The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1913-06-27
WILSON MESSA0E
ON The CURRENCY
President Urges Congress to
Pass New Law.
ASKS FOR ACTION AT ONCE

NUM- VII hUIIUV NJ UUUL
Chief Executive Appears In Person
Before Congress to Tell the NNeed
of Immediate Changes in the Bank
ing Laws.
Washington, June 23.-PreAdent
Wilso personally read the following
message to both houses of congress
in joint session:
"Mr. Speaker, Mr.. President, Gen
tlemen of the Congress-It isBunder
the compulsion of what seems1to me
clear and imperative duty THAT
have second time this session
sought the privilege of addressing
you in person. | know, of course,
that the heated season of thss year
is upon us, that work in these sham
bers and in the committee rooms is
likely to become burden as the sea-
son lengthens and that everyoconsiG-
GRAFTON OF personal convenience and
personal comfort, perhaps, lin the
cases of some of us, considerations
of personal health even, dietate an
early conclusion of the deliberations
OF the session. But there are occasions
Of public duty when these sthings
which touch US privately seem very
small, when the work to beb done is
so pressing and so fraught with big
consequence that we know f1that we
are not at liberty to weigh against
it any point of personal ssacrifice
We are now in the presence 9f such
an occasion. 1t is absolutely i'm
perative that we should givetAe bust.
ness men of this country a banking
and currency system by means OF
which they can make use of the free,
dom OF enterprise and of individual
initiative which we are about to be.
stow upon them. i'll
Must Leave Tools of Action.
eve are about to set them free.
We must not leave them without the
tools OF action when they are free.
We are about to set them free by re-
moving the trammels of 1.-THE pro.
tcetive tariff. Ever since the Civil
war they have waited fordthis eman-
clpation and for the free opportuni
ties it will bring with it. LII has been
reserved for us to give itlto them.
Now both the tonic andb discipline
OF liberty and maturity arerto ensue
There will be some readjastments OF
purpose and point of view. There will
follow period of expansions and new
enterprise, freshly conceived. 1t is for
us to determine now whether it shall
be rapid and facile and ttDf easy ac
complishment. This it cannot be un
less the resourceful business men who
are to deal with the new circum.
stances are to have at hand and ready
for use the instrumentali4ies and con.
veniences of free enterprise which in
dependent men need wheal acting on
their own initiative.
1T Is perfectly clear that it is our
duty to supply the newsGbanking and
currency system the country needs
and that it will immediately need ii
more than ever. a
Need of Currency Changes.
I'VE must act now,s at whatever
sacrifice to ourselves. tilt is a duty
which the circumstances forbid us to
! postpone. l should be reereant to my
deepest convictions ofIpublic obliga
tons did not press it upon you with
solemn and urgent insistence.
THE principles uponi which we
should act are also cleaf.s We must
have currency, not frigid as now,
! but readily, elasticallyI responsive to
, sound credit, the expanding and con.
tracing credits of everyi day transac-
personal and corporate sdealings Our
/ banking laws must mobilize reserves,
must not permit the concentration
anywhere in a few dhands of the
monetary resources OF the country
or their use for speculative purposes
in such volume as TO Chipder or i'm
pede or stand in theSWay of other
more legitimate, morsl fruitful uses.
And the control of the system OF
banking and of issue which our new
laws are to set up unjust be public.
not private; must bedyested in the
government itself, so that the banks
may be the Instruments, not the
masters, of business and of individu-
, al enterprise and initiative.
Committees Ready, to Report.
"The committees 1Of the congress
to which legislation1Of this character
/ is referred have devoted careful and
/ dispassionate study otosthe means Of
accomplishing these sobjects. They
Fave honored me bydconsulting me-
They are ready to 4Haggest action.
have come to you, aaahe head of the
government and 1.-THE responsible
I leader of the party I'M power, to urge
action now, while dthere is time to
serve the country deliberately and as
we should, in clears air of common
counsel.
81 appeal to youfwith deep con.
viction of duty, Bdbelieve that you
share this convictionloI therefore ap-
peal to you with confidence. | am
at your service without reserve to
play my part in any way you may
call upon me to plaYsit in this great
enterprise of exigenttreform which it