opin-.
Ion of political observers, Is making a
good flying start in his campaign for
revision of the Senate rifles and aboli-'
ton of those which in the practices OF
the Senate increase the possibility OF
filibustering and delay. 1t is admit
ted at the same time that even with
this good start he has a long way to
go to achieve his goal The Vice
President Immediately upon taking
office gave fair warning Of his intend
ed campaign in behalf of reform of
the existing rules. He also gave no
tice of the method of campaign he
proposed to wage. He explained then
with his demand for reform and start
q backfire on the Senate itself.
Events of the past few days show
that he is running true to form in his
effort to reach the voters direct and
to try to align them with him against
the Senators themselves, seeking to
bring pressure upon them direct from
the voters. His speeches are being
broadcast over the radio as he gets
the ear of the voters directly in their
homes. This is to be supplemented
by a plan of publicity through the
daily press which, is expected to reach
the eyes Of thousands who may not
have the facilities of hearing his
speeches.
At that, It is realized that Vice
President Dawes will be appealing to
the ears and eyes Of many who are
at present disposed to see points Of
benefit in the present system which
impose check upon too hasty con-
sideration of legislation by that great
est deliberative body in the world, +"
the United States Senate. The South.
which has long memory where free
dom from Federal election laws is con-
cerned, still holds distinct recollection
of the menace of the force bill Of
years ago, and is disposed to look at
the Dawes plan Of restricted debate
as a possible stalking horse of another
force bill in the future.
Vice President Dawes has declared
that he has enlisted for the term Of
the war" which, in his case, is to be
his tenure of Office as Vice President.
He does not minimize the size of the
fight before him. but is going into it
to win or lose, with all his aggressive
nature. He considers his strongest
weapon TO be his Indifference to po-
litical reward. He never fails to taunt
the Senators with the fact that he does
not lowe them anything" He says
that he will be out of politics when
he leaves his present Office and. there
fore, Is not amenable to suggestions of
reward for or reprisal upon himself.
Secretary of the Treasury Mellon
has sounded note Of warning to the
country of a big fight directed against
the Federal Reserve system when the
time comes for it's friends to seek a
renewal of it's charters. He foresees a
drive against the system from ''malev-
olent interests" which he does not
designate or specify. He expects the
attacks TO be made by those who would
have the Federal Reserve act radically
amended. His own opinion is that the
Federal Reserve system is still in its
infancy, but he predicts it has come
to stay.
Secretary Melons views are ex-
pressed in an article he has written
for the Nations Business, a magazine
published by the Chamber of Com
merce of the United States. He con-
tends that the Federal Reserve banks
have established themselves securely
in our economic system. He foresees
that the effectiveness of the expected
attack will depend largely upon the
particular phase of the business cycle
which happens to prevail at the time.
If the country is at that time in the
midst of a wave of prosperity, the op-
position to the renewal of the charters
will be slight. If. however, the country
should be passing through a period of
depression, the opposition will be more
serious because the discomfort which
prevails at such period will be seeking
some point of attack.
While discounting the likelihood of
efforts to defeat renewal of the char
ters, Secretary Mellon sees the posi-
bility of the impairment of the sys-
tenn by changes benefiting this or that
group which might prove to be funda-
mental and serious interference with
the function Of the banks as reserve
institutions.
y y X y
1t is we'll known by financiers and
legislators that the Federal Reserve
system in it's inception and construc-
ton embodies one of the greatest ex-
amples Of non-partisan legislation on
the statute books. Created by the
joint efforts of Democrats and Repub-
licans in the House and Senate, whose
aim was to work for the benefit of all
classes, the Federal Reserve system
in it's operations up to this time has
justified the aims of It's creators as a
practical measure of the highest order
of merit. Although its initial trial
occurred in a period of unprecedented
economic and financial strain, the sys-
tenn has not only emerged without i'm
pairment of its own strength and sta
bility, but, in Secretary Melons
words, has brought the country
through the emergency with the
soundest financial ST rucflIre in ito his