other than in a military sense, we have any foe among the plain people, for the interests of the plain people everywhere are the same when we place ourselves on a true economic basis. But there are foes within our own country far more dangerous than those without, and there is a wide difference of opinion as to how we should deal with our domestic foes.

NOTE. Nothing is more childish than to place too much responsibility on one man, no matter what his position. The press, and even the President, have criticized, properly so, the Kaiser's autocratic power. But the same press as well as the President, not only demanded, but the President actually exercised as extensive autocratic power as any Old World ruler -the press, "standing by the President," only when the power exercised was in favor of the interests it represents-but woe be to it when not favorable to such interest. The following taken from the Washington Times, June 7, 1917, is typical of the "soft pedal," when the acts of the President please "big bus:"

"But it is only fair to Senator Lodge to say that he did not object to the use by President Wilson of the large power given him, but of the inevitable necessity of delegating powers to subordinates who did not and could not have the wisdom of the Executive himself. Many times during the course of debate in Congress, a knotty point has been settled by simply saying, 'Let the President decide. We can all trust him.'

Strange, is it not, that when a man is elected President, the presumption is made that he knows it all, when, as a matter of fact, he does not have as good opportunity to investigate details as he had before, because of his limited time. It is a true saying that:

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'A great man surrounds himself with equally great men to aid in his work.' If a man has not that qualification he is not great. So far as wisdom goes, a President is not changed by becoming President.

CHAPTER VI

THE FARMER AND WALL STREET SPECULATOR AFTER EMERGENCY CURRENCY

Mr. Politician: Good morning, Mr. Speculator; what brought you to Washington again and at such a time as this? I thought when we gave you your Federal Reserve Banking System that that would satisfy you forever.

Mr. Speculator: Good morning, Mr. Politician. Don't twit me of the past. I wish to see you in private till we can talk over the most important business that ever was on this earth.

Mr. Politician: You evidently think me high up in the political councils here. I pretend to no such great importance. If you have such important business, there should be more of us in conference. No man is big enough to tackle the most important business ever, but I will listen to what you have to say.

Mr. Speculator: Of course we understand each other, but even at that it may be well for you to practice your modesty-to keep on the safe side. I know the importance of your help. We may as well be perfectly frank with each other. Even the greatest of things must begin some where and with some one. There is absolutely no time to waste. You know I am a product of Wall Street and "big business." I represent it. It is in danger this very minute-unfortunately so, for in spite of its danger, it also has its greatest opportunity. We must have help immediately from Congress, for this sudden war, no one can tell when or where it will end, or who or which nations it will involve. Our business was always on a great

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scale, but this sudden war burst upon us and we have not the capacity to take advantage of it unless Congress helps us. Financial help we demand. We now control $20,000,000,000 of bank deposits to run the business of the country, including our promoting enterprises. We have some deposits of our own, but who knows when the depositors might start a run, lick up the deposits and prevent our taking advantage of speculating on the war business. War business offers the greatest and the most rapid means of building immense fortunes, something worth while to us Americans. We must act quickly, for now is our opportunity to make America the financial center of the world, and our friends to dominate. Germany is pushing out in every direction her vast armies for invasion. Russia is mobilizing and moving her great forces for action. France is rapidly mobilizing and marching her armies to hold the Germans in check. England, too, will immediately be in the whirl. The world may soon be at it, and I must inform my people that Congress will extend the unlimited credit of the Government to our banks. Without that immediate assurance, we would be forced to precipitate a panic tomorrow, the likes of which in its trail of financial ruin never has been equalled. What, Mr. Politician, have you to offer by way of suggestion for immediate action?

Mr. Politician: Some proposition this is, that you make-too big for me this morning. We shall have to get more of us together in order to figure out a plan of action and draft some bill to be enacted to give the relief. I am not for placing the financial credit of the Government behind those whom you represent, but we must meet the emergency. We must prepare some bill that will meet it.

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Mr. Speculator: "Some bill!" No need to talk about 'some bill." We have the plan and the bill prepared already. It is only a question of getting it enacted into law in the least time possible.

Mr. Politician: We must to some extent prepare our constituents to understand the situation-the danger, and what might happen if we do not legislate to meet the emergency. They will not take kindly to our lending Wall Street the credit of the Government again, and it will be up to us to show good reason if we do.

Mr. Speculator: Old as you are at this game, Mr. Politician, and as many times as we have talked these matters, you know very well that we make it our business to take care of the constituencies in all cases where that becomes necessary. That has already been cared for through the press, a part of which we control, and through news agencies which we control. We also have several civic organizations whose business it is to mold public opinion, and are organizing more. All that will be, in fact has already been taken care of, for this is only the first of a series of great and important acts that Congress will be forced to pass before the end of this war. All our plans have been organized, and were even before the war began. Before every important act that we shall require, we will conduct a campaign to teach the people and prepare them to approve of your action whatever it may be, and they will even unwillingly demand it of you, for we have our agents out among them. They, that is the people, have no plan, and no organization to finance any. They do not take care of themselves. They think that you are here to do that, and give mighty little thought to it any way.

Mr. Politician: Well, you seem to be prepared, so you better see the other fellows. We can all have a conference today and work something out to save the country from ruin. We can use the telephone to arrange a meeting. So good-bye till the meeting.

Mr. Citizen: Good morning, Mr. Politician. Your secretary told me to come right in when the gentleman just came out. I am a farmer, and am here on very important business, and could hardly wait till that man had gotten through.

Mr. Politician: I am delighted to see you, Mr. Citizen. As one of my constituents, my office is yours, too, and I shall be more than glad if I may be of service to you. What is your important business?

Mr. Citizen: Well, you know what the war has done to cotton. It has busted the price to the middle -and morefor we can't get the actual cost of production. We owe for the advance we got during the planting and cultivating season, and we have no means to harvest, besides the price we can get, if we can sell at all, is below what we, or most of us already owe, and the harvesting must be done. We are simply busted wide open-can't feed our wives and children. We farmers down there got together, and concluded to send a delegation to Congress for help. I am one of that number. We want a Government loan temporarily. We have the security and are willing to pay the Government all it costs and more.

Mr. Politician: Surely, I sympathize with you most deeply. Just how to help you out, I confess I am at a loss to see. We can't provide a loan to you farmers because that would be class legislation. Let me think. I have it, you go right home, your whole committee may do so, and we will make loans to the banks. Then you can go to the banks and borrow money. In that way we can help you over the trouble.