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Show uu MISTAKES OF THE ADMINISTRATION. j Large business interests of the I country are not favorably impressed .with much of the legislation of the present Democratic administration and one of the best authorities of :the east, in a letter to clients throughout through-out the land, reviewing the financial hlBtory of the past years and forecasting fore-casting our domestic developments, Easih the first In Importance in i legislation is the new fc-'Jeral Reserve I act. While not ideal from a banking standpoint, it Is so great an improve ment over the previous system as to mark a new enoch in American finance. fi-nance. It places the issuance of our currency on a scientific basis ami should make possible the moblllaatlon of funds, when and where m l without disturbing the whole bnnkins system. It provides the combination of strength and elasticity particularly necessary to a growing country. Second in Importance Is the new tariff law. Though technically in effect ef-fect in the closing months of 1913i so far as actual results are concerned, it might be dated from the first of this year. The result of this law has been a distinct disappointment That inequalities in the old tariff existed, needing correction, there is no doubt, but apparently the cure has been worse than the disease. Belor lli outbreak of the war. this country had lost over $2u0.000,u(i in visible trade balance without reducing the coat of living, which presumably was the main purpose of the act. The outbreak out-break of the war has had the efrcct of restoring the tariff war Third There has been put into effect ef-fect the new federal income tax. We believe in this principle of taxation, though the present law is so crude!:, framed and earned out as to fall far short of Its purpose. Fourth There has been a further entanglement in the Mexican situation. situa-tion. It is dangerous to criticise the makers of history while history is in the making, but certainly ;-t this stage there Is only one phrase that describes the Mexican situation and that is "a very bad mess " The result re-sult of meddling by our administration has been to make conditions worse than ever; in fact, little t?hort of chaotic. This factor will nrobably continue leyond the European war and become more of a market influ ence. While the heads of great financial concerns hold to the foregoing opinion, opin-ion, there must be lacking that confidence con-fidence in our present administration which is essential to a restoration of normal conditions in the United States. |
