Evening star., 1935-05-05

- Sunday night in his radio fire
side talk" recited list of
4 measures which he wishes Con-
gress to enact. Among them
was the banking bill.
The sponsor of the banking bill, as
WASHINGTON universally considers, is
Mariner S. Eccles, in private life an
important banker and business man
in Utah and nearby States. He Is now,
bv appointment from President Roose-
welt, governor of the Federal Reserve
Board at Washington, and by that
ONCE in effect the head of the Ma
tons banking system.
About Mr. Eccles' qualifications for
laying out a new course for our bank
ing system I do not known enough to
speak with judgment-his practical
experience would seem to commend
him. do not undertake here to de-
scribe Mr.. Eccles' views; they are new
end they compose for America, de-
parture. Neither do I undertake 10
analyze the new banking bill-the
country will hear much about 1t
during coming weeks.
Mr.. Eccles is the latest of series
of men who have appeared to be, IN
succession, the Presidents advisers In
fiscal matters. Considering that Mr..
Roosevelt has been in office only TWO
years and two months. the list OF
men who have been his fiscal advisers
and then ceased to be-iS rather
long. And the length OF the list sug-
gests wonder about Just what the
Presidents fiscal policies are, and who
inspires them.
Treasury Post Choice.
President Roosevelt began by ask
ING Senator Carter Glass Of Virginia,
to be his Secretary of the Treasury.
MFR. Glass would have been an admir-
able secretary. He had filled the
same Office during President WoCd-
rov Wilson'S administration and hao
filled It well. He had been the Lead
ing author-almost the one autnor
Of the Federal reserve act. He hao
been a member of the Banking and
Currency Committees of 10th the
House and the Senate, and had been,
In each case and at all times, the
leading member, the one who knew
most and the one who worked hard
came before those committees. Mr.
Glass, as Secretary of the treasury
would bave been ideal. :.
Senator Glass, when Mr.. Roosevelt
asked him to be Secretary OF the
Treasury. took pains to find OUT
whether Mr.. Roosevelt intended to fol-
low financial policies described in the
Democratic platform by the phrase
Sound money" Mr. Glass was un-
able to satisfy himself and he declined
the appointment 1t may be that II
Mr.. Glass had accepted the appoint
ment and become Secretary, the con-
servative fiscal policies natural to Mr.
Glass would have been followed by
President Roosevelt and would have
become the policies of the country
Some who have paid close attention
to President Roosevelt's actions in the
fiscal field think that he does not
have strong convictions in one direc-
ton or another, and that If there had
been in the Treasury man like Mr..
Glass, possessing clear and strong
convictions, Mr.. Roosevelt would have
followed that path and would have
been as content with and as cheerful
about 1t as about the course, or courses
that he has actually followed.
Appointment of Woodin.
When Senator Glass declined the
Treasury appointment Mr.. Roosevelt
was little embarrassed. His inaugu-
ration was only few days ahead and
the condition Of the country de-
manded more than any other one
thing confidence and certainty about
the fiscal policies which center around
the Treasury. In his hurry Mr.. Roose-
welt gave the Treasury appointment
to William H. Woodin. Mr.. Woodin
was devoted to President Roosevelt,
and he took office in spirit of doing
what Mr.. Roosevelt wished. Mr..
Woodin was frank to say that he
knew little about the policies or prob
lens involved. One of the qualities
that endeared Mr. Woodin to Congress
and to Washington was his candor
To members Of Congress and even to
friends and acquaintance Mr.. Woodin
would say in effect, that he had not
expected to be Secretary of the Treas
ury, that he had only hoped Mr..
Roosevelt might give him some am
bassadorial post abroad, and that he
did not pretend to have expert knowl-
edge or thought-out judgments about
what should be done. Nevertheless,
Mr. Woodin's character and person.
elity caused Washington and Congress
to have confidence in him. Through
out his tenure until illness compelled
his resignation, 1t was felt that ac-
tions taken in the field of currency,
gold and banking were not as a rule
originated by him. 1t was felt, in
deed, that some of the policies were
contrary to Mr.. Woodins instincts
and experience, but that he carried
them out in spirit of loyalty to Mr..
Roosevelt.
After Mr.. Woodin's health COM
PEELED his resignation Mr.. Roosevelt
gave the Office Of Secretary of Treas
ury to Henry Morgenthau, jr. As an
administrative official Mr.. Morgen-
thau has made an increasingly favor
able impression. 1t was felt at the
time he was appointed, however, and
is still felt, that he does not originate
Treasury policies, that to large ex-
tent Mr.. Roosevelt is his own Secre-
tary of the Treasury and that the ad-
vice upon which Mr.. Roosevelt acts
comes from varied sources.
Aside from his Secretaries of the
Treasury Mr.. Roosevelt has had a
large number of advisers about fiscal
Matters large number. that is. con-
Ridering the brevity of the time. OF