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THE JEFFERSONIAN Vol. 111. No. 5. Governor Hughes in Taft ‘Boom. s - Albany, N. Y„ January 26. —Possible re organization of the Republican State Com mittee —more particularly as to the chairman • ship of the committee and and personnel of the “big four” delegates at large from this state to the Republican national convention to be held in Chicago on June 16 next, are the matters of chief concern now among the poli ticians in and about the legislature. These questions center in the preliminary state con vention to be held probably in April, and add interest to preparations for the preliminary elections which will be held in March for the selection of delegates. Situation Has Changed. : The situation has .changed in a radical way during the past week. Seldom within seven days have occurred two events of importance so fundamental as the two to which the shift in the political situation is almost entirely due. Both were unexpected. One was the ac ceptance by Governor Hughes, for all practical purposes, of the candidacy for the Republican presidential nomination; the other, closely fol lowing, was the letter of Secretary Taft to Chairman Parsons, of the Republican general committee of New York county, asking his friends not to oppose endorsement of Govern or Hughes by the Republicans of New York State. The declaration of the governor was ac cepted by most of the Republican leaders as leaving the party no option in the matter; the letter of Secretary Taft swept away what ever remained of opposition to the Hughes candidacy, so far as this state is concerned. Chairman Parsons, who hitherto had been re garded as virtually committed to Secretary Taft, at once declared himself for Hughes, and there seems no room for doubt that at the meeting of the New York County Com mittee on Wednesday the resolution for the _ endorsement of Governor Hughes, on which the committee has twice postponed action, will be adopted without opposition. The Hughes State League. An interesting side issue is the question of the attitude and even of the continued exist ence of the Hughes State League, of which A Weekly Paper Edited by THOS. E. WATSON and J. D. WATSON. Atlanta, Ga., Thursday, January 30, 1908. ex-Senator Edgar T. Brackett, of Saratoga, is the president. Senator Brackett declares that the league is now more necessary than’before, insinuating that the “Hughes boom” is in greater danger than ever, and that “its enemies have come on board the ship only to scuttle it.” Ex-Governor Frank S. Black, of Albany, is mentioned first as representing the Hughes in terest in the delegation at large. Black is the man who nominated President Roosevelt at the 1904 convention, and the advocates of Hughes want him to perform a like service for the governor. Governor Black is generally regarded as committed to the Hughes move ment, though he has not said so publicly. He and Senator Brackett had a conference late last night, presumably on this subject; it was followed immediately by rumors that the Hughes League would work for the selection of Governor Black as one of the delegates at large, with the special intent of having him place the governor’s name before the national convention. Tim Woodruff May Lose Out. . As for the Republican state committee the situation has not yet developed sufficiently to justify a forecast. There has been much gos sip about a possible charge in the chairman ship now occupied by ex-Lieutenant Governor Timothy L. Woodruff, of Brooklyn. The name most frequently mentioned in this connection is that of State Committeeman William Barnes, Jr., of Albany. But it is not certain that there will be any change. One of the factors contributing to the talk of a new chairman was the impression, widely prevalent, that the development of affairs was rapidly accruing o the political benefit of ex- Governor B. B. Odell, Jr., and tending to re store the prestige which he lost in his over whelming defeat in the assembly speakership battle of two years ago. The abandonment during the past week of the conflict over the indorsement of Governor Hughes has dispelled much of the fear of a destructive factional warfare within the Republican party, and it is a matter largely of opinion whether the op ponents of Mr. Odell have forestalled at least for the present, his return to important poli tical influence. It was at the spring state convention your years ago that Mr. Owell displaced Colonel George W. Dunn, of Bing hampton, as chairman of the state convention. Whether this spring’s convention will see the similar displacement of Mr. Woodruff by Mr. Barnes, or even by an “Odel man,” remains to be seen. —Atlanta Constitution. A HEAVY PRICE. The nominal balance available in the Unit ed States Treasury at the beginning of the week’s business was less than $7,000,000. That there was any balance at all was due to what the Associated Press despatches call “a quiet readjustment of other items of the balance sheet. ’ ’ This readjustment was made by “cutting down balances to the credit of disbursing offi cers and thereby diminishing their power to draw without notice on the cash in the Treas ury. ” The receipts of the Treasury are falling off. partly because brewers, distillers and others who buy revenue stamps, for which they must pay cash, find it hard to get currency, and partly because of a tendency to postpone paying duties on bonded imports. The les sening of receipts is expected to continue for some months. With lagging receipts and a balance which is mere bookkeeping the Treasury might be supposed to be in a bad way. Nothing of the sort. It has $250,000,000 out on deposit, paying* no interest to the Government but earning not less than $1,500,000 a month for the banks. With a quarter of a billion dollars deposit ed and available at a moment’s notice the Government is borrowing another $150,000,- 000. In the case of the $50,000,000 of Pan ama bonds it is merely anticipating provision for payments which must some time be made. But the $100,000,000 of short-term •certificates are a loan of doubtful legality, made by the Treasury not to meet- extraordinary expendi tures, as the law under which they are issued prescribes, but to provide currency. If the entire $100,000,000 are issued only $25,000,000 of cash will be paid into the Treasury for them. The other’ $75,000,000 remain as a deposit in the subscribing banks. The banks will also retain their present Gov ernment -moneys; and by shifting securities now held against such deposits they can use the new issue as basis for additional bank note circulation. In this way alone, to this extent only, will the currency famine be re lieved just as it is about to relieve itself. The Government first exacts a quarter of a billion by excessive taxation; then restores this fund to circulation by free deposits in the banks; then borrows $150,000,000 more which it does not need, at an interest cost of $4,000,000, solely to provide more currency and move the crops. Is this not a price to pay, with all. the vexation and loss the business commu nity is suffering,. for standing pat upon an excessive tariff, for Congressional neglect of an inadequate and inelastic currency system and for amateur management in the Treasury Department?—New York World. Price Five Cents.